Understanding Your Insurance Requirements

If you own real estate, you should have property insurance to replace the value of your house and other structures on it, as well as personal liability coverage in case someone is injured by your negligence either on or off your home. The same holds true for automobiles, boats, personal watercrafts and most other kinds of property, as well as workers’ compensation insurance, homeowners’ insurance, commercial auto insurance, business owners’ liability insurance and professional liability insurance. Insurance experts recommend reviewing your policies at least once a year to make sure you have the proper coverage and that you are not overpaying for your protection.

If your business has employees, you will need workers’ compensation insurance to cover medical expenses and lost wages for those who are hurt while working at your company. Other types of business insurance include general liability, crime, umbrella and flood insurance.

The process of examining, accepting or rejecting insurance risks and assigning those accepted to rate or risk classes. When evaluating an application for insurance, insurers use underwriting guidelines to determine the premium you will be charged.

Underwriting is also used to describe the methods by which an insurance company determines whether to issue a policy, and what terms it will contain. Many different factors are considered in underwriting, including age, gender, creditworthiness, marital status, geographical location and disability. The insurance industry can turn you down or charge you more for a policy if it can prove that you are an unreasonable risk for a loss. It is illegal to turn you down or charge you more because of race, religion, sex, sexual orientation or political affiliation.

Your insurance needs will change over time, so it is important to re-assess your coverage periodically. Your agent can help you understand the changes in your insurance requirements and suggest new options for coverage as your needs change. For example, as your business grows, you may need a higher limit on your commercial auto liability coverage. You should also re-assess your home and personal property coverage to make sure it reflects the value of your possessions.

You can compare the cost of various health insurance plans by visiting the Health Insurance Marketplace operated by the federal government. All health insurance plans must now cover a standard set of benefits, called essential health benefits, including preventive care. If you are considering switching health insurance plans, check the marketplace to make sure the plan you are considering covers all of the essential health benefits. In addition, you should review your current health insurance coverage to see if it meets the minimum standards of your state or employer and compare those standards to what is available in the marketplace. If your current health plan does not meet the minimum standards, you can switch to a better plan on the marketplace or to a non-ACA-approved plan. 501(c)(3) insurance requirements

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *