Insurance is essentially a contract between the insurer and policy owner. Insurer agrees to pay for an amount to the person insured or his nominee at any unfortunate event (based on the policy) or on the date or maturity or at death from the policy owner. Policy owner has to pay a set amount called premium in periodic intervals (monthly, quarterly, half yearly or yearly). Premium amount varies depends on many factors like age of the policy owner, scheme, kind of the policy, sum assured etc.
The various types of insurances are:
Car Insurance
If you use a car for your business activities – for example, transporting supplies or products, visiting customers, or ferrying employees or customers – you should make certain your car insurance will protect you from accidents that occur while on business. Auto insurance takes care of this all.
Health & Disability Insurance
Medical health insurance is needed to cover the medical costs in the event you fall ill or hurt yourself and Disability insurance policies are needed if you’re unable to work due to sickness or injury.
Insuring Workers
As soon as you hire a staff, it becomes your duty to make up to cover exactly what it costs when the employee is hurt on the job and needs treatment and income until he is able to return to work. Compensating injured workers insurance plan takes this load off your head.
Umbrella Policies
An umbrella policy offers you extra liability insurance that pays for a loss once the limits of one’s policy are reached. Suppose, in case you are responsible for someone’s injury that will require Rs.1, 50,000 of hospital treatment and the liability limit in your underlying policy is Rs.1, 00,000, your umbrella policy can pay the additional Rs.50, 000.
Four key rules of insurance coverage:
1. Insure contrary to the big catastrophes and disasters only. Differentiate what you can’t afford to fund out of pocket try to remember that “the cheapest insurance is self-insurance”.
2. Carry the greatest possible deductibles you can afford. The larger the deductible, the harder you are self-insuring and also the cheaper the premium will probably be.
3. Trust only the best-rated insurance companies. You will need insurance companies you can depend on and no hidden costs and scenarios.
4. Choose your agent carefully. He really should not be a mere 3rd party, rather he needs to be the first person you contact in the event of an emergency understanding that he will have a prompt action around the insurance front while you take care of damages.
5. Study your insurance plan very carefully and discuss every situation possible. Also study the feedback distributed by previous or existing customers with the company.
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