9 Types Of Insurance That You Probably Never Knew Existed
When it comes to insurance, health, household, car, and life insurance, they are just the tip of the iceberg. Private individuals and companies have long been insured against expensive events of all kinds. Some order tailored guidelines to meet their individual needs, or maybe paranoid numbers.
In honor of National Insurance Day, we share nine types of insurance that you may not have known existed and that you may not need. However, these can be used as conversation topics when there is a lunch break tonight.
1. Competition Insurance
Half-court basketball, hole-in-one competitions, and special promotions like refunding purchases when it snows on New Year's Day are excellent marketing strategies for businesses. But for a company that doesn't want to risk paying in the event of an unlikely event, there is premium or competition insurance.
Insurance companies offer insurance for competitions where participants can win fantastic prizes. Policies can enable a variety of specific marketing competitions and enable brands to plan their marketing expenses effectively by simply entering the insurance premium budget.
2. Bike Insurance
Passionate cyclists can spend thousands, even tens of thousands, of dollars on a quality bike. If the bike is stolen or damaged, the owner's or renter's insurance policy may not yet be operational. (But it can be covered, so read the fine print.)
A cyclist could find a lot of money for a damaged or lost bike. Not to mention the higher insurance costs that many insurers will charge in the future after the accident.
Bicycle insurance covers liability, damage or loss of a large number of bicycles. Some plans may offer bike rental and roadside assistance if the bike gets damaged during an event.
3. Key Personal Insurance
If an employee's performance exceeds the employee of the month, that person can become the key to further business success. Key person insurance is a life insurance policy for an employee, partner or owner that is vital for the functioning of the company. The policy is paid to the company in the event of the unexpected death of that person.
The key person's insurance premium is intended to help a company stay afloat if it finds and forms a replacement, or to shut it down properly if it cannot continue without its shining star.
We did our ... um ... analysis of the people we think are eligible for key insurance. As a dancer of the Mighty Mighty Boss Tones. Check whether you agree with our assessment of the need for these people.
4. Food Truck Insurance
You already know that there is restaurant insurance and car insurance, but what happens when you combine the two?
Food trucks are becoming increasingly popular in cities across the country, and owners need to financially protect their mobile factories from property damage, car liability, and other potential problems such as food-borne illnesses. This is all the more so since full-coverage may be required to obtain a city permit. Large insurance companies and niche providers offer this type of insurance.
5. Fantastic Football Insurance
Over 59 million people in the United States UU. And Canada showed fantastic sports in 2017, according to the Fantasy Sports Trade Association. And with average spending of over $ 650 a year, fantasy sports has grown into a huge market.
To overcome panic and possible losses from injury to your best player, you can now get insurance for luxury athletes. Specialized insurers offer insurance coverage for the best football, baseball, basketball and ice hockey players. If one of your players is absent for a certain number of games due to an injury, you can reclaim all registration fees for the league.
6. Collection And Rescue Insurance
It seems like a nightmare, and in fact, it's a policy that I hope you'll never need, but it's something real. According to Havocscope, the Consumer Report for the Underworld, around $ 1.5 billion is paid to kidnappers annually, and insurance policies for kidnapping and bailouts increase.
A resignation and rescue policy will reimburse you for the rescue and other costs to free you if you are kidnapped. The insured person can also add extensions for the kidnapping of minors.
These guidelines are offered by many important actors and are traditionally aimed at high-ranking companies or individuals. Keep in mind that although kidnappings are increasing in some parts of the world, accidental kidnappings of an adult or child are still extremely rare.
7. Paranormal Insurance
During the day, you don't believe in ghosts and poltergeists. Are you a little more open at night? Terry Meggs, the owner of the Royal Falcon Hotel in the UK, certainly was.
If he fears that the Poltergeist in his factory could injure a customer or employee, Meggs has taken out insurance. The insurer covered a wide range of paranormal activities and reported having paid damages in the past. According to the BBC, the insurer paid over $ 100,000 for a policy after finding out that a woman's death in the United States was caused by a ghost.
8. Cold Feet Insurance
The average marriage cost $ 35,329 in 2016, according to a survey by The Knot. Much of the variety when the bride and groom panic before the wedding.
Some wedding insurance companies offer optional "Heart Change" insurance for innocent wedding financiers. In a policy determined by us, however, coverage is only activated if the event is canceled more than 365 days before the planned date and the costs incurred by the newlyweds are not reimbursable.
Although the policy does not make sense when someone is at the altar, the "change of heart" insurance is usually a supplement to a more extensive marriage policy.
9. Body Part Insurance
Do you remember the Kiss bassist Gene Simmons? His unusually long tongue would have been secured for a million dollars.
Athletes, models, and artists have a lot to do with the function and appearance of certain parts of the body. These people, but more often the companies that hire them, can ensure their profitable body parts with a certain type of insurance. This type of policy is called a surplus line and is offered by specialized airlines such as Lloyd's of London.
For example, Head & Shoulders took out million-dollar insurance from their spokesman Troy Polamalu in 2010. Real Madrid secured Cristiano Ronaldo's legs for $ 144 million after Ronaldo almost suffered a knee injury in 2009. Dutch winemaker Ilja Gort secured nose and smell for $ 5.6 million in 2008.
For most people, regular long-term disability insurance is enough to secure their income if they cannot suddenly do their job. With the added benefit of covering the whole body.
Build Stability With Confidence
Ghosts, weddings, kitchen cart gourmet sandwiches ... whatever. There is probably an insurance policy for all the uncertainties life could give you.
And although we cannot offer you completely random, possibly useless (at least for most of us) insurance policies, we can help you celebrate National Insurance Day with a policy that is really important to most of us: life insurance in term. You can get a free quote in a few clicks and send a question directly to our website. We want you to sleep soundly and know that you have protected your family financially ... even if you think Casper is hiding in your closet.