First and foremost, it should be noted that by law, each and every car needs to be insured and as a matter of fact, where you have the right insurance cover, you will stand quite well protected financially against any losses should it happen to be that your car gets damaged by any reason so covered.
Besides the protection that the cover has for you as a car owner, it as well serves to protect the other drivers, pedestrians, passengers and their property against the financial loss and injuries that may be caused to them by the happening of an accident caused by you. It is to be noted that the eventuality of suffering an accident is a real one and as such as a motorist, you need to have the assurance that you are well covered in the case that this comes to happen.
One of the clear stipulations under laws, reading your state’s traffic act, is that which spells that each and every motorist must ensure that their cars are insured. One other risk that will be covered by a number of the car insurance products is that of theft and as such where you have such a cover, you will be sure of having some good financial support in the event that your car gets 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.
In the event that you happen to be driving your car without insurance, this actually portends a lot of risks to you as a motorist.
When it comes to worker’s compensation insurance, this is as well such an important one for business owners. Workers compensation insurance provides for both medical and lost time benefits to employees for an injury or a disease that they may have contracted while in their lines of duty. State and federal laws have made it mandatory for all business to ensure that they have this insurance, workers compensation insurance as well known as workman’s comp insurance so as to be compliant.
Your business is exposed to quite a number of risks and as such you need to ensure that you have put in place measures to keep it safe and avoid running out of business in case of such eventualities.