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MAY
05
2020

What Are the Different Types of Insurance?

A Closer Look Into Different Types of Insurance Policies

Insurance ultimately protects people from financial loss. At Nickerson, we focus on two categories of insurance: personal and business. Learn more about the different types of insurance policies our insurance agency provides!

Personal Insurance

Personal insurance covers items you own as well as travel. While there are many policies that fall under personal insurance, we are going to go into detail about auto insurance, homeowners insurance, and property insurance. 

Auto Insurance

When it comes to auto insurance, Nickerson offers car insurance, classic auto insurance, motorcycle insurance, motorhome insurance, boat insurance, and jet ski insurance. Car insurance is most commonly purchased by drivers as it is required by law. In the event that you are involved in an accident or your vehicle is stolen or destroyed, car insurance provides financial coverage. If you are operating a car and are uninsured, you may be liable to pay for the other person’s vehicle damage, medical bills, and more if involved in an accident. 

Homeowners Insurance

If you are taking out a mortgage to finance your home, the lender will most likely require you to purchase homeowners insurance. Homeowners insurance provides protection in the event that a disaster or accident occurs unexpectedly. Some of the perils that homeowners insurance provides security against include theft, fire, and more. If someone were to become injured on your property, homeowners insurance protects you from liability. 

Property Insurance

Property insurance protects your personal belongings and home in the event it is damaged by a disaster or theft. Nickerson offers renters insurance, condo insurance, mobile home insurance, natural disasters insurance, and dwelling fire insurance. 

Business Insurance

Businesses need insurance coverage too! It is important to be protected from financial damages if an employee becomes injured, an accident occurs, or if your property is damaged by a fire or crime. Below, we discuss three types of business insurance: workers’ compensation, professional liability insurance, and property insurance. 

Workers’ Compensation

Almost every state requires businesses to have workers’ compensation insurance. This type of insurance policy protects employees from injury or illness directly resulting from job-related duties, covering lost wages and medical expenses. It also protects the business itself from being sued by employees for workplace conditions.

Professional Liability Insurance

Professional liability insurance protects businesses who offer a service or create a product. For example, if a person believes they were given a faulty product, they may decide to sue the business that they received it from. This type of insurance covers the costs of a negligence claim or a civil lawsuit.

Property Insurance 

Lastly, property insurance protects your property from any damages or accidents that may occur. Nickerson offers different property insurance policies including an apartment house package, builders’ risk insurance, liability insurance, and fire and crime insurance. 

Contact Nickerson to Get Different Types of Insurance Coverage

Whether you need personal insurance or business insurance, you can count on our trustworthy agents to provide you with complete coverage at a competitive price. Our clients are our number one priority and we are dedicated to helping them get the protection that they need. If you are interested in our insurance services or have more questions, contact us today to schedule an appointment. We are here for you.

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