What types of insurance would you need to include in a risk management plan for your family?

1. Health

Ensures that health costs are mitigated

2. Homeowners or Rental Insurance

Covers you in the case of disaster, theft, etc. If you volunteer on a board, can also be used to cover you if you are sued.

3. Life insurance

Ensures money for family upon death

4. Car/Motorcycle/Boat Insurance

Ensures protection in case of vehicle related accident

5. Liability insurance

Depending on the type of work done

6. Pet insurance

Depending on type of pet owned and plan for long term health

7. Flood insurance

Different from homeowners and crucial in this era of climate change.

Health insurance. Health insurance can either be purchased by an individual on their own or provided by their employer. Health insurance is based on premiums, co-pays, and deductibles. Health insurance requires that premiums are paid each month, which establishes the policy. Next are co-pays and deductibles which are added payments. Shopping for health insurance is important because you need to find the company that will cover the doctors and services you need. Look at deductibles, co-pays and coinsurance costs in each. If a health insurance company has high deductibles means you will be responsible for a high number of medical expenses before the insurance company will make payments on your bills. Health insurance is vital in today's world. You need it to go to the doctor, the dentist, and the hospital.

Automobile insurance. Car insurance has premiums that have to be paid on a monthly, quarterly or semiannual basis. The amount of the premium is based on driving history, the number of accidents, the number of years driving without incident, etc. Insurance companies vary on degrees of leniency on accident forgiveness. Some insurance companies will forgive the first car accident, while others will immediately increase premiums. Car insurance is necessary for anyone wanting to drive. It is illegal in most states to drive without car insurance.

Life insurance. A basic life insurance is a policy that covers unexpected death. People may premiums on policies that will provide protection. In the event that someone dies during the time frame, the income from the policy is tax-free for beneficiaries. Term life insurance provides protection for a set period of time. Universal life insurance provides lifetime coverage. Life insurance is not required for daily interaction. Life insurance is a way of safeguarding loved ones against an untimely death. Anyone can get life insurance, though it might make more sense for older people and those who work hazardous jobs like law enforcement, firemen, miners, professional fishermen, etc.

Property insurance. Home owner's insurance helps to cover house repairs and expenses if something damages your home and personal property. Not all insurance companies cover the same things. For example, one insurance company will replace a roof with minor damages while another insurance company may not cover a roof. Another item to look at are deductibles. You will have to meet or pay your deductible before the company will pay for anything. Some deductibles are $100, others can be $250. It's important read policies carefully before signing on Property insurance.

Professional mishaps. Professional liability insurance is also called errors and omissions insurance (E&O). It covers people from lawsuits while they are working. This means, that if a client is harmed while you are providing a service or advice, the insurance will cover the lawsuit amount so you are not held legally responsible. This insurance is necessary for doctors and nurses who operate on people, dentists who clean and pull teeth, as well as psychiatrists who prescribe prescription medicines for people. This insurance would be very valuable for someone in one of these professions.

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