Insurance is a major factor in the lives of many people. Most businesses insure their assets against loss, and consumers have access to a wide range of insurance policies. Companies offer insurance to protect drivers, farmers, and shop owners against major losses. Insurers are responsible for keeping the world safe and secure. Businesses use insurance to protect themselves from financial losses. They can buy insurance from a Major Insurance Company or they can buy insurance from an insurance agent. Most large companies have their own insurance departments. They decide which types of insurances they need and purchase them through an agent. Sometimes government insurance programs allow businesses to purchase insurance at discounted rates. This way, the government can support its own businesses with expensive insurance premiums. Consumers can choose from a variety of insurances for home, cars, health, life and more. There are annual and monthly plans for all kinds of insurances. Farmers have hazard and Crop Insurance. Shop owners can buy insurance for their business inventory- from inventory loss to theft protection. Consumers can also buy insurance for their pets or livestock through agents or directly from the companies. Insurance companies make money by paying out claims and premiums to insured individuals and businesses. They set rates based on the type of insurer and the location of the consumer. Complaints about high rates lead to competition between insurers, which leads to lower rates for customers. Insurance companies have shareholders who want profits- so they have to keep prices low while still making enough money to stay in business. Insurance is a well-known system used worldwide to protect people and assets against major losses. Consumers have many options when choosing insurance plans, and companies make money by paying out claims to customers. Insurance companies need to make money to stay in business- otherwise they would cease to exist altogether!
Insurance benefits and loss
0
