General Insurance is Not a Luxury
In return for a small monthly payment or premium, the company chosen takes complete responsibility to ensure that the compensation due to you in times of adversity to help you recover your financial losses comes in on time. General insurance basically addresses insuring anything other than human life. You could choose to safeguard the interests of your house and belongings, at home or within the business set up you own, against fire and theft. You could also use these policies to address the protection of your vehicles in case of accidental damage.
Did you know that today a number of companies also enable you to customize policies that address injury due to accident and even hospitalization for surgery! Other than these common arenas, certain special forms of insurance also help you to insure liabilities that may arise out of the law. There are third party insurance companies too that enable you to derive real value from the investment made. Insurance should be ideally indulged in once you have earned and accumulated some property. This is also the time when protecting the same becomes an act of prudence.
According to the governing law in many nations, this type of insurance for protection against liabilities is mandatory. Your entitlement to compensation sets in the moment you sign on for a particular policy. You need to first check on the affordability of the policy and for this it is wise to take the help of comparison shopping. Once you buy liability General Insurance the responsibility of clearing incurred compensation is transferred to the chosen insurance company.
You can invest in this general insurance to protect possessions from fire or any other form of financial loss that incurs insurable interest. In this type of policy you get to choose from annual and long term packages. Usually, the longer terms are designed for fire insurance in the case of residences, regular goods transportation and even for emergency medical treatment if you are traveling abroad regularly. The sum of money that you get the property insured for is referred to as the sum assured and is generally calculated according to the value of the asset (market value or replacement cost). In the case of General Insurance, just like in any other insurance package, the premium pay out largely depends on the sum assured.
No. of Times this article has been viewed : 271
Date Published : Jan 12 2010
Take a FREE Business Profitability Assessment and find out what steps you can take TODAY to grow your business. Join the Business Mastery Insiders Secrets Club and get instant access to the latest business growth strategies,profitability tools, training, and management resources.