New Jersey property insurance is one of the most common types of insurance purchased by residents. According to the Insurance Information Institute, 6 percent of...read more
Here is How Insurance Policies will Help Protect Your Assetssiadmin March 25, 2020
Insurance policies are important for people in New Jersey who expect to be protected from day-to-day risks. But, you need to have the right types and amounts of insurance to have protection from these liabilities. Otherwise, you take the chance of not being fully protected if something does happen.
When determining the different types of NJ insurance you need, it’s important to evaluate your assets and how they could be at risk if you were to face a lawsuit. Below are the different types of assets and how the right insurance policies will help you protect them.
What are Assets?
An asset is anything of value that can be converted into cash. Individuals, businesses and governments own assets. This means that you have assets sitting right under your nose, such as your house, car, investments and antiques. As a business, your assets are probably more visible and include equipment, property, raw materials, inventory, patents and more.
How Does Insurance Protect Your Assets?
If you face a lawsuit from someone, your current policies will protect your valuable property and possessions. Below are some examples of how NJ insurance works on your behalf.
Business insurance in NJ protects you from a wide range of lawsuits that stem from negligence, such as bodily harm or property damage, as well as other concerns. Having the right business insurance ensures you can pay for the damages without having to sell your business or personal assets.
Home insurance is for more than protecting your property from a fire or flood. If someone gets hurt when visiting your home, they could sue you for medical expenses and lost pay. The liability coverage built into your home insurance in NJ protects you from having to use your car, home, valuable collections, etc. to pay for damages.
One of your greatest assets is your income. You can’t pay for food or shelter without it, so it makes sense to protect it. However, if you die unexpectedly, your paychecks stop coming. Life insurance protects your income by ensuring your loved ones still see your paychecks. This way, they’ll have enough money to keep up with their daily living expenses.
Be careful about settling for the minimum legal liability coverage for your vehicle. If you’re involved in a serious car accident that hurts another person, you’ll be glad that you have extra coverage. Otherwise, you might have to sell off your assets to pay for the damages.
Lawsuits are expensive, and if one is brought against you and you can’t cover the total amount, you’ll have to pay out of pocket. To prevent this, consider adding umbrella coverage to your insurance policies. Umbrella insurance gives you an added layer of protection, and this coverage can be used to pay off what your primary insurance does not.
Asset protection is an important part of having insurance coverage. If you’re not sure if you have the right insurance plans and protections in place, contact Soden Agency for a comprehensive look at your needs. As an independent broker, we have access to many different insurance companies, allowing us to find the best coverage at the best price.