PPB September 2019

The Costliest Claims Reputational harm: $50,000 Vehicular accident: $45,000 Fire: $35,000 Product liability: $35,000 Customer injury or damage: $30,000 Wind and hail damage: $26,000 Customer slips and falls: $20,000 Water and freezing damage: $17,000 Struck by an object: $10,000 Burglary and theft: $8,000 Source: The Hartford Nine Lesser-Known Types Of Insurance 1 Wedding insurance – If the bride and groom must cancel the big event due to a natural disaster or personal tragedy, this insurance protects against financial losses. 2 Change of heart coverage – If the bride or groom gets cold feet, this insurance covers the cost of the wedding. 3 Alien abduction insurance – More popular in Europe, where one insurance provider sold more than 30,000 policies, this insurance safeguards against UFOs and alien abduction. 4 Lottery insurance – If you run a business and all your employees hit the jackpot and resign, this insurance has you covered. 5 Multiple birth insurance – Parents-to-be purchase a premium at the time of pregnancy. If they have twins, the policy pays out in cash to compensate for the costs of extra babies. 6 Bed bug insurance – Most renters’ and homeowners’ insurance policies don’t cover bed bugs. This coverage gives peace of mind should the pests appear. 7 Food truck insurance – Separate from restaurant insurance, this coverage protects food trucks against liabilities such as kitchen fires and foodborne illnesses. 8 Body part insurance – You don’t have to be a celebrity or a pro athlete to protect a face or an arm that’s your money-maker. 9 Chicken insurance – While traditional pet insurance policies cover traditional pets such as dogs and cats, this insurance covers unexpected expenses for unconventional pets such as chickens and livestock. I nsur ance I ndus t r y Source: PolicyGenius.com Drive On The national average annual premium for car insurance is $1,457. Here’s where it costs significantly less (and more) to drive. The most affordable states for car insurance: 1 Maine - $845 2 Wisconsin - $951 3 Idaho - $1,040 4 Iowa - $1,047 5 Virginia - $1,063 The most expensive states for car insurance: 1 Michigan - $2,611 2 Louisiana - $2,298 3 Florida - $2,219 4 Oklahoma - $1,966 5 Washington, D.C. - $1,876 Source: Insure.com 60 | SEPTEMBER 2019 | GROW