Making investments in insurance is a great idea, as it provides protection from unforeseen circumstances and helps keep people safe from financial turmoil. But not every type of insurance may be suitable for your unique needs.
People often undermine the significance of asset protection insurance and focus more on basics such as life insurance and disability coverage, etc. While the latter is essential too, asset protection insurance brings individual security to the table. This blog post lists down three different types of asset protection insurance that can secure both you and your loved ones.
What is Asset Protection Insurance?
The term ‘asset protection insurance’ is often used interchangeably with the phrase ‘liability insurance’. However, the two differ in several aspects. The former protects your assets in case of legal issues and similar circumstances. In contrast, the latter covers damage to third parties or property and bodily injuries that you may cause to others. If you are an entrepreneur running a business, consider getting asset protection insurance from a reputable company like Family First Life – Strong Tower and Hammer Lane because it will protect your assets in case of unforeseen circumstances involving lawsuits, etc.
Here are three types of asset protection insurance that you can choose from:
1) Homeowners Insurance
This is the form of insurance that protects your home and your belongings from damage or loss due to fire, theft, etc.
Homeowners insurance does not cover lawsuits brought against you by third parties, though. For example: if someone slips on the stairs of your house and decides to sue, this type of insurance will help pay for any property damages, but it won’t cover legal fees or other related expenses.
2) Business Owner’s Policy
This type of insurance is crucial in protecting your business if you are sued for something that occurred during business hours.
For example: if someone is injured on your premises or files a claim for damages due to the use of your product/service, this policy will cover any legal expenses and monetary compensation awarded by courts, etc. You can apply for BOP from most insurance companies, but it’s best to get advice from an attorney before signing anything since different states have different regulations regarding such policies.
3) Employee Benefits Package
Your employees are your greatest assets as well as resources. Therefore, it’s essential to make sure they are covered in case of any mishap. In addition to providing a compensation package in case an employee dies or is injured on the job, you can also avail an insurance package that will cover legal defense fees and settlement awards for things like discrimination claims, violation of privacy laws, and other similar issues.
Farsighted entrepreneurs always take care of their families and loved ones by choosing the right insurance. Family First Life – Strong Tower and Hammer Lane consultants help truckers, homeowners, and senior citizens protect their businesses and family in Denton, TX. Our affordable rates and efficient services help you protect your loved ones and secure all assets important for your business.
Contact us now to get reliable insurance.