Question

what is the viability and relevance of insurance products sold to businesses and individuals?

Answer 1

Insurance products play a key role in the present day world. Both businesses and individuals are greatly benefited by insurance.

For businesses, one key area where insurance can prove to be useful is in case of natural disaster. For example, if there has been a fire accident in your storekeeping room, there are high chances of your goods getting perished. If these goods are insured, then your loss will be quite minimum as the insurance company will help you recover a large percentage of the worth of the goods.

In case of human beings, the best instance is if you have to be hospitalized for some reason. If you are under an insurance cover, you can approach the concerned insurance company to process your claim and avoid hospital expenses.

There are different types of insurance products in the market. It is advisable to do a careful study of the various options available and choose the one that best meets your needs.