4 Types of Insurances You Did Not Know Existed

When you hear the words ‘insurance policy,’  you immediately think of health insurance, auto insurance, or home insurance. But these are just the tip of the iceberg. There are a lot of different types of insurance coverage out there that you may not even be aware of. Some of them sound very clever and well thought out, while the rest may sound totally bizarre to you.

Having insurance on anything gives you a sense of satisfaction because it helps you deal with unannounced damages, and puts less burden on your pocket. In this article, we mention a few different types of insurances that you most probably didn’t know existed, but that you may need in the future.

Contest Coverage

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When you are running a successful business, you try to go for all sorts of marketing tactics to take it to newer heights. One of the best ways of promoting your business is to hold a contest, as it not only attracts the attention of a lot of people, but people start liking your brand because it provides entertainment.

Many companies offer big prizes for unlikely events like the last-minute soccer goal or a half-court basketball shot. While the likelihood of such things happening is very low, it is not zero. There is an insurance policy that is designed specifically for this, known as contest coverage. In case someone manages to achieve the goal, the insurance company will help you in the payout of the prize. Sounds cool, doesn’t it?  If you are looking for more insurance coverage for your business, check EINSURANCE as well.

Key Person Insurance Coverage

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When a certain person at your workplace becomes more important than your other physical assets, key person insurance becomes vital. In all companies, there is always one person that is beyond the level of the employee of the month or employee of the year. It is the sort of  person that if they stop coming to work, the company will take a huge financial hit.

Key person insurance coverage is designed specifically for such people. When a company is relying heavily on an individual, they might as well take insurance out for that person. Key person insurance pays out to the company, in case that person passes away, making sure that the business does not take a heavy financial hit.

Bicycle Coverage

This insurance is not for businessmen, but is rather for those who enjoy cycling. If you are one of these cycling enthusiasts, you may be realizing the importance of spending thousands of dollars on this hobby in order to perfect it.  But what happens if your bicycle goes missing or stolen? This is the exact reason bicycle insurance exists. And this type of coverage not only covers theft, but damages as well.

To some people, it may sound bizarre that insurance coverage exists for bicycles, but for riders, it can be a lifesaver.

Food Truck Insurance Coverage

There certainly are a lot of well-designed insurance policies for restaurants, but are there any for your favorite food truck where you buy bagels every day? The answer is yes.  It turns out that in the department of food, you cannot only take out insurance on your restaurant, but you can take out one for your food truck as well. Food trucks have gained a lot of popularity in the past few years, and they are becoming more and more common these days.

Owners need to protect their livelihood from liability or property damages. They can also take out a food sickness service as well, so if their food does not sit well with someone, they will not lose all their savings over it.


Interesting related article: “What is Risk?