The Viability and relevancy of insurance products sold to businesses and individual
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The viability and relevancy of insurance products for businesses:-
Many business owners feel that business insurance is an expense they cannot afford, or is a luxury for more established businesses. Although it is true that business insurance can be expensive, it is an expense, regardless of the industry, size or length of time in existence, needs to include in its budget. Through some points, relevancy and viability of insurance to businesses is proved. These are as follows.
1.Business insurance protects a business from closing due to a catastrophic loss. Fires, floods, hurricanes and tornadoes can certainly end any business. When a company carry insurance against these types of losses, closure and loss are only temporary instead of permanent.
2. If a customer slips and falls while on your business premises or your product has defect that injures a customer and you do not have insurance, this could spell the end of your business.
3. A new business is a easy target for thieves. New computers, furniture and other office equipment can be stolen by thieves. By insuring these things, any business can save itself from theft.
4. Business owners should have personal insurance as well. Medical insurance will ensure medical bills incurred due an illness or injury will not wipe out business's assets.
Viability and relevancy of insurance for individual:-
For an individual, insurance is very important not only for saving income tax but also from uncertainty in life. some points in favor of insurance are as follows.
1. The major benefit of insurance policy is to provide risk coverage. For example if your two wheeler insurance costs you around Rs. 1000 per year, but with that you can make sure that in case of any damage to your two wheeler, you can enough recovery benefits.
2. We people have to think about our future and planning for the future is very important. Child education, marriage, retirement planning, travel planning and many things. What if the earning member dies suddenly? These plans for rest of the family should not impact. In that case a term insurance plan can simply save a family's future planning.
3. Similarly family floater health insurance policy is also very important. With this coverage you don't have to worry about health related uncertainties.
4. Individual life insurance policy is also very important for any individual because life is full of uncertainties. If an insured person dies, and the policy is still going on then no further premiums are to be paid and the legal heirs of the insurer or nominees will get the insurance claim. That will be totally tax free also.
Many business owners feel that business insurance is an expense they cannot afford, or is a luxury for more established businesses. Although it is true that business insurance can be expensive, it is an expense, regardless of the industry, size or length of time in existence, needs to include in its budget. Through some points, relevancy and viability of insurance to businesses is proved. These are as follows.
1.Business insurance protects a business from closing due to a catastrophic loss. Fires, floods, hurricanes and tornadoes can certainly end any business. When a company carry insurance against these types of losses, closure and loss are only temporary instead of permanent.
2. If a customer slips and falls while on your business premises or your product has defect that injures a customer and you do not have insurance, this could spell the end of your business.
3. A new business is a easy target for thieves. New computers, furniture and other office equipment can be stolen by thieves. By insuring these things, any business can save itself from theft.
4. Business owners should have personal insurance as well. Medical insurance will ensure medical bills incurred due an illness or injury will not wipe out business's assets.
Viability and relevancy of insurance for individual:-
For an individual, insurance is very important not only for saving income tax but also from uncertainty in life. some points in favor of insurance are as follows.
1. The major benefit of insurance policy is to provide risk coverage. For example if your two wheeler insurance costs you around Rs. 1000 per year, but with that you can make sure that in case of any damage to your two wheeler, you can enough recovery benefits.
2. We people have to think about our future and planning for the future is very important. Child education, marriage, retirement planning, travel planning and many things. What if the earning member dies suddenly? These plans for rest of the family should not impact. In that case a term insurance plan can simply save a family's future planning.
3. Similarly family floater health insurance policy is also very important. With this coverage you don't have to worry about health related uncertainties.
4. Individual life insurance policy is also very important for any individual because life is full of uncertainties. If an insured person dies, and the policy is still going on then no further premiums are to be paid and the legal heirs of the insurer or nominees will get the insurance claim. That will be totally tax free also.
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