The key difference between insurance broker and agent is that an insurance agent is typically committed to a specific insurance company and therefore, is limited to the insurance packages that their company has to offer. That limits consumer's options to compare and benefit from different products. Also, insurance agent typically receives a fixed salary and might get a sales bonus based on own sales results.

Insurance broker on the contrary is not committed to any particular insurance company and therefore can compare and contrast the different policies, coverage and premiums from a wide range of insurance companies. That basically means insurance broker have a distributor relationship with multiple insurance companies which allows insurance broker to compare several polices available on the market.Insurance broker gets compensated through commission paid by an insurance company for each policy sold and sometimes some smaller amount on policies which stay in place. When selecting a broker, remember to ask for their credentials, area of expertise and experience. Also you should clarify upfront with how many companies insurance broker works.

Employee insurance is usually taken out for employees by the employer as part of an employee group benefit package. For example, dental, medical, optical, disability, accidental death and dismemberment insurance. It's important to know that when you make a claim, it will be paid based on your employer sponsored plan's specific coverage.

A bond insurance is a form of financial guaranty insurance that protects your business against potential losses caused by internal fraud, theft, or incompetence. If any of your employees make a mistake that results in losses for your clients, restitution for damages is paid by your insurance company. Some businesses are required by law to purchase bonding insurance, and others do so to increase the credibility of their business.

Surety bond is a contract between two parties and the bonding company relating to the performance of the contract such as in construction contract.

Fidelity bond is type of bonding insurance purchased by one who wants protection against the act of others. This type od insurance is usually purchased to cover the acts of employees for things such as theft or damage.

Property insurance covers destruction or damage to the insured property caused by a certain peril specified in the coverage. Examples include fire, flood, theft and vandalism. If you are using your home for business reasons, make sure you have the proper coverage. The business use of your home may not be covered under your current homeowner's policy. In fact, damage caused to non-business items may not be covered if the insurance company is not aware that a home based business was in operation. Generally the additional coverage is available for a nominal amount. Speak to your agent or broker for details and clarification.

If you are using your personal vehicle for business reasons, make sure you have proper insurance. The business use of your vehicle may not be covered under your current vehicle insurance. Generally the additional coverage is available under commercial auto insurance and it can be designed to fit the needs of your business and your personal needs. Policy options can vary from one insurance company to another, so speak to your agent or broker for details and clarification.

Some important coverage components for small business owners usually include injury to you, your passengers or your employed drivers including medical expenses and lost wages. Replacement car coverage is also available for a nominal amount so you don't miss out on work when your vehicle needs to be repaired. Loading and unloading liability is also available for when you or your employees are transporting products customers or events. Also, if you plan to use your commercial vehicle in other provinces or states, think about buying additional coverage to ensure you and your employees are covered during those trips.

Getting travel insurance is a good decision to cover your non-refundable travel expenses. There are many reasons why you should consider buying travel insurance. For example accidents can, and do, happen while traveling and your government health insurance may not cover emergency medical expenses while you travel. Your credit card insurance may offer some coverage like trip protection benefits, but it likely has limitations. Travel insurance with trip cancellation benefits can reimburse you for some prepaid, nonrefundable trip costs when you must cancel for a covered reason. Most travel insurance companies offer baggage delay benefits and can reimburse you for the reasonable additional purchase of essential items during your trip if your baggage is delayed or misdirected by a common carrier for 24 hours or more. Also baggage loss or damage benefits can reimburse you for the actual price, actual cash value, repair or replacement of your lost or damaged items, whichever is less, based on the limits in your insurance policy. Some travel insurance may have included travel delay benefits, which can reimburse you for additional accommodation, meals or travel expenses and lost prepaid expenses due to a covered departure delay. Travel insurance with emergency medical transportation benefits can pay for you to be transported to the nearest appropriate facility if you suffer a covered illness or injury during your trip and pay for specialized transportation to bring you home. So it is always good idea to shop around and find coverage you need. You’ll be much happier if you have good travel insurance, and the peace of mind you get from knowing help is just a phone call away.