The insurance sector has seen in a boom since the past few years and has been on a steady rise ever since then. The need for a safer and securer future has driven individuals to go for insurance instruments nowadays as against earlier times when the need for financial security was not so predominant in society. The insurance companies provide security in the name of insurance policies to both individuals as well as corporate.
Risk and financial security are two key ingredients of the insurance sector. Risk factor is an integral part of any entity be it an individual or a corporate house and with the presence of various insurance instruments risk minimization has been enabled to a great extent. Insurance provides the much needed financial security and stability to any entity. Insurance instruments can be broadly categorized into health insurance, life insurance and non- life or endowment policies. This covers the apparent risk factors of both individuals as well as businesses. The risk factors could be premature death in case of an individual and loss of property in the case of individual and businesses. Insurance policies primarily covered these two aspects. Nowadays they offer more covers in terms of protection against early retirement or any legal liability or just investment with returns.
Commercial insurance for corporate covers lots of aspects which can be broadly categorized into engineering insurance, property insurance, employees benefits , insurance bonds ,professional indemnity ,wok injury compensation insurance, commercial general liability ,marine insurance , machinery and equipment insurance, directors’ and officers’ liability,foreign worker medical insurance, commercial vehicle insurance, public liability and employer liability insurance.
Engineering insurance provides covers all specified risks during the construction phase like damage to property or any kind of injury. Property insurance gives cover against any damages in property; the perils are enlisted categorically in the insurance policy cover itself. Employees are the biggest assets to any organization and their protection is of utmost importance .Insurance covers ensure protection against life or accident and also provide medical coverage. Insurance bonds are primarily deposits or collaterals that businesses require as part of their investments. There are a variety of such bonds in the offerings by insurance companies. Professional indemnity provides covers against any errors or act of negligence that has happened by a third party to a business while work injury insurance as the name suggests provides coverage against any work related injury.
Marine insurance which is categorized into two parts essentially namely marine cargo insurance and marine hull insurance are covers for damage of goods during transit and cover for damage in case of a natural calamity respectively. Yet another cover provides protection against machinery and equipments for businesses and is called likewise.
Personal insurance for an individual also provides a variety of covers as protection. Motor insurance provides insurance covers for one’s vehicle in case of an accident etc. depending upon the size of the vehicle and the customer’s requirements. Accidents are inevitable mishaps that can occur in the life of anybody. Protection against accidents and health hazards are also an important aspect of insurance companies.
Homes are the most important asset in the life of any individual, the protection of which is of utmost prerogative. Home insurance comes into play here.
Travel has become an integral part of all of us. Holidays, pleasure trips, international trips, business trips, be it anything, travel insurance is a must keeping in mind the uncertainties of today’s lifestyles. Employment of foreign domestic helpers is a common trend these days and a maid insurance policy provides covers against expenses required in case of a renewal of work permit for a new maid.