5 types of insurance you might never have heard of (but still need)

The protection of your most important assets is the first step to achieving a solid financial plan. It’s likely that you’ll have some of the most common insurance (such as home, life and car) policies in place already, but here are a few more that you shouldn’t do without if you want to safeguard your health, money and possessions. 

1. Long-term disability insurance

Although the possibility of a long-term disability seems easy to ignore, it is a frightening prospect and one that you should account for. There are disability policies out there that can be offered by companies like Breeze that will provide you with enough coverage so that you can continue to lead your normal lifestyle even if you are no longer able to work. This type of insurance will cover around 50-70% of your income if you become injured or seriously ill and will usually begin once a short term disability policy ends (anywhere from 10 to 53 weeks after the event).

In most cases, you can choose between a few options for a long-term disability plan; an employer fully paid plan, an employee fully paid plan or a shared cost plan. Under plan rules, employees can only file for disability coverage under certain rules, and these include factors such as being a full-time employee or you have worked for that employer for a certain amount of time.

2. Mobile phone and gadget cover

As mobile phones and other gadgets become part of our everyday life, it’s important that we consider what would happen if they break. A mobile phone and gadget cover policy will stand as protection for your personal possessions against accidental damage, loss or theft. Usually, this type of cover will include devices including iPads, Tablets, Cameras, Laptops, game consoles and even Sat Navs.  Companies such as Call Wiser offer affordable protection for your mobile phone, gadgets and even personal items such as your purse, wallet and keys! 

3. Private medical insurance

Although the NHS is a great asset, it can still mean that you have to spend time on long waiting lists to get the right treatment. This has led to over 5 million people in the UK opting for private medical insurance. Usually, this will cover the necessary expenses that have been incurred for most short-term conditions that have been treated by surgery, treatment or tests. However, long-term treatments such as drug abuse and kidney dialysis are less likely to be covered by this type of insurance.

The benefits of private medical insurance include less waiting time, medical tests, a private hospital room and the option to choose your specialist for a second opinion. Certain policies might include nursing home care, private ambulances, hotel rooms and accommodation for your immediate family in the event that you need to travel to a specialised hospital for treatment. 

4. Glass cover

If you’re the owner of a business, particularly one that is situated on a busy high street, you might have had to deal with the issue of broken windows. Usually, high street shops have large windows that can be difficult and awkward to replace, but glass cover can be a beneficial addition to your business insurance. This insurance usually covers the cost of materials, the repair of frames and lettering and the fees for an emergency call out. It will also give you certain protection against thieves or vandals who might use the windows to enter your property while you’re not around. The cost of calling someone out on short notice to repair broken windows can come at a huge cost, but the professional replacement service covered by your insurance should be able to complete the job in 24 hours or less.    

5. Fidelity guarantee insurance

All companies are at risk of significant financial losses because of crime committed by employees. Fidelity guarantee insurance is usually an option for companies in which employees are often exposed to cash, stocks or other assets. This is because it protects from loss due to dishonesty, fraud, loss of property or loss from loans or trading that have been committed by an employee for their own financial gain. More often than not, this insurance will also cover defence costs and settlements which, without the correct insurance in place, can amount to a lot of money.

There are a number of Fidelity guarantees to choose from, depending on your requirements:

• Individual policy: Covers an individual for a stated amount.
• Collective policy: Covers a group of employees and the insured decides on a guaranteed amount for each individual according to their responsibilities or position within the company.
• Floater policy: A single amount based on one employee named in the policy.
• Blanket policy: Covers unnamed employees in a categorised group i.e. clerks or those who handle cash. 

Once you have opted for a fidelity guarantee insurance policy, you should know the steps to take if you ever need to make a claim. Disciplinary action should be taken on the employee responsible, and the act should be documented. Lastly, proof of loss should be submitted including the specific amount and the employee’s name.

Perhaps our list of less common insurance policies has made you think twice about what cover you might need. There is plenty of cover out there for any eventuality, so you should always consider what might benefit you before you go ahead and choose something that might be a little broader.