We all have valuable items which we have bought with passion and hold very dear to us. There are no guarantees in life for anything you see around you. Insurance cover provides protection against unforeseen incidents and accidents. There are many industries which have compliance rules which are laid by regulatory bodies. Construction and manufacturing units can not allow any person to work who is not having insurance coverage. In some cases, it is the responsibility of employer to fund the insurance cost. Anyways, It is not only people, even objects can be insured. Insurance industry works on the fundamentals of claims vs. deposits. The claim rate is always lower than the deposits or costs which are paid by the people. There is huge margin for insurance companies. In many cases, insurance companies also face trouble with claims. For example Michael Jackson’s last tour was insured for more than $300 million. The events did not happen and insurance company lost millions.
Insurance companies design and launch the policies in the market for all sorts of requirements. Primarily, life and auto insurances are most popular because of legal requirements. Many companies also insure your homes, large buildings, construction projects, air planes, bridges and many others. For an individual it is very important to read the offer documents before signing the policy papers. Your insurance agency may not be disclosing full terms and conditions to you. Some also have hidden charges about which you are informed later when you for insurance claims. Generally, all insurance companies have trouble in clearing the claims and it take very long time because all the cases are investigated separately by the agencies for claims. If you are not aware of many terms in documents, It is always better to seek help from the experts. You must feel fully covered with good insurance policies.