Types of Insurances

There are different types of Insurances.Some of them are listed below:

Business insurances
Insurance companies often offer a package of business insurances which will provide the most common types of insurances that a newly started company needs. Premiums and conditions vary from one insurance company to another, and the need for insurances may also vary depending on line of business and activity. It may therefore be advisable to contact your trade association for further information. Begin by contacting your current insurance company, but also contact others in order to compare premiums and conditions. Exceptions and limitations sometimes restrict the validity of the insurances offered. Remember that, even if you have a comprehensive household insurance, it does not include your business. Be well informed before you make your choice.

Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance

Life and accident insurance
A life and accident insurance is worth considering. It will compensate you for costs and damages in connection with work-related injury or disability, give insurance coverage for survivors, and may also include a disability pension and a certain supplementary pension. If you have employees and have a collective agreement or a so-called affiliated collective agreement with a labour union, labour market insurance is compulsory. Contact an insurance company for further information.

Pension insurance
If the profit of your company is low or the possibility of withdrawing money for a salary is limited, your future national basic retirement pension will be affected. Retirement saving is a way of supplementing your pension.

Health insurance
Your income as an entrepreneur qualifies you for sickness benefit. Contact your regional social insurance office for further information. If you think that you need higher insurance coverage, you should contact your insurance company.

Health insurance policies will often cover the cost of private medical treatments if the National Health Service in the UK (NHS) or other publicly-funded health programs do not pay for them. It will often result in quicker health care where better facilities are available.

Dental insurance, like medical insurance, is coverage for individuals to protect them against dental costs. In the U.S., dental insurance is often part of an employer's benefits package, along with health insurance.

Unemployment insurance
It is very important for a person who thinks of starting a business to contact his unemployment insurance fund . This is especially important if you are receiving benefit payments from it. Certain unemployment insurance funds accept entrepreneurs as members, others do not. You can always transfer your insurance to a fund with only entrepreneurs as members, for example the Unemployment Insurance Fund for Small Entrepreneurs (Småföretagarnas a-kassa) or the Unemployment Insurance Fund of the Swedish Federation of Trade (Svensk Handels och Arbetsgivarnas a-kassa) without risking a gap in your insurance coverage. In order to receive unemployment benefit as an entrepreneur, you are normally required to deregister your company, sell all assets and cancel your F-tax and VAT registration. The benefit is based on the net income of the company or the amount of money taken out as salary from the company. If you have run the business for a shorter period than twelve months, the benefit can be based on the income from earlier employment. The possibility of declaring the company dormant also exists, but the right is limited to one occasion only.Examples of insurances that may be neccessary for a newly started business:

property insurance: compensates for damage to equipment, products, and valuable documents in the case of fire, burglary, overflowing water, etc.

consequential loss insurance: reimburses costs due to business interruption.

liability insurance: if you have to pay damages for personal injury and damage to property caused by your products or services.

legal expense insurance: covers a lawyer's fee and court expenses if you happen to get into a legal dispute.

accident insurance: if you or your employees are injured in the place of work or on the way to or from it.

Property Insurance and its types
Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

Casualty insurance insures against accidents, not necessarily tied to any specific property.

Automobile insurance, known in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout the United States auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars.

Driving School Insurance insurance provides cover for any authorized driver whilst under going tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are both equally liable in the event of a claim.

Aviation insurance insures against hull, spares, deductible, hull wear and liability risks.

Boiler insurance (also known as boiler and machinery insurance or equipment breakdown insurance) insures against accidental physical damage to equipment or machinery.

Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.

Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.

Crop insurance "Farmers use crop insurance to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease, for instance."

Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible. Rates depend on location and the probability of an earthquake, as well as the construction of the home.

A fidelity bond is a form of casualty insurance that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.

Flood insurance protects against property loss due to flooding. Many insurers in the US do not provide flood insurance in some portions of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort.

Marine insurance and marine cargo insurance cover the loss or damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.

Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.

Surety bond insurance is a three party insurance guaranteeing the performance of the principal.

Terrorism insurance provides protection against any loss or damage caused by terrorist activities.

Volcano insurance is an insurance that covers volcano damage in Hawaii and other volcano-prone nations

Windstorm insurance is an insurance covering the damage that can be caused by hurricanes and tropical cyclones.

Disability Insurance
Disability insurance policies provide financial support in the event the policyholder is unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgages and credit cards.

Total permanent disability insurance insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
like color blindness.

Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.

Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expense incurred because of a job-related injury.