In Australia, there are many types of insurance offered in the market. General insurance covers almost everything that does not involve life. General Insurance covers non-life insurance policies. This may include:
- Construction Insurance
- Consumer Credit
- Compulsory Third Party Insurance
- Cyber Risk
- Extended Warranty
- Farm, Crop, and Livestock
- General Property, Home and Contents
- Home Warranty and Lenders Mortgage
- Pet Insurance
- Product Recall
- Professional Indemnity
- Public and Products Liability
- Marine Insurance
- Medical Indemnity Insurance
- Motor Vehicle
- Workers’ Compensation
Although these types of general insurance may vary, depending on the financial institution or the financial company, but are generally within the following categories. To categorize the following types of non-life insurance into a smaller segment, you can use these categories to segregate one from the other.
- Home and Contents Insurance
- Motor Vehicle Insurance
- Business Insurance
- Mortgage Loss Insurance or Lenders Mortgage Insurance
- Workers Compensation
- Travel Insurance
Life has risks, but you can opt to protect what you consider as valuable in your life through an insurance. Loss or any kids of event that affects your non-life properties are protected if you have the proper insurance for it. Without it, any damage to these properties will leave you with nothing. General insurance includes protection from theft, burglar and unexpected incidences. You do not have to constantly worry. Below are more specific reasons on why you should get a general insurance.
Insurance Gives You Peace of Mind
Now knowing what the future has in store for you, or in this case, the properties that you have invested your money into can be stressful. Getting an insurance gives you peace of mind. What if your home catches fire and turns everything into ash? Will it leave you with nothing? Getting an insurance helps you avoid that. It is your weapon against uncertainty and other risks or misfortunes.
Loss of Property Will Not Be a Complete Liability
Calamities, whether man-made or by nature are threats to your acquired assets. If you have a general insurance that covers for this unexpected instances, you do not have to worry about this. In the event of damage or total loss of property, you insurance covers the value of your property or a portion of it, depending on the clause included in your insurance policies.
Profitable for Businessmen
Insurance almost covers everything, depending on the policy that you will get. But, it is guaranteed that the insurer will handle any future risk. In a business, investing in insurance for your office building, your vehicle fleet, goods as well as other aspects that affects your business will protect you from any loss or misfortune that may arise in your workplace.
Emergencies are Manageable
The future can be unpredictable. Getting yourself or your properties insured gives you a practical alternative. If you loss a vehicle due to an accident or theft, your can insurance will replace your vehicle with a unit or value. Insurance for vehicles may also cover hospital bills for persons involved in the car accident.
Repairs Can Be Covered Too
Some car insurances covers car repairs and other minor, some major repairs involved in using your vehicle. Depending on the insurance policy you cover, you might add a small participation fee when repairing issues in your vehicles. However, parts and consumables are rarely included in insurance covers.
General insurance is one of the best options you can take to enjoy a risk-free and worryless life. The premium you will pay will secure your property and assets from any mishap or unfortunate event you may face in the future. Being secured gives you more enjoyment over life and the material things that you have procured.