We all desire to lead a life that is stress-free. But not all of us are born with a pot of gold. We need to keep an eye on every penny of our investment and save it for our bright future! After all, it’s the savings that keep us shining in the later years.
But having said all of this, there are ways in which we can lead a safe-guarded life that can help us fight against all financial crisis and emergencies that strike like a catastrophe. And one such safe-guard is general insurance.
General Insurance covers the insurance of
- Properties and possessions against theft, burglary and fire.
- Personal insurance for travel, health, and accidents.
- Liability insurance that covers legal liabilities.
- Insurance against errors and omissions for professionals.
- Credit insurance
General insurance, in short, can be considered as a non-life insurance that covers miscellaneous forms like travel, motor, home, marine, health etc.
Well, the part to be stressed is that unlike life insurance policies, the tenure of general insurance is not for a lifetime. They generally last for a particular period of time and are usually annual contracts.
How does general insurance work?
To be honest, material possessions, to an extent, is what drives us. To mark off all desires from the bucket list, is what we all yearn for. So how does it feel when things go astray and all hard earned belongings undergo destruction due to uncertainties? Not so good to digest, right?
That’s where the importance of general insurance comes into action.
Insurance works by taking policies against all those material possessions – car, home etc. The insurance protects you financially during risks and emergencies.
Insurance is well outlined by policies that clearly state as to what can be claimed for in the near future and what is excluded.
If something uncertain happens, then you can raise a claim for the loss and the insurance company will assess the loss and make payment on a valid claim.
As a buyer, you need to look into 2 factors to decide how good a company really is:
- Incurred claim ratio: It is the ratio of the total amount spent on claims to the total amount earned as a premium in a financial year.
- Claim settlement turnaround time: It is the time span between the filing of a claim and settling of a claim.
Reasons to buy general insurance
At the end of the day, what we all crave for is tranquillity. The main reason to buy general insurance is to keep all your properties safe from any uncertainties. Read along to find out what urges people to get secured by taking up insurance policies.
- To get secured in Business
Taking up a policy for business is necessary to be secured from different angles. Though our main motive during business is to earn wealth, being safeguarded from any uncertainties is quite necessary.
- Security from any sort of burden of loss
Again, loss of personal properties due to natural calamities is hard to digest. So why feel helpless when you can take up general insurance policies for any material possessions of yours.
- To cover up hospital bills.
There are certain insurance policies that help you get rid of hospital bills and other health check-ups partially or fully. The other reason being, during job transitions, where an individual is left without any income, the policy will help you meet the medical emergency.
- Motor insurance:
This provides you with insurance for motor vehicles and two-wheelers against third-party liabilities and own damage, be it from theft, fire, explosion, flood, cyclones, earthquakes, burglary and other malicious act.
- Travel insurance:
Having travel insurance will help you fly across the world. The policy helps you avail cashless treatment in all those networked hospitals around the world, in case of an emergency. The policy is also beneficial in cases of flight delay, flight cancellation, loss of passport, personal liabilities etc. The policy also provides the nominee of the traveller with a sum in case of death during travel.
- Property Insurance: These policies help protect or meet the financial crisis of your properties due to fire, earthquakes, burglary, theft etc.
- Home insurance: Every individual’s greatest possession is his/her home. So to safeguard it from all uncertainties like floods, burglary, theft, etc., the home insurance plans can be opted for.
- Luckily, there are certain general insurance companies that have policies for machinery breakdown. For example, there are policies that cover the hull of ships, and other policies, which cover goods in transit, including by sea, air and water.
Buying general insurance can add tons of benefit to your life. So what are you waiting for? Buy one and stay protected in the future. For more details on general insurance, log on to Coverfox.com.