Insurance Basics
Types of Insurance Explained
Insurance can protect different parts if your life, property, and business. Understanding the basic types of coverage can make it easier to identify what you may need and where to start.
Start With What You Need to Protect
Understanding the Basics
Different Types of Insurance Serve Different Purposes
Some insurance protects property you own. Other coverage can help with liability, income, medical expenses, business risks, or the financial impact of an unexpected loss.
Most people and businesses need more than one type of insurance because a single policy is rarely designed to cover every risk.
The right combination depends on what you own, how you live, the responsibilities you have, and the risks you want help protecting against.
PROTECTION FOR YOUR EVERYDAY LIFE
Personal Insurance
PROTECTION FOR THE PEOPLE WHO DEPEND ON YOU
Life Insurance
Depending on the policy, life insurance may help loved ones with expenses such as:
Mortgage or housing costs
Everyday living expenses
Outstanding debts
Education expenses
Funeral and final expenses
Lost household income
Other future financial needs
PROTECTION FOR THE BUSINESS YOU’RE BUILDING
Business Insurance
Business insurance helps protect your company from everyday risks.
Specialized Protection
Other Coverages
Flood Insurance
Helps protect against covered flood damage not included in standard home policies.
Windstorm Insurance
Helps protect against covered wind damage based on your property and policy.
SR22 Insurance Requirements
Provides required proof of auto liability coverage filed with the state.
Building Your Coverage
Your Policies Should Work as a Team
Insurance needs often overlap.
A homeowner may also need auto insurance, umbrella coverage, life insurance, and protection for a boat or recreational vehicle. A business owner may need personal coverage in addition to commercial property, liability, commercial auto, and workers’ compensation insurance.
Looking at your insurance as a whole can help identify where coverage overlaps, where limits may be too low, and where gaps could exist.
Coverage Shaped Around Your Life, Responsibilities, and Priorities
What Determines the Coverage You Need?
What You Own
Your property, vehicles, and belongings can shape your insurance needs.
Who Depends on You
Family, employees, customers, and tenants can affect the protection you need.
How You Live and Work
Your habits, activities, travel, and work can change your level of risk.
Your Financial Priorities
Your goals help determine how much risk you keep or insure.
UNDERSTANDING YOUR COVERAGE
A Policy Name Is Only the Beginning
Two people can both have “home insurance” or “auto insurance” while having very different protection.
Coverage limits
Deductibles
Exclusions
Endorsements
Liability limits
Property values
Policy conditions
Carrier requirements
That is why understanding the type of insurance is only the first step.
NOT SURE WHERE TO START?
We Can Help You Understand Your Options
You do not need to know every insurance term before asking for help. Tell Benchmark Insurance what you need to protect, and we can help you identify the types of coverage that may fit your situation.
