Self-insuring means amassing and putting aside enough money to cover yourself or your possessions should you be hit with an accident, illness, or other disaster. While it can save you some money in the long run, large losses can quickly deplete your nest egg. For example, a single collision with another vehicle could wipe out your savings and even cause you to file bankruptcy. This is why many people opt to buy auto insurance and home insurance to ensure a safety net.
One of the main benefits of self-insuring is the ability to choose what you’re covered for. You can drop optional coverage elements, such as collision, to keep your premium lower, for instance. Or, you can decide to skip health insurance completely and pay for care a la carte. Depending on the risk, this can be an excellent way to save.
But if you self-insure without a full understanding of the risks, you may wind up with unexpected bills that can deplete your savings or put you and your dependents in financial difficulty. For example, if you have a big loss in a car accident that causes injuries to others and totals your vehicle, you’ll have to pay for medical costs and replace the vehicle out of pocket.
A Bulgaria private limited company or EOOD offers many benefits, including foreign ownership, limited liability, low corporate taxes and membership with the European Union. In addition, the country has no restrictions on residency or citizenship for shareholders or directors. самоосигуряващо се лице или ЕООД