The Importance of Insurance Coverage

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Although insurance can be expensive at times and maybe a headache to organize, it is a vital asset to have for your business, home, car, health, and family. It’s a long-term investment into your future and can provide comfort for people who could be pushed into crippling debt after an accident or simple mistake. Almost everyone acknowledges that insurance is important, but since the results are not always tangible, the exact reason why is not often clear. Let’s take a look at the two main reasons to purchase insurance.

Financial Security

For a monthly or yearly fee, your insurance will be legally obligated to compensate you for any fees you might get hit with after an accident, whether you are at-fault or not. Still, some people prefer not to have insurance as a way to save money or avoid any rising rates. This wouldn’t be a problem if you never experience an unforeseen accident, injury, or mistake.

However, as far as car collisions are concerned, it is estimated that everyone will be involved in a car accident every 17.9 years. The amount of money that you could lose if you get in a car accident, if your house floods, or if your spouse dies can easily surpass those insurance fees. In certain cases, at-fault drivers who are unable to pay the fees of repair can have their license and registration suspended indefinitely or even revoked. Many businesses have also gone bankrupt after an accident because they were not protected by an insurance policy. Luckily, there is still the option to find an experienced attorney to represent you in these cases, in which case you can contact the Law Offices of D. Chadwick Calvert.

Insurance Might Be Legally Required In Your State

In the case of auto insurance, the only states that don’t require it are New Hampshire and Virginia. However, in Virginia, if you choose not to purchase auto insurance, you will have to pay an annual fee of $500. Nonetheless, if you live in these states and have no auto insurance, you will still be fully liable to pay the cost of repairs for your vehicle. If you caused the accident, you will pay for the other vehicle’s repairs as well.

Workers compensation insurance is required in almost every state, with the exception of Texas. In California, Massachusetts, Illinois, Pennsylvania, and Michigan, neglecting to purchase workers comp is punishable by law. A workers compensation policy will pay for both your employees and your business lost wages, medical costs, and disability payments in the event of an injury. Not only will your employees appreciate this protection and can work at their full capacity.

Because the laws of insurance requirements vary, business and vehicle owners must educate themselves in their own state’s specific law. If you’re looking for consultation, advice, or representation due to a personal injury or auto accident please contact the Law Offices of D. Chadwick Calvert. Our experienced attorneys will work hard on your case and you won’t pay a dime in legal fees unless we win. Visit our website for a free case evaluation or call (303) 740-7040 to schedule an appointment.