Whenever you get behind the wheel of a car, it is possible that you may cause damage to other people’s property, or injure – or even kill – yourself, other drivers, passengers or pedestrians.

Mandatory Insurance Coverage
Most people don’t have the money to pay for the losses (property damage, injury, death) they might cause while driving, so governments require drivers to carry a certain amount of insurance to cover any losses they might cause others to suffer.
 
Some governments, including those of every provinces and territories in Canada, also require drivers to carry coverage for their own medical expenses and loss of income resulting from driving-related injuries. 

 You can also voluntarily purchase additional insurance for your car, including:

•  Coverage for damage to your car  
• Protection against theft, vandalism and other perils 

Buying a home is probably the largest single financial investment you have ever made. For most people, their home is their life savings tied up in bricks and mortar – bricks and mortar that, no matter how well built, are vulnerable to fire, theft and other disasters.

Could you possibly afford to replace absolutely everything you own? Recovering from even a partial loss, like having your home broken into and many possessions stolen, would cost more than most people could manage on their own. Home insurance protects you from having to pay out a huge amount at once, often at the very worst time emotionally.

Tenant Insurance
Tenants need insurance too. If you don't have insurance, you would be held responsible if your actions (for example: leaving the bathtub running) caused damage to:

• your apartment
• your neighbours' apartment(s)
• the apartment building itself

Even if the landlord's or your neighbours' insurance covered the damage claims, their insurance companies would come to you to recover costs for repairs and/or replacement of:

• the structure of the building
• your neighbours' damaged property

Tenant insurance protects you from having to cover these costs out of your own pocket.   
If you are like most people, you will probably never need to submit an insurance claim. But home or tenant insurance is peace of mind that you really shouldn't live without.

For businesses and non-profit groups in Canada, having the right insurance is essential to surviving and thriving in a world that is full of opportunities  but also full of risks. The right type and amount of insurance will provide some financial peace of mind to organizations navigating their way through the sometimes-complex world of business. For example, in a society that is turning more and more often to the legal system to settle conflicts, insurance that protects an organization and its employees and/or volunteers from lawsuits (that is, liability insurance) is more important than ever.

For smaller businesses and community, social and recreational groups, finding and maintaining business insurance can be critical to survival. But in some cases, the risks involved in insuring these organizations make affordable insurance difficult to find. Canada’s business insurers are working with representatives from the business world, the non-profit sector, insurance companies and governments to come up with, and implement, practical solutions to this problem. With these solutions in place, Canadian organizations will have better access to affordable business insurance, and to financial peace of mind.

Reference: Insurance bureau of Canada

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