On the business side, you should carry business liability insurance. You may need Errors and Omissions insurance depending on the product or service you provide.
Have you ever considered business interruption insurance or business disability overhead insurance? The first one is just what it sounds like. If your business suffers damage severe enough to shut it down, you may be able to insure it for the interruption. This can generally be added to your liability policy as an addendum or a rider. Business disability overhead insurance can provide benefits to keep the office running if a key person becomes disabled and you are forced to hire a replacement for that person.
On the personal side, we are familiar with home insurance, renter’s insurance, car insurance, and life insurance. Two other insurances you should take a look at are personal disability insurance and long-term care insurance.
Personal disability insurance can provide you with a monthly benefit should you become disabled and you can’t work. You can generally insure against temporary or permanent disability as well as partial or total disability. Long-term care insurance can provide a monthly benefit if you need care in or out of a care facility.
Each of these insurances covers a certain type of risk. Each of them has a cost for that benefit. Do you have questions as to whether you should carry a type of insurance you do not currently carry? Please let us know.