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Also known as professional indemnity insurance, professional liability insurance protects professionals such as architects, accountants, and lawyers from injuries or damages caused by the services they provide, and may be available through the professional association/society to which the professional belongs. Depending on your profession, you may be required by your state government to have such a policy.
Errors and omissions insurance is used by people in service and consulting businesses. It covers the insured from claims arising from a client who holds such company or individual responsible for a service that was provided, or failed to be provided, that did not have the agreed-upon results.
Disability insurance can cover temporary or permanent loss of income when you suffer a severe injury or illness.
Disability insurance covers you for temporary or permanent loss of income, enabling you to continue earning income for a period of time as specified in the policy. Typical policies may have enough coverage so that income is being earned until you can get back to work.
You should obtain several quotes from reputable insurance companies or brokers, as prices for these and many other policies may vary greatly.
According to an annual survey by the firm Mercer, 40% of companies pay for the increases by having employees pay a larger percentage of the premiums, while 39% will increase the employees' share of deductibles, co-pays, co-insurance, or out-of-pocket maximums.
A health savings account is a medical savings account that offers you a tax advantage, since you pay no federal income taxes at the time of deposit. The money can be used to pay for out-of-pocket health expenses related to your medical care. The funds in the account can also be rolled over from year to year.
Similar to an HSA, a flexible spending account allows you to set money aside in an account to be used during the plan year plus 2 Y2 months for medical expenses, free from payroll taxes. The money must be used during that time, and any unused funds can be used for future plan administrative costs, or returned to the employee as taxable income. The maximum allowed per plan year in contributions is $2,500.