Tips

5 Insurance Types That Aren’t Compulsory but Definitely Recommended

As you might know from bitter experience, some insurance policies aren’t quite as useful as they appear. For this reason, you might think that the best plan of action is to just stick to what is compulsory, and not look at any other areas. However, if you do this, you might be missing out on some valuable cover that can give you peace of mind. 

#1 Business or Commercial Insurance

If you are a business owner, you need to make sure that you are getting your hands on business or commercial insurance. You might be surprised to find it wasn’t compulsory, and not having it can keep your overheads down, but not investing in it might be a false economy. That said, you’ll need the right policy, so leaving it to professionals, like kbdinsurance.com, can make sure that your business is covered in the event of a run-in with an employee, or if your business takes a hit from a criminal either online or offline. 

#2 Accidental Death Insurance

You might find that accidental death insurance is a bit of a morbid thing to think about, and you might even consider that statistically, it won’t happen to you. However, those that have died on the job probably thought the same, and it is better to be safe than sorry. It can bring financial aid to your loved ones if you are the main earner of the family, and it can help you to help them, even after you have gone. 

#3 Life Insurance for Children

This one is good if you travel a lot, or you would simply feel safer having your children insured. This can help your peace of mind and your overall mental welfare if you struggle with a lot of concerns surrounding your children, especially if you aren’t so sure as to where the child is some of the time because you have joint custody with an ex-spouse. 

#4 Rental Car Damage

If you are renting a car for an extended amount of time, or you are driving in a country with road laws completely different to your home, you might find that it is better safe than sorry to get rental car damage insurance. If you are only traveling for a week or so, you don’t always need it, but anything over a month and it might be worth considering getting rental car damage insurance, in case you are hit or cause a collision. 

#5 Unemployment Insurance

This can help you cover bills when unemployed. This can be good if you need something to help you out if you are laid off from your job, or if it looks like you are likely to be soon. This can keep things ticking over and the bills paid during a very short gap between jobs, but the terms of this sort of insurance do vary massively from place to place, so it might be worth getting the experts to do the legwork for you here. 

Final Thoughts

There are many insurance policies available, and most of the useful ones are compulsory. However, you might find the following useful:

  • Rental car damage insurance
  • Unemployment insurance
  • Accidental death insurance
  • Life insurance for children
  • And business or commercial insurance

While not compulsory, the above are likely to be incredibly useful to you, whether you are a small business owner, you travel a lot, you have a dangerous job, or you are worried about being unemployed for a short period.