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How to prepare for the unexpected

Updated: 5 days ago

Life happens – and not always in a positive way.

It may be in regards to your business or personal life, but either way, sometimes bad things do happen. Fortunately, there are a few ways that can prepare you for those unexpected moments in life.


Life

A lot of people try to overlook life insurance or brush it off as unnecessary because it’s something we can ‘worry about later’, however, when you’re ill or you’re getting older that mentality shifts. The issue with this is that you can never be too prepared for the unexpected, and while the topic is macabre, it is important to acknowledge the inevitable.

In general, life insurance is much easier to buy if you aren’t diagnosed with any long-term or life-threatening illnesses – however, there are policies that are specifically designed with these situations in mind - so if you truly do want to protect yourself or your family from untoward situations, then it is best to invest in life insurance sooner rather than later.

There are multiple strands of life insurance to invest in, so explore your options before you decide which one is for you.


Home

Whether it’s extreme weather, a fire, or a robbery. It’s imperative that you prepare for the unexpected. At the end of the day, insurance is a protection – it isn’t a fix.

The home is many people’s biggest investment. It’s where we feel the safest and it’s the space in which we are at our most vulnerable – surrounded by the people and possessions we admire the most. If something were to happen to that – or in that - home, it would be disastrous in a multitude of ways.

There are two strands of home insurance: building and contents. One will cover the house itself and the other will cover what is inside of the home. However, many policies will work so that you’re covered in both departments, this will be reflected in the price.

For some people, it will be a case of buying the policy you feel is going to protect you the most. For example, you may live in an area particular prone to flooding, if that’s the case, it’s completely sensible to buy an insurance policy that protects your home and possessions in the event of a flood. However, in many circumstances, providers will offer a generic deal that protects you from many of these unfortunate situations – this will be reflected in the price of the policy you buy, but you should check what is not covered in the policy to be sure.


Work

It doesn’t matter whether you’re an employee or a business owner, accidents in the workplace still happen on a day-to-day basis. It might be that you have an injury as an employee or it may be a member of the public has been injured on your premises. You never know if or when it will hit. That’s why it’s important that you have procedures and plans in place to help protect you from unexpected events.

If you’re an employee, it’d be wise to speak directly with your HR manager to determine what type of protection your work has for its employees. Whereas, if you’re a company director or owner, then investing in a strand of business insurance that’s applicable to you would be a wise choice. In circumstances such as these, bespoke packages make for an easy solution to ensure you are covered.

Either way, protecting yourself from unfortunate situations starts with investing in your own worth. It’s always better to spend the money in a good product than to regret not later on.

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Oncover Insurance Services Limited is authorised and regulated by the Financial Conduct Authority (FCA).  Our FCA Register number is 306045. The FCA's register can be accessed through www.fca.org.uk/register. We are covered by the Financial Ombudsman Service (FOS).  See their website https://www.financial-ombudsman.org.uk/ for further information. Registered in England & Wales under Company no. 04036567. Registered address: 89c College Place London NW1 0DR.