As a business owner, you already know the importance of protecting your assets and managing liability. However, that mindset shouldn’t end at the business property. According to this insurance glossary, these types of insurance can help protect personal assets as well.
Some form of auto liability coverage is required in nearly every state. Additional options include property damage, vehicle damage, and medical payments. Auto insurance covers standard vehicles, such as cars, trucks and SUVs. However, separate policies to protect specialty vehicles are also available. A few of the most common examples include:
- Collectible cars
- Recreational vehicles
Your home is a valuable asset, as are the personal belongings inside of it. The right insurance policy will offer sufficient coverage to replace the home’s structure and its contents. It is a good idea to consider specialty policies for high-value items such as art, jewelry and collectibles.
Many individuals find themselves responsible for securing personal health insurance coverage. That can induce major medical, vision and dental.
Life insurance can take several forms. The most common — and most affordable — option is a term policy. This provides benefits for a specified length of time as long as premiums are made. Permanent policies are another choice that are more expensive but last for your lifetime. Long-term care insurance is becoming more popular and can be combined with life insurance into a hybrid policy.
Once you understand the personal insurance policies that are available, you can take steps to protect your assets.