It is a legal requirement that all car owners provide for their car’s insurance and over and above this, where you have the right insurance cover, you will stay financially protected in the unfortunate event of your car being damaged.
On top of this, life insurance as well serves to protect the other road users such as pedestrians, passengers, other drivers and their property against losses and injuries that may be caused them by you as a car owner. The one thing that needs to be reiterated is that the eventuality of accidents is a real one and as such it is so beneficial to know that you are well covered financially in case you happen to suffer one.
The laws clearly stipulate in the various state’s traffic acts that all motorists must be insured. The other risks that happen to be covered by car insurance policies is that of theft and as such this makes car insurance all the more necessary for a motorist as they will have some solid financial backing in the event that their cars are stolen. One other risk that will be covered by a number of the car insurance policies are such as vandalism and destruction by fire as such you notice the fact that car insurance offers you such backing for you against losing your investment in your car.
Nonetheless, there are some cases where you will not have to insure your car. Examples of such cases are as those where you have declared your vehicle to be off the road such as that done under the statutory off the road notification.
Driving your car without insurance is one thing that actually sets you on such paths that are filled with lots of issues and risks.
Business owners as well need to appreciate the need for workers compensation insurance as well. This is actually the kind of insurance that will provide for the medical and lost time benefits to the employees for the injuries and diseases that they may happen to be exposed to while going about their duties. Note the fact that state laws actually make it a must for every business owner to make sure that they have provided for the worker’s compensation insurance, as well known as workman’s comp insurance, in order for them to remain compliant to the laws, federal and state laws.
Bear in mind as well the fact that your business is as well quite exposed to a host of risks and as such you need to have in place measures that will ensure that you are not going to run out of business in case such happen to pass.