What is the viability and relevance of insurance products sold to businesses and individuals?
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What is the viability and relevance of insurance products sold to businesses and individuals?
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The relevance of insurance products in today’s world cannot be undermined. Choosing the right insurance product based on your needs can be highly advantageous.
One example where insurance can be helpful in business is when there is a theft. For example, an IT company must consider taking insurance for their computers. If there is a theft, the person who took the insurance can approach the concerned insurance person to recover the cost of the stolen assets. This saves him from having to spend from his pocket to recover the lost property. With the amount that he recovers through the insurance he took for the business, he can buy new computers.
Insurance has its benefit for individuals too. For example, if you take a life insurance premium, the insurance company is bound to pay your family a substantial amount in the event of your unfortunate demise. This can be quite helpful especially if you are the sole earning member of the family.
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