We all know “prevention is better than cure.” You can ask yourself, “do I need any specific insurance plan?” Well, the answer can be both ‘yes’ and ‘no;’ simply because it depends what whether you need that specific coverage or not. However, it is tough to figure out whether you need that particular insurance coverage or not. So, in this article, we will highlight some of the essential miscellaneous insurance plans that we Canadians’ fancies.
Top 5 miscellaneous insurance plans in Canada
1. Miscellaneous Professional Liability
The first in our list is Miscellaneous Professional Liability. Typically, it provides coverage for the mistakes or errors in your workplace. We are all human being and bound to make mistakes sometimes. However, things are different when someone else faces the consequences. So, this insurance plan covers all the financial losses caused by your mistakes. You may think about whether it is necessary or not. It is essential if you work in a responsible position like a nuclear power plant or flight management department. This insurance plan is also called errors and omissions insurance as it provides coverage whenever you make an error. However, please note that you have to prove your point to claim the insurance.
2. Miscellaneous Medical Facilities
Next in our list is Miscellaneous Medical Facilities. When it comes to health, nothing seems adequate. We can only try to minimize the risks. However, this plan covers all the fillers in generic health insurance plans. Again, the question may arise, whether it is required or not. Well, health is something you should not compromise. So, we would say it is important. Now, this insurance plan provides coverages like Home Healthcare Agencies, Hospice Facilities, Staffing/Nurse Registries, and Lithotripsy Centres. Apart from that, this also covers the Student Health Centre, Dialysis Centres, Imaging Facilities, Physical, Occupational or Speech Therapy Centres, and much more services. Now, it may sound luxury to some people, but if not for health, then what for?
3. Commercial Property Floater
Commercial Property Floater is third in our list. If you own a business which has factories and warehouses, definitely you would like you to get a commercial insurance plan. Unfortunately, there are numerous loopholes in those insurance plans. On the other hand, to understand the necessity of Property Floater, you should also understand what Riders are; a rider is an add-on for the typical property insurance, which you can also call supplemental property insurance plan, that mends the gaps which were left over by any property insurance plan. Now, if we describe Commercial Property Floater; it is contingency insurance plan where a rider is used in a typical commercial insurance plan to mitigate all the aspects that were left over.
4. Burglary Insurance
Next in our list is an exciting insurance plan – Burglary Insurance. Now, we all know that home theft is always a real threat. In spite of all new technological advancements, we still see people are being robbed quite often. Every time a burglary happens, you lost some of your precious possessions, which took quite an effort for you to buy. Naturally, you are bound to get frustrated as you will not get an insurance claim for the items that you have lost. Here, if you choose a Burglary insurance plan; you will get coverage for the loss of your precious possessions each time a burglary happens. Question – does it worth? Well, if you live somewhere, where you have faced such burglary nuisance before,
then you should go for it.
5. Householders Insurance
The final miscellaneous insurance plan is Householders Insurance. We all know home is where the heart is! So, protecting something close to our heart is always in our top priority. That is why we believe everyone should consider householders insurance. It provides coverage for extreme weather damages, like floods, hurricanes, or earthquakes. If you add fire coverage, then your home is insured from damages caused by fire. It can also provide you coverage for essential household goods like beds, clothes, necessary cookware, and many more. If you have selected your personal injuries on the coverage list, then you will also get financial aid for the injuries you suffered for whatever
the reason that caused the catastrophe. However, you must understand that you should select the terms carefully to get maximum assistance. It is crucial, that is the bottom-line.
So, there you have it folks; the top 5 miscellaneous insurance plans in Canada. Now, we have selected these insurance plans because we believe these plans are essential apart from conventional insurance plans like life, health, auto, etc. So, in this process of choosing the top 5 insurance plans, we may have missed a few of them as well. It’s not that, all those plans are not necessary or irrelevant, it’s just we have prioritized these plans over them.