Archive for June, 2011

Types of Car Insurance Coverage

June 30, 2011 at 8:46 am · Filed under car insurance cost ·Tagged , , ,

The type of Car Insurance coverage you get depends on the laws in your state (most states have some required minimum auto insurance laws), the value of your car, and how much of your own money you’re willing to spend if you get into an accident.

Collision coverage is pretty basic: it pays for damages to your car if you hit something.

Liability coverage is required by most states. It covers property damage and injuries to others caused by your car. So, if you drive through your neighbor’s fence, collision coverage covers the damage to your car and liability coverage covers the damage to the fence. Liability coverage is what you need if you’re in an accident and it’s your fault.

Medical coverage covers medical expenses that are the result of an accident. If you broke your wrist while driving through your neighbor’s fence, this coverage would take care of it.

Comprehensive coverage covers damage to your car that’s not the result of a collision. This is the kind of coverage you’d want if a tree fell on your car, or if it were damaged in a flood.

Personal Injury Protection is very similar to medical coverage. The difference is that medical coverage covers everyone injured in an accident, while Personal Injury Protection only covers you. It’s required coverage in many states; medical coverage tends to be optional.

Uninsured motorist coverage comes in two types. One takes care of damage to your car if it is hit by a driver who doesn’t have liability insurance. The other takes care of bodily damages (like hospital bills) to you or your passengers if you’re in an accident with a driver who doesn’t have insurance. It’s a good idea to carry both kinds; check with an insurance agent in your state to see how much you need.

Underinsured motorist coverage also has two types. The first will pay for damages to your car if it’s hit by someone who doesn’t have enough insurance to pay for the damage. For example, if your car gets hit by someone with only $2,000 worth of liability coverage and there’s $3,000 worth of damage to your car, underinsured motorist coverage pays the difference. You also need underinsured motorist coverage to cover injuries that you or your passengers may have if the other driver doesn’t have enough insurance to cover the damages.

Rental reimbursement will pay for you to rent a car while yours is in the shop due to an accident.

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The Average Cost of Small Business Insurance

June 28, 2011 at 1:06 am · Filed under business insurance cost ·Tagged , ,

In our life, insurance is necessary for everyone. It will protect our life and property from encroach.Insurance for a small business typically consists of coverage for liability, property and health. Various types of small businesses can purchase a small business package that will cover many of their insurance needs. Small business insurance can be customized to include additional coverage options, which can affect the price you would pay for the policy. The average cost of a policy can vary, depending on what a business requires for coverage.

Property Insurance
Property insurance provides protection for various types of losses by the business, including fire, theft and vandalism. Insurance is even offered for business interruption, which helps cover expenses if a business must close temporarily. The cost of a property insurance policy depends on factors such as the type of business, where it is located and the coverage that you select.

Liability Insuranace
Liability insurance offers protection in case of injuries to customers of or visitors to a small business. The cost of this type of policy typically is based on sales and payroll estimates. For example, a business might pay $2 to $4 in liability insurance for every $1,000 of its sales. Insurers also use other factors to determine the premium’s price, including previous claims and the type of business operation.

Health Insurance
Small businesses often provide health insurance coverage for employees. This type of insurance varies in cost, depending on the type of plan selected and other factors. Small businesses can choose from a variety of health insurance plans. A new type of coverage for small groups, HealthFirst, will soon be available in New Hampshire. The wellness-focused insurance plan will cost small businesses $4,000 to $6,000 a month, a savings of $1,000 to $2,000 a month compared with similar plans.

Deductibles
A small business that buys a small business insurance policy can choose from various deductibles. The deductible is the amount that the policy holder must pay before insurance begins covering its share when a claim is filed. The costs for the policy premium can vary widely, depending on the amount that is selected for the deductible. Deductibles on a small business policy can range from $250 to $1,500 or more. A higher deductible amount lowers the cost of the premium. But it also increases out-of-pocket expenses for claims.

Premiums
The premium that is charged for a small business insurance policy can vary significantly from insurer to insurer. Ask for policy proposals from several insurers, making sure that the coverages offered are comparable, before making your choice. Insurers use a range of factors when determining how much to charge, including the location of your building, how the building is used, the structure’s age as well as any discounts that might apply. A small business owner might pay $2,000 to $5,000 a year or more for insurance coverage.

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