Different Types of Insurance

Now-a-days, there are risks and adventures in every one's life in every step. There is a decline in overall health of individuals because of the speedy and stressful life in the competitive world. In these days, loss of life and property have become common incidents. There is increase in need of the risk management with the changing times, so by this, the requirement of the life and property insurance has increased. There are different types of insurances, such as:

1. Assets and revenue insurance: This insurance protects the assets and revenue generating capacity. There are some types of insurances: such as:

• Building and contents insurance: Building, contents and stock of your business is covered by this insurance policy from theft, fire, earthquake, lighting, storms, floods, damages and other perils.
• Business interruption or loss of profits: Your business is covered by this policy, if business is interrupted by the damage to property by fire or other insured incidents.

2. People insurance: Accident and sickness insurance must be provided by employer for your employees. Separate state and territory legislation covers workers compensation.

• Personal accident and illness: One needs to cover oneself for accident and sickness insurance. Life insurances are of different types. For some of them, you can invest money for certain time and you get back that investment and with some earnings at the end of the mature date. For some of them, you will be provided protection when you are ill or if you met with an accident.

3. Liability insurance: There are different types of liability insurance, such as:

• Public liability insurance: You and your business is protected by this insurance from the financial risk or claims which arise from third party because of injury or death.
• Product liability: If any person is injured or any property damage occurs because of the your business product' failure, then you may face claims from injured parties, so, this insurance will provide you coverage if there are any such conditions.

These are the types of insurance, so, you can choose any one according to your convenience and requirements.