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January 11 2018

3698 6430

What Insurance Policies Are Needed

The range of insurance products is vast. People can have personal insurance Lakeland to cover everything from their computers to their legs. The possibilities for home insurance Lakeland can include such specific elements as the rose bush on the front lawn, or the mural painted on the living room wall. It can all get quite confusing without an independent agent for guidance to make sure required policies are in place.

Making Sense of It

The agent can help people decide what policies are needed for protection, and which ones are not necessary at all. A complete breakdown of what is covered, and for what amount, can make sense of the confusion and provide peace of mind for policyholders. There is a substantial difference between the essential and the ridiculous. A basic policy for homeowners insurance Lakeland, for example, will include the house, property, medical coverage for those injured on the property, and liability.

A separate policy will be needed for floods because standard policies do not include those. A homeowner that keeps valuables in the house, such as expensive jewelry, art, or collectibles, may want to add a policy, or just increase the amount paid out for theft or damage. That decision is something an agent can help with by explaining the costs of each option.

Protecting the Business

The policies for Commercial insurance Lakeland that are appropriate will depend on the nature of the business and the comfort levels of the owner. A small business that sells fabrics may only require a standard business policy, along with workers compensation coverage. That will protect the property, inventory, and provide liability coverage.

A medium-sized business that manufactures custom computer parts will require more varied coverage. The equipment, contracts, higher liability limits, and more accident and medical coverage will be needed to protect that business. Other policies can include business interruption insurance. If the business has to close temporarily due to vandalism, fire, flood, or city work on the street, the owner will still have the average income the business would bring in if it were open.

Officers and directors insurance is essential for a business that operates under the supervision of a Board or executive officers, such as a CFO (chief financial officer). That policy protects the business against unfavorable behavior or comments from an officer or Board member. If the business is sued over a comment made by a Board member on camera, the policy would cover legal fees and any losses.

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