What is insurance? Insurance is a means of protection from a financial loss mainly the uncertain ones. Insurance is also known as a cover against a loss which might not be financial but it must be reducible to financial terms. This cover is provided by an insurer or insurance company which provide an insurance policy which details the conditions and circumstances under which the insurer will compensate the insured. An insured is a person who buys the insurance by paying premiums.
Premiums are money paid to the insurer annually to cover against a specific loss Insurance is guided by the following legal principles which include indemnity, benefit insurance, insurable interest, utmost good faith and contribution. The following are different types of insurance risk: vehicle insurance, business insurance, gap insurance, health insurance, casualty insurance and life assurance.
Business insurance is found in various forms for example professional liabilities. This cover is meant to protect business against many risks that might affect it. Some of the risks include loss of property through damage or theft by buying property coverage and cost of treating injuries rehabilitation and sometimes lost wages and funeral expenses by buying medical coverage policy. Business insurance covers loss of buildings or properties where loss has occurred due to fall of buildings by buying construction business insurance.
An insurance cover is bought by an insured or by Poms and Associates. These are agents who buy the insurance from the insurer on behalf of the insured. They visit the insurance company and buy the policy to protect against risks incurred in the business which include the construction business insurance. This agents have their own associations containing people who carry out this function of acting on behalf. This association is known as construction insurance agency to acquire the policy against construction of the buildings. They also provide risk control services where they ensure quality of materials that will be used to build the buildings and skilled personnel. Through risk control services, this agency ensures the proper building measures are adhered to.
Business insurance has some importance in the individual as well as the building. IT ensures safety of buildings by offering surety bonds construction. This construction surety bond binds the building and the individuals who work in the building and ensure both are safe. It ensures during construction of the building, the workers are compensated in case of injuries during work. It also ensures the workers wear protective clothing to protect them from minor accidents. Through the business insurance many people have conducted business without fear of loss since they understand they are covered.
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