What is insurance?
In everyday life, we need protective cover in some way, and that’s where insurance come. Insurance is a mechanism for safeguarding businesses or individuals from any kind of damages, injuries, losses, and any kind of cost associated with uncertain events. All you need to do is take correct insurance plan for your needs.
For individual life, we need life insurance so that his wife or kids do not suffer for the money in case of his life loss or disability due to an accident. For instance — if you are the only earning member in the house, then you must have a life cover that can cover years of expenses for your family.
Similarly, we need health cover, wealth cover, and educational cover for our kids.
On the other hand, we need a variety of insurances for a business like property insurance, general and professional liability insurance, employee insurance, vehicle insurance, logistics insurance, etc.
Insurance acts as a safety measure when you or your business suffers from any kind of financial loss and based on policy it will cover around 70 to 90% of the loss so that you can freshly start again.
It is very important to buy the right amount of coverage to protect against any potential losses.