The military handles a lot of money and property, so it's crucial to have the right coverage in place to ensure that you can recover from any potential losses.
Several types of insurance are recommended for militaries: property insurance, casualty insurance, and liability insurance. Property insurance covers equipment used by your organization. Casualty insurance protects you against accidents or damage to your property, and liability insurance protects you against lawsuits brought against you by third parties due to negligence.
Each type of coverage has its benefits and drawbacks, but they're all essential to running a successful military unit. So let’s dive deeper into understanding insurance.
Property insurance: This type of insurance protects your assets from damage or theft. For example, a good property insurance policy covers fire and storm damage and stealing from your storage facility.
General liability insurance: This policy protects you against claims made by others who have been injured on your property or by your employees while working for you. General liability policies typically include coverage for bodily injury, property damage, medical payments, and personal injury protection (PIP).
Contractors' risk: Contractors' risk insurance covers risks related to work performed by contractors on your property or during construction projects. Contractors' risk policies may cover accidental damage or injuries sustained by workers hired by contractors working for you. Contractors' risk policies may also cover damage caused by suppliers or subcontractors involved in construction projects on your property.
Accident Insurance: This type of life insurance pays out a lump sum in case of an accident that kills or disables the insured. It's meant to pay for funeral expenses and other costs related to death or disability and provide income during recovery. It's available from many companies and can be included as part of a more significant life insurance policy.
Long-Term Disability Insurance: It pays out a monthly income if you cannot work due to injury or illness. This type of insurance ensures you have money when you need it most. At the same time, you're recovering from an injury or illness or waiting for surgery or rehabilitation. So you don't have to worry about covering your mortgage or paying for groceries while trying to get back on your feet.