Financial Insurance

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Mortgage Protection Insurance: Understanding the Basics

Mortgage protection insurance is a specially tailored policy geared towards safeguarding a homeowner and household budget by assisting with repaying the mortgage if the contract holder dies before paying it out in full. Applicants generally do not have to do a check-up or provide health background information to be considered eligible and be allowed to take […]

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Five Ways for Small Businesses to Prepare for Disasters

Imagine all the blood, sweat, tears and money that are shed to start a small business. Now imagine that a disaster strikes and all that hard work goes up in flames, washes away in a flood or crumbles to the ground. Natural and man-made disasters will inevitably strike. The Federal Emergency Management Agency (FEMA) estimates […]

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A Brief Guide to Demystifying Computers Insurance

Insuring your gadgets is essential if you want to ensure their safety. Laptops alone regularly disappear in coffee shops, airports, and public transport around the world. And it is only natural for owners to be reluctant to pay the replacement costs out of their pockets. There are several ways to obtain insurance for computers. This […]

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What Is an Insurance and How It Works

Being exposed to various risks and losses is an integral part of everyday life. That is why obtaining a practical understanding of how insurance works is crucial for identifying your needs and taking out appropriate coverage. Besides, collecting baseline information on an insurance policy can make a difference when it comes to its suitability and […]

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What Is Financial Insurance?

Just like individuals insure themselves against financial risks that can be caused by illness or unemployment, businesses protect themselves with the help of financial insurance, which can cover the financial losses incurred by, for example, a failure of their partners to deliver their contractual obligations, a sudden drop in the value of stocks, or the bankruptcy of the business partner.

Financial insurance can help companies fit the laws governing their industry as well as make them capable of maintaining policies insuring against claims related to contractual and legal obligations.

What Does Financial Insurance Cover?

Arguably the most important form of insurance carried by financial companies, financial insurance can cover for financial losses caused by all types of external forces, from market fluctuations to weather to unscrupulous or insolvent business partners.

Small businesses can also protect themselves with general liability insurance, business income insurance, commercial property insurance, worker’s compensation insurance, professional liability insurance, commercial auto insurance, data breach insurance, and other types of financial insurance.

How Much Is Financial Insurance?

The cost of financial insurance depends on many factors, among which are the location and the size of your business, the industry you operate in, the history of your claims, as well as your deductible and insurance coverage limits. You may pay $500 to $1,000 annually for $1,000,000 of liability insurance covering injuries and property damage. But then again, the actual figure may be significantly lower or higher due to the peculiarities of your particular case.