Colombia, as in most countries, has a wide range of personal and business insurance options.
You can purchase home insurance, tenant insurance, car insurance, health insurance, life insurance etc. There are a number of large insurers in Colombia and it is best to discuss the options with a bilingual agent.
There are a couple of items to note. If you are going to buy a car, there is an obligatory national insurance called SOAT that you must pay every year. In your private car insurance, it is best to take a higher coverage for personal civil responsibility. As a foreigner you might be looked upon as opportunity to gain more money in a claim, so it is a wise idea to look at the maximum coverage.
For health insurance, private prepaid health care is not available to you if you have not enrolled in a policy prior to your 60th birthday. See the article on Health Care in Colombia.
Your business insurance needs should be discussed with your agent or broker as well. The largest Colombian insurance company, recently bought ING Latin American . As a result they are now the largest insurer in all of Latin America.
The insurance companies here are progressive and from a personal standpoint the auto insurance and service that I have received here is far better than anything that I ever received in North America.