Insurance might not be the most glamorous topic to think about but it is one of life’s essentials and if you don’t consider the types of insurance you need, you could end up with a costly mistake! It goes without saying that you’ll insure your car, but what about your pets? Your upcoming dream trip to the Bahamas? Your business?
Finding insurance a difficult minefield to navigate? Here’s a quick guide to choosing the right type of insurance:
The Frequent Traveller
Are you regularly jetting off for long-haul holidays, exciting city breaks and thrilling adventures? Travel insurance is an absolute must-have for all sun-seekers. You can choose from various different insurance options including single trip, multi-trip, long-stay and backpacker. This is to make sure the policy suits your needs and takes into the account how long you’ll be away for. If you travel often then it’s best to opt for an annual multi-trip policy so you don’t have to stress about buying insurance before you head away, it also works out cheaper in most cases. You can relax in the knowledge that your medical expenses and personal belongings are covered in the case of any unfortunate incidents. Heading off on your gap year? Look for backpacker insurance which will cover you whilst you’re away visiting multiple locations.
The Animal Lover
Half of UK dog and cat owners don’t have an insurance policy in place for their beloved pet. If your pet was to fall ill, could you cover costly vet bills that could run up to thousands of pounds? If the answer is no then an insurance policy is essential. You never want to have to make heartbreaking decisions based on finances so put your policy in place to protect your furry friend. As well as covering illness, you’ll find that some policies also cover third party liability, dental care, emergency kennel fees and cover for lost pets. Pet insurance costs can vary greatly from provider to provider so it’s best to compare your options first and opt for a lifetime cover policy if possible so that your pet is protected no matter what.
The Budding Business Owner
If you own a business, you need to insure it regardless of the size, structure or industry otherwise, you could face expensive consequences. There are many different types of business insurance so you will need to do your research and determine what policies you need in place to make sure your business is sufficiently protected. For example, if your company has expensive stock or property you will need to consider business contents or building insurance. The next step is to then determine what level of cover you require which will be dependent on the size and nature of your business. Consult an expert if you’re unsure, and make sure you read the small print.
Whilst you may not consider insurance a top priority, don’t wait for an unfortunate event to happen and learn your mistake the hard (and expensive!) way. Compare financial products with Know Your Money to find the best deal and rest easy in the knowledge that you’re covered for any eventualities.