Since modern times, property insurance has been widely recognized as a protective measure for families, homes, property and businesses.
By definition, insurance is an agreement between one party and the insuring company, wherein the insured pays a premium in order to receive financial protection or compensation in the event of covered losses.
While some forms of insurance are voluntary, there are certain types of coverage that are mandatory by governing law or as dictated by your lending company.
Insurance Required by Law or Other Entity
- Auto Insurance
Most US states require you to carry general liability auto insurance. In the event of an accident you cause, this insurance will pay for damages to another’s property and losses to others incurred as a result of injury or death.
- Homeowners Insurance
Though this is not a requirement by law, a mortgage or lending company may require you to purchase the coverage for their protection.
- Workers Compensation
This form of insurance is a legally required coverage to protect both the business owner and employees in the event an injury or disease is attributed to work.
- Unemployment and Disability Insurance
These are also legally required forms of business coverage.
- Commercial Auto Insurance
This legally required business insurance protects company vehicles and personal vehicles used for business purposes.
It goes without saying that other forms of coverage for a family, homeowner, renter, property and business owner are options that can save you from major financial losses. Speak to the insurance professionals at Prime to assess your individual needs and requirements and customize a package that works for you.
PRIME Insurance is a three-generation family-run independent agency. We’re proud partners with many of the leading companies in the industry – big names such as ACE, AmTRUST, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Plymouth Rock, Safeco, StillWater, Travelers, USLI, ZURICH and more. This gives us the ability to provide all forms of nationwide coverage and bonds at competitively lowest quotes. Visit us on our online insurance website or email us at Prime [at] primeins [dot] com or call us at 732-886-5751 and HAVE A PRIME DAY™!
Summary: Insurance coverage is an important part of modern day protection. Depending on your situation, many forms of coverage are necessary to shield you from financial losses. There are certain forms, however, that are required by law or a lending organization.