Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Homeowners insurance is a package policy and provides financial protection against disasters. A basic (or standard) policy insures the home itself and the things you keep in it. This means that it covers both damage to your property and your liability (or legal responsibility) for any injuries or property damage you or members of your family cause to other people. This also includes damage caused by your pets.
Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations...
Health Insurance
Pay final expenses Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
Disability Insurance
BOPs do NOT cover professional liability, auto insurance, worker's compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.
Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owners policy (BOP).