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Liability for Injury: Insurance Options

Life doesn't always go according to script. Without warning, anyone can become a victim of an accident, natural disaster, or injury. Insurance is meant to give people some measure of financial protection in the event of a disaster.

Because there are so many different types of insurance, knowing which are truly worthwhile in your specific situation can be difficult. Factors such as children, age, lifestyle, and employment benefits all come into play when determining which types of insurance are appropriate for your circumstances and priorities.

Common Types of Insurance

Although it is important to protect yourself in the event of a disaster or injury, insurance can be expensive. That's why it is important to properly assess your risks. Below is a list of some of the most common types of insurance and what they cover.

Homeowner's Insurance

Homeowner's insurance protects against damage to the home and items inside it. This type of insurance may protect you from accidents that happen at your home (such as slip and falls) or that may have occurred around your home as a result of your actions. Separate policies may cover liability or certain high-risk natural disasters. See FindLaw's What Does a Home Insurance Policy Cover? for more details.

Renter's Insurance

Renter's insurance is a sub-set of homeowner's insurance specifically used by renters. This type of coverage protects against damage to the physical property being rented, the contents of that property, and may also cover personal injuries within the home. See Renter's Insurance for more information.

Car Insurance

Another very important (and legally mandated) type of insurance, auto insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Car insurance can protect against both physical damage and bodily injury resulting from a crash, and typically also covers liability arising from a collision. See Automobile Insurance Policy Coverage for details.

Life Insurance

Life insurance protects insured individuals from the financial losses associated with death. You pay a monthly premium in exchange for the payment of benefits to a designated beneficiary upon your death. This type of insurance allows for peace of mind, allowing you to know that your loved ones will not be burdened financially upon your death. See Life Insurance Options for additional details.

Property Insurance

If a business owner owns a building, office equipment, computers, or inventory, property insurance may be a viable option to protect business owners from losses in the event of a fire, vandalism, theft, smoke damage, etc. Small business owners may also want to consider business interruption/loss of earning insurance as part of the policy to protect earnings if the business is unable to operate. See Different Types of Commercial Insurance to learn more.

Business Owner Policy (BOP)

A business owner policy packages all required coverage a business owner would need into one policy-bundle. Often, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company's specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than purchasing all of the individual coverage policies separately. See Small Business Insurance Plans to learn more.

Questions About Liability and Insurance? Ask an Injury Attorney

Liability can sometimes be the primary focus of a personal injury claim, especially when it comes to dealing with insurance companies. However, failure to establish liability could put your claim in jeopardy. Hiring an attorney who knows the relevant laws in your state and the various insurance options that may be available to you can make all the difference. Get started today, and find an experienced injury law attorney near you.

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