Top Things You Need To Insure

Companies sell insurance to people who want to cover costs incurred when their property or bodies suffer damage. There are many kinds of insurance, including some very niche strands of protection. Here is a quick guide to some of the most important things that need to be insured.

Vehicles

Motor vehicle insurance is mandatory in many countries, including Canada. Plenty of insurance companies in Quebec offer vehicle insurance policies. If you want to drive on public roads, you need to be insured. At the very least, you should purchase insurance that covers any damage that you inflict upon other people and their property. Most insurers recommend that you purchase some kind of comprehensive coverage. Comprehensive coverage ensures that any damage your vehicle suffers during an accident can largely be paid for by claiming using an insurance plan. Insurance companies essentially trade in risk assessment. They carefully assess the risk factors that you and your vehicle present and offer a quote that reflects that risk: the more risky you are as a client, the more you will pay for insurance. Keep this in mind when purchasing a vehicle. If you have a high-powered vehicle, no safe place to store it and a poor driving record then be prepared to pay through your teeth to get properly insured.

Your Business

Businesses need to be insured for many reasons:

Workers’ Compensation

When workers are injured on company property or while in the service of a company, they are entitled to seek compensation. Companies need to insure themselves in order to cover the cost of any compensation claims. Employees will feel safer and stay longer if they are safe in the knowledge that their employer will be able to pay them compensation.

Premises

Insuring a company’s property is important in order to avoid huge losses incurred due to accidents or fires.

General And Product Liability

Companies need to insure themselves against the possibility that products or services offered by them cause damage to property or injury to third parties.

Subcontracting

When signing contracts with other companies for services or products, companies need to be insured in case they cannot offer what was promised in the contract. Never sign an agreement with a company unless they are insured against this eventuality.

Your Home

Protecting your home and its contents from damage and theft is very important. Many people opt to fully insure their homes, which more often than not are the most valuable kind of property they own. Home insurance comes in many forms and is offered on a sliding scale according to risk.

Your Health

Canada has a hybrid healthcare system wherein the government provides some publicly funded health insurance for low-income citizens. If you can afford it, however, you should purchase private healthcare insurance. Health insurance companies look at your circumstances and pre-existing health conditions before offering a price, which unfortunately means there is some financial inequality in healthcare provision. People with private healthcare may get access to quicker treatment.