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Page 6 of 7 of our guides about insurance basics: plain-English explainers, worked examples and tips for comparing insurance coverage.
Illinois requires workers compensation from the first employee and has a privacy statute that has produced enormous claims against ordinary businesses using fingerprint clocks.
Workers compensation from the first employee, with criminal penalties for going without. Everything else is driven by contracts and landlords rather than by law.
New ventures pay more because there is no loss history to price against. What each coverage costs at the start, what triggers the next one, and what falls away with time.
The rule is simpler than people expect and the edge cases are where it goes wrong. What counts, what does not, and what happens the month it ends.
Out of network means your insurer has no price agreement with that provider. What follows from that single fact explains almost every surprise medical bill.
Meeting the deductible starts cost sharing rather than ending it. What changes, what does not, and why the months afterwards are the cheapest of the year.
A contingent beneficiary receives the money if the primary one cannot. Naming one takes two minutes and it is the difference between a three-week payout and a year in probate.
A deductible is what you pay before the plan starts sharing costs. Four things it interacts with decide what your care actually costs, and most people know only one.
AD&D insurance (accidental death and dismemberment) pays only for accidents, which cause a small minority of deaths. What it covers, AD&D vs life insurance, basic life and AD&D at work, and when it is worth having.
IUL credits interest linked to an index, with a floor that protects you and a cap that limits you. Understanding the second is what separates the illustration from reality.
Towing and labour cover on a personal policy is a few dollars a year. Towing insurance for a tow truck business is a commercial package. They are not related.
Because you are buying less insurance and taking on more risk yourself. The mechanism is straightforward, and the reason the saving flattens out is the interesting part.
