Economic Loss

The estimated total monetary cost, of accidents for both insured and uninsured. This can include automobile accidents, work accidents, and fires. The factors include lost wages, insurance administration costs, property damage, funeral expenses, and hospital, medical, and legal costs.

It is good risk management to try and consider what can go wrong and the impact if it does happen. Often the economic loss can exceed your expectations.

Discuss your policy and what coverage you have with your agent or broker.

See Also:

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