Most Common Types Of Insurances That A Person Should Know!

Edna B. Shearer

Risk is something that is present everywhere in life. Each decision you take involves risk, in fact, it is the amount of risk factor which determines how much you are going to gain or lose. Especially when we talk about the business it is said that ‘higher the risk, higher the profit’ but the case is not so, always. Risk is uncertainty or unpredictability, sometimes it may result in undesirable consequences but luckily you can take some measures such as insurance cover. It comes as a rescue and helps you to minimize the risk and the losses in a business. So if you have not insured your business yet, no need to worry as LAI’s best insurance brokers are there to help you out, it provides you with the best business insurance brokers. There are various insurance options present out there, that will help you to protect your business from several types of risks. Here is the list of the top most common insurance types that you should know.

  1. Fire Insurance:

Fire insurance is one of the most common types of insurance coverage that covers the loss and damages, occur due to fire breakouts. All the expenses and losses incurred are paid by the insurance company to the policyholder. It is the form of property insurance that covers the risk of the loss of property.

  1. Burglary Insurance:

Burglary insurance is the type of insurance that covers the loss caused due to the theft.

In this, the insurance company provides the expenses incurred due to loss and damages of the insured property as a result of housebreaking or burglary.

  1. Business Liability Insurance:

The above two were the form of property insurance, but the risk is not always involved in the property only, the financial interests of the business also need to be protected as in case any financial crisis or accident happens then the business liability insurance will be there to help and protect you against any direct financial liabilities. 

  1. Employee Benefits Insurance:

This type of insurance is provided by the employer to the employee which generally covers the injury that happened due to the accident at work. Nowadays, Medi-claim is also been provided under employee benefits insurance scheme which insures the employee against any medical expenses and also in case of accidental death compensation is provided to the deceased’s family member. As employees are the important assets of a business, therefore, employers nowadays pay full attention to their health.

  1. Marine Insurance:

If you are indulged in the business of water transportation of goods from one place to another then your ship and cargo must be insured as there is a great amount of risk involved in this business. Marine insurance covers cargo losses or damages caused to ship, vessels, etc. Sometimes even after taking all due care accidents happens as we cannot control natural occurrences and the loss that occurs due to that may impose significant financial hardships for the transports as well as shipowners therefore it is better to get insurance.

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