A List of the Different Types of Insurance

Sad eventualities such as loss of income, death, sickness, accidents, damage to property and many more are difficult to accurately predict. But thanks to insurance, you can cover possible unfortunate events so that when they happen you can conveniently restore status quo. Below is a list of common types of insurance:

Life Insurance – Pays out a specified figure to the insured or specified beneficiaries on a specific event such as death of the insured. [More: Types of Life Insurance]

Personal Accident Insurance – This will compensate you if at any single time an external violent event causes you disability, injury or death.

Medical and Health Insurance – You’ll need it to ascertain continued flow of income if you fall sick or get injured to the extent that you can’t work and earn as before. It also covers cost of medication, hospitalization and surgery. [More: Types of Health Insurance]

Vehicle┬áInsurance – If you own a car, motor cycle or any other motor vehicle, this insurance covers it against accident or theft. A compressive package covers all possible losses as well as damages to third parties such as pedestrians. [More: Types of Car Insurance]

Home Insurance – Take this cover to insure your home against loss or damage as a result of fire, electricity fault, plumping malfunction, flood, etc.

Travel Insurance – When traveling alone or with your family, this cover ensures you’re compensated for any loss, damage, injury, sickness or inconvenience that comes up as a result. It may cover personal accidents, hijackings, travel delays and more.

Burial Insurance – This is a practical way to ease the burden of your funeral expenses on your family and the loved ones you leave behind in the unfortunate event of death. The cover addresses all your funeral costs.

Wedding Insurance – The cover comes in handy when certain aspects of your wedding go wrong. For instance, if a caterer you already paid goes out of touch when approaching the wedding day, the cover will provide an alternative.

Dog Bite Insurance – An aggressive dog may bite children, the elderly or even postal carriers within your home compound. Thus, you need this insurance to protect your assets if sued for dog bite.

Portable Electronic Device Insurance – This covers portable devices such as cell phones, laptops or tablets. The cover ensures replacement or repair of such devices if they’re stolen, lost or damaged.

Crime Insurance – This covers you or your business against loss or damage as a result of criminal acts of third parties. Covered risks include loss of funds through embezzlement by employees.

Political Risk Insurance – This cover protects your business against loss or damage arising from politically-related conditions such as civil unrest, coups, riots and revolutions.

Workers Compensation – An employer takes this policy on behalf of their employees to cover loss of income or medical expenses resulting from a work-related injury or sickness.

Disability Overhead Insurance – This is a cover against overhead expenses for business owners who are unable to work.

Aviation Insurance – This covers aircraft operations against aviation risks. Specific policies will offer compensation for damaged aircraft as well as cover third party liabilities such as injured or killed passengers, damaged crops or property etc.

Crop Insurance – If you’re a farmer, the cover protects you from losses associated with crop failure as a result of bad weather, infection or infestation.

Earth Quake Insurance – This is a good way to cover your home or property against loss or damage emanating from an earthquake.

Terrorism Insurance – The cover duly compensates you for loss or damage that results from acts of terrorism such as bombings or mass shootings.

Kidnap and Ransom Insurance – This cover comes to the rescue where ransom payment is necessary to secure the release of someone you love or associated with if they’re kidnapped, detained or hijacked.

Plant Insurance – This cover protects industrial equipment, machinery and plant such as tractors and earth movers against loss or damage.

Professional Liability Insurance – This protects professionals such as doctors and architects when their clients bring negligence claims against them.

Mortgage Insurance – The cover comes to the aid of a lender if a homebuyer defaults.

The bottom line is that different types of insurance can give you peace of mind by offering protection against uncertainty. Thus, ascertain what a specific insurance policy covers to decide which one best protects your assets.

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