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All about Insurance: Business vs. Personal

What are the Differences? Why would you need it?

Sure, you have heard all about why it is important to have insurance for some things, but have you ever really stopped to think about what each means? If not, no worries, we are here to give you the scoop on personal vs. business insurance, so you can choose the best one for your needs.

Business Insurance

In short, business insurance helps protect and insure goods, services and workers at a company or business. Did a worker suffer an injury on the job? Did an earthquake damage your office space? If you have problems under the umbrella of business and work, business insurance may be right for you or your organization.

Personal Insurance

Insurance of a personal nature is to help you when life happens. Unexpected events, like loss, injury and death, can create personal and financial strain. Want money and protection in case something goes wrong? Look into an insurance policy to cover personal needs and be prepared for things you never want to happen.

Examples

Looking for examples of each type? See below.

business insurance & risk management

  • Property Insurance: This provides financial reimbursement to landlords or businesses with a loss of income or property damage or loss is assessed. Coverage also includes building and equipment inventory, personal property, business interruptions, weather events, boiler damage and more.
  • General Liability: Protect your business or organization from claims against you. It can help when claims are falsely made by a third party, as well as bodily harm, damage to property, injury, damage to rental property, medical payments and many other categories.

Strategies are also offered when it comes to worker’s compensation employer liability and professional liability errors and or omissions. Get in touch if you would like more information.

personal insurance

  • Auto Insurance: Helps protect you when accidents on the road happen. Get coverage for theft, hit-and-runs, injuries and accidents. It is safe and easy to protect yourself now. You can also get collision coverage, which means your vehicle will be insured even if another car damages it.
  • Homeowners Insurance: Providing protection against risks (such as theft, robbery, bodily injuries, fires and natural disasters), while not legally required, homeowners insurance is needed by lenders before they finance a home purchase. Consider options because without it, much like auto insurance, you will likely need to pay hefty out-of-pocket costs.
  • Renters Insurance: This covers damage to your valuables and pets, as well as liabilities for injuries. The average cost of renters insurance is under $20 a month, so a small investment now could save you big bucks if something were to occur down the road.
  • Condo Insurance: Protecting you in your individual unit, this can protect you and family members against any litigation that may come as a result of revealing injuries. It can also help protect any alternations or personal belongings.
  • Life Insurance: Protect your family when an untimely death occurs. You can rest knowing that your finances and assets are secure, and that nothing has to change just because someone is no longer in the picture. As options need to be regularly reviewed, we can assist.

Learn more about our additional personal insurance offerings.

What we can do

No matter what your needs, chances are we have a helpful solution for you. We can protect your business’ assets from financial liability and also protect your and your family, because you never know when you might need personal or business insurance & risk management help. Contact us!

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Christophe Rude

Christophe Rude

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