These days insurance have been swarming the four corners of the
United States. Whether we like it or not, insurance is a need.
Why? There is no denying the fact that one disaster can have a
devastating effect on a firm, a family and an individual. It can
be damage, bankruptcy and death to name a few. What are the
factors that we should consider and how can we know the
insurance that we need.
CAR/AUTO INSURANCE
One has to consider the purpose of owning it whether for
personal use, for public transport use like a private taxi, or
use for transportation of goods and industrial materials. Age is
also a major consideration. Old vehicles pay a higher premium
than new ones. The type and model of the vehicle has a major
role also. When buying car/auto insurance online, there are
sites that provide automated tools. They're using an auto
coverage analyzer where you have to answer a few question about
your financial standing, automobile condition, etc. From this
information it will generate what category of coverage you need.
BUSINESS INSURANCE
There are insurance companies which have policies that combine
protection for all major property and liability risks in one
package. But you could also go with a separate coverage which is
called a business owner's policy (BOP). For protection against
flood damage, find out if your office is in the flood zone-area.
And if so, you must go for a policy that provides coverage
against flood. Special Earthquake Insurance Policy or Commercial
Property Earthquake Endorsement can cover you if you live in an
earthquake-prone area. However, its policies have different
deductibles. Meanwhile, Business Interruption insurance,
reimburses you for the lost income during a shutdown only
applies to damage covered under this policy. On the other hand,
Terrorism Risk Insurance Act 2002 covers loss due to any
terrorism only for those businesses that have this coverage.
Injuries and deaths due to acts of terrorism are exceptions in
worker's compensation.
HEALTH INSURANCE
With health insurance, you protect yourself and your family in
case you need medical care that could be very expensive. If you
have insurance, many of your costs are covered by a third-party
payer (insurance company/employer), not by you.
KINDS OF HEALTH INSURANCE
Group Insurance
Most Americans get health insurance through their jobs or are
covered because a family member has insurance at work. Group
insurance is generally the least expensive kind. In many cases,
the employer pays part or all of the cost. Some employers offer
only one health insurance plan. Some employers offer a choice of
plans. These are:
a) Fee-for-Service Insurance companies pay fees for the services
provided to the insured people covered by the policy. This type
of health insurance offers the most choices of doctors and
hospitals. You can choose any doctor you wish and change doctors
any time. You can go to any hospital in any part of the country.
The insurer only pays for part of your doctor and hospital
bills.
b) Health Maintenance Organizations (HMOs) Health maintenance
organizations are prepaid health plans. As an HMO member, you
pay a monthly premium. In exchange, the HMO provides
comprehensive care for you and your family, including doctors'
visits, hospital stays, emergency care, surgery, lab tests,
x-rays, and therapy.
c) Preferred Provider Organizations (PPOs) The preferred
provider organization is a combination of traditional
fee-for-service and an HMO. Like an HMO, there are a limited
number of doctors and hospitals to choose from. When you use
those providers (sometimes called "preferred" providers, other
times called "network" providers), most of your medical bills
are covered.
Individual Insurance
If your employer does not offer group insurance, or if the
insurance offered is very limited, you can buy an individual
policy. You can get fee-for-service, HMO, or PPO protection. But
you should compare your options and shop carefully because
coverage and costs vary from company to company. Individual
plans may not offer benefits as broad as those in group plans.
Tips when shopping for individual insurance:
* Shop carefully. Policies differ widely in coverage and cost.
Contact different insurance companies, or ask your agent to show
you policies from several insurers so you can compare them.
* Make sure the policy protects you from large medical costs.
* Read and understand the policy. Make sure it provides the kind
of coverage that's right for you. You don't want unpleasant
surprises when you're sick or in the hospital.
* Check to see that the policy states: the date that the policy
will begin paying (some have a waiting period before coverage
begins), and what is covered or excluded from coverage.
* Make sure there is a "free look" clause. Most companies give
you at least 10 days to look over your policy after you receive
it. If you decide it is not for you, you can return it and have
your premium refunded.
* Beware of single disease insurance policies. There are some
polices that offer protection for only one disease, such as
cancer. If you already have health insurance, your regular plan
probably already provides all the coverage you need. Check to
see what protection you have before buying any more insurance.
About the author:
Author "Auto Insurance, Business Insurance, Health Insurance"
http://www.oneshopinsuranc
e.com
