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  • Megan Taylor

Talking insurance - What is general insurance?

When we talk about insurance, there are two main types - General insurance and Life insurance. Akupara Insurance Brokers deal with General insurance and that's what we are going to talk about today.


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So what is General Insurance??


General Insurance helps us protect ourselves and the things we value, such as our home or cars, from the financial impact of risk - large risks like fire, flood, storm and earthquake; or smaller risk like theft, car accidents and travel mishaps.


How does insurance work??


In general, insurance works by spreading the cost of an unexpected risk among a large number of people who may suffer the same risk in the same conditions or region. Premiums are collected and pooled with premiums from many thousands of other policy holders. These premiums go in together to create a big pool of funds. When someone faces a loss, and submits a viable claim, that person is paid from the pool.


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Types of insurance


There are many types of insurance available to protect your valuables. Here are a few


House and contents

Motor;

Travel;

Commercial;

Marine;

Accident;

Fire;

Theft;

Property;

Cyber;

Aviation;

Livestock;

Crop;

Rural;

Public and Product Liability;

Professional Indemnity;

ISR (Industrial Special Risk)


Not all insurance policies are the same.


You may be tempted to think that all insurance policies are the same and price is the only difference.... This is incorrect!! Policy wording and cover can be vastly different, and there is nothing worse than finding out at claim time that you had the wrong policy and are not covered.


This is where your broker comes in.



An Insurance Broker takes all the confusion and hard work out of insurance. They know insurance language and translate that to everyday speak to make it easy to understand. They research the various policy wording of insurers across the market to make sure you are getting the cover that best suits you as an individual. They consider price and the cover that best suits your needs. They can even help you with risk mitigation so your risk looks more appetising to underwriters, which is in turn usually reflected in lower premiums.


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One of the biggest benefits of having your own insurance broker is they work for you!!!

They work for you, not the insurer. That means that they are not looking out for the bottom line of the insurer, your broker is looking out for what is best for you or your business . Come claim time you have someone fighting in your corner for your best outcome, not someone trying to save the insurance company money. The broker is on your side


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It's time to trust your Insurance Broker to protect your world and all that you value in it, so you have time to do the things you love

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