Blogger Templates Library - Briliance

Blogger Templates Library - Briliance

What is Insurance?

In simple terms, insurance allows someone who suffers a loss or accident to be compensated for
the effects of their misfortune. It lets you protect yourself against everyday risks to your health,
home and financial situation.

Types of Insurance

Before choosing an insurance policy you will need to evaluate your business’s insurance needs. Your insurance requirements vary considerably depending on the type of business you operate.Some insurers offer insurance package policies specially tailored to cover your business needs. There are also individual products that may be relevant to the particular nature of your business.Your industry association may also provide important insurance advice, some associations organise insurance packages for their members.There are three broad types of business insurance:Assets & revenue insurancePeople insuranceLiability insurance
You are unlikely to need every single one of these, so read around, choose carefully and remember to read the small print.
Travel: Holidays can be dangerous occasions - especially abroad. If someone falls ill it is much more difficult than it would be at home to cope with the situation. Medical treatment is expensive.
Household contents and building insurance: Contents insurance covers the contents of a home such as furniture, carpets, clothes, television, refrigerators, jewellery and so on. In other words, what you would take with you if you moved. Buildings insurance protects against damage to the actual structure of the home and to its fixtures and fittings. Contents and buildings policies can be bought separately or together in one package.
Car insurance: Most people know something about motor insurance. This is because any vehicle driven on public roads must have a certain level of insurance. The Road Traffic Act ensures that drivers must meet liabilities they incur should they injure other people or cause damage in an accident.
Life insurance: A means of providing for your dependents should you die early, but also a way to save cash through endowment policies or similar.
Private medical insurance: This covers the costs of private medical treatment for curable short-term illness or injury. It means that should you become ill you could be treated immediately privately rather than being put on an NHS waiting list.
Critical illness insurance: This allows you to insure your income/ health were you to become too ill to work later on in life, and protects any dependents/ loved ones from the financial consequences of such unexpected events.
Accident, sickness and unemployment cover: According to Moneyextra: "In 1999, 30,000 properties were re-possessed by mortgage lenders... Many lost their homes because they could no longer afford to pay their mortgage payments through an accident, sickness or unemployment." If you are planning on buying a house it may be sensible to think about getting some mortgage payment protection insurance.
Pet insurance: This basically helps you foot the vet's bills if your pet gets poorly. By paying regularly into an insurance policy it means you have paid for the bill gradually rather than having to find the money for a steep bill when you can least afford it.