The cost of nearly everything we own makes the need for insurance coverage critically important. It wouldn’t take much for a person to incur financial ruin if something were to happen that they had no coverage for. It’s important to understand what insurance is, how it works, and why you need it.
Medical
Medical insurance plans pay for medical expenses like health or hospital bills, surgery, and other related care. Medical insurance is an important investment because the benefits it offers are often worth more than what you pay in premiums or annual costs. The evolution of medical insurance means we have more and more choices available to us, like Medicare, Medicaid, private insurance, and the Affordable Care Act. Most Americans carry some form of medical insurance and, in fact, it is now mandated by federal law in the US. While many people are covered by their employer, freelancers, those who work for micro-businesses, and students need to look for policies on their own.
Hospital expenses have increased dramatically due to the complexity of caring for patients with COVID-19, supply chain and labor shortages, contract temporary labor, and acquisition of personal protective equipment. That’s why medical insurance offers protection from unforeseen events that might leave you struggling to pay for care in the future.
While young people tend to think they’ll be ok without coverage, with the high cost of medical care in the US, even a small emergency can wipe out someone’s savings.
Business
Different insurance policies offer different benefits and can save your business in an emergency.
The following are some of the benefits of different types of insurance policies available.
Property Insurance- This is a policy that helps cover property, such as buildings or machinery, in case they are damaged or destroyed by something, such as a natural disaster or theft.
General Liability Policy – A general liability policy is needed by businesses that have employees, customers, or third parties on the premises.
Workers’ Compensation Policy – This policy helps protect you from any liabilities related to injuries sustained by your employees while they’re at work.
Home Based Business Policy – Insurance for an LLC, corporation or other business type run out of your home is important.
