It’s amazing what you find when you do research for a blog. While looking for something else this morning, I happened across a website called 2012 Apocalypse Insurance. At a glance, it’s the most ridiculous idea you’ve ever heard. Apocalypse insurance is ridiculous for two reasons.

That Will Never Happen

When producers list types of insurance coverage, apocalypse rarely comes up. Which might have something to do with the fact that there’s nothing left after an apocalypse. The clue is in the name.

It’s also ridiculous because this Friday isn’t the apocalypse. The idea of 2012 apocalypse insurance is insurance for something that will never happen. Which got me thinking. Aren’t all types of insurance coverage, insurance for things that will never happen? Or at least things we hope will never happen.

Neither Will That

The entire industry is built on the idea that unlikely things might happen. When you buy a property policy, neither you nor your agent believes that the house will suffer storm damage. The same goes for the business owner who buys cyber liability coverage safe in the knowledge that they have the best security measures in place.

It’s the same when agents discuss risk management measures. You plan and execute evacuation plans, but you never expect there to be an actual fire. The understanding with all types of insurance coverage is that things might happen.

But it Might

Which brings us to the difference between the apocalypse and every other type of insurance. The apocalypse happens to everyone, at once. If Friday is to be the end, nobody will be around to point out how much I tempted fate with this post. But fires do happen, storms do wreck homes and hackers regularly attack online resources.

We don’t buy insurance coverage just for the things that we think might happen. When you buy insurance you should buy policies that cover every conceivable risk and a few inconceivable ones too. Just don’t bother with the apocalypse coverage.

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