Types of Insurance

Insurance coverage is an essential element of any sound financial plan. It is a way to balance financial risk. People use insurance to provide financial protection in case they suffer an event that threatens their financial stability in the future. People in insurance careers serve very important roles in helping families stay on a sound financial footing.

In short, insurance protects what you care about. This is one of the things that make insurance careers so compelling. Most people work hard for the assets they acquire, and to lose those assets would be disruptive to their lives. Because insurance is a hedge against financial consequences of an unknown event in the future, it is easy to understand why there are so many different types available in the market.

The following is a brief overview of the most common insurance coverages for individuals. Within each category of insurance, there are many variations and features available.

In addition to the aforementioned insurance protections, there are numerous specialty insurances. These insurances appeal to people in certain vocations, or people who have particular hobbies or concerns. A few examples include boat, aviation, credit card protection, identity theft, accidental death, and kidnapping and ransom insurance. In addition, there are a number of insurance coverages available for businesses and business owners. Some business-related insurances are product liability, professional liability, commercial property insurance, and workers compensation.