How to shield your Precious Possessions?
With the era of high uncertainty, changing lifestyle, inflating economy rate and growing complexities on the rise; the dangers posed to your valuable possessions are also creeping on new vertexes. Securing your belongings accumulated through years of hard work, dedication and hard earned money is the right thing to do and this is where getting these things covered with suitable insurance policy plays a pivotal role.
The article explains what general insurance is, who can buy it and how to search for a good insurance policy suitable for your needs.
Any insurance contracts that do not come under the ambit of life insurance are called general insurance. It comprises insurance of property against fire or burglary, personal insurance such as accident and health insurance, and liability insurance that covers legal liabilities. There are also other covers such as errors and omissions insurance for professionals, credit insurance, and so on.
Anyone who owns valuable assets can buy insurance to protect against losses due to fire or theft, and so on. The amount you insure for is called the sum assured. Normally, a policy will cover the value of the asset — either the market value while insuring, or the cost of replacing the asset should it be lost or destroyed. The premium will depend on the sum assured. You can avail of a range of products to suit your insurance needs.
General insurance in India comprises of a wide array of insurance such as health insurance, fire insurance, errors and omissions insurance and their like. A thrust of general insurance is usually inclined toward business activities unlike life insurance. Although, business activities in today’s tech-savvy world carry at an efficient pace, however, are filled with so many transactional uncertainties that it has become an utmost priority to safeguard the entire chain of activities. A general insurance policy focuses upon mitigating the uncertainties that may occur and promises the policy holder to cover the losses in response of a fixed amount of premium.
Today, various insurance service providers are available in the market. Although the crux of their services remains the same, many of them have insurance products that are cut edging from one another. Hence, differentiating between general insurance products of the same category from two different service providers could be a daunting task. Secondly, different people have needs that are not symmetrical and hence it becomes a necessity of insurance providers to cater to the requisite demand.
The best way to find the right general insurance policy for your needs is to first evaluate your assets and then start looking online for the best deals. Online sites are a great place to start as they allow you to easily compare various insurances and also provide variety of options to choose as per your needs and requirements.
Thus, general insurance in India can be put on a must-have list for most people, business entities and entrepreneurs alike. It is a handy tool that goes a long way to bring certainty and peace of mind in life.