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Arkansas insurance department is in charge of the state's insurance procedures. The department licenses and regulates insurance providers in the state. The mission of the department is to serve and protect the public interest via the equitable implementation of state laws and regulations governing the insurance business. The State Insurance Department's core objective is consumer protection through insurer solvency and market conduct regulation, as well as fraud prosecution and deterrent.
Auto Insurance
Driving without insurance is unlawful in Arkansas. Every car owner must have liability insurance. The minimal responsibility needed by law is $25,000 per person for bodily injury, $50,000 per accident, and $25,000 for property damage to the property of others.
Consumers in Arkansas may also buy comprehensive and collision insurance. Comprehensive coverage protects your vehicle from damage caused by acts of nature or other occurrences unrelated to driving. Collision coverage protects your vehicle from damage in the event of an accident.
Property Insurance
Homeowners in Arkansas are not obliged by law to have property insurance. However, If you have a mortgage on your house, you may be obliged to carry full coverage by your mortgage agreement or you may be in breach of your agreement. Your lending institution may offer further information on the types of property insurance you must maintain.
In Arkansas, there are various different forms of property insurance, but most homeowners have comprehensive coverage for all risks, including losses caused by any unexpected and unforeseen incident.
Life Insurance
Within the state, there are three types of life insurance plans available: term, universal, and whole. Arkansas's average life insurance premium is around $584 per year, or $48 per month, which is less than the national average of $631 per year. These rates are calculated by taking into consideration living standards, risk factors, and other variables. There are also many other aspects to consider, such as gender and age.
Business Insurance
Arkansas state laws mandate business insurance policies. Workers' compensation insurance and commercial vehicle insurance are the two primary products offered in the state. Arkansas state law, with a few exceptions, requires businesses with three or more employees, full-time or part-time, to have workers' compensation insurance. Commercial auto insurance is required in for all business-owned automobiles.
Arkansas small company owners may obtain commercial insurance at a reasonable cost. The following factors determine the cost:
- Coverage limitations based on your industry and risk
- Location
- Employees' number
Special Events Insurance
Weddings, baby and bridal showers, baptisms, prom nights, and athletic events; there are so many more reasons to rejoice in life. If you're organizing a special event in Arkansas, you should purchase special event insurance to protect yourself against unanticipated incidents. Arkansas wedding and special event insurance protects event organizers from third-party damages and is sometimes required by venues. The insurance policy in the state costs as little as $59 per event.