What is Insurance? Who is an Insurance Broker?

What is Insurance? Who is an Insurance Broker?

Insurance

Insurance is a means of protection from financial loss. You can also say Insurance is a form of risk management. It can also provide protection from the financial consequences of personal injury, property damage, or both. Insurance can be broadly classified into two categories: life and non-life.

Life insurance

Life insurance is a type of insurance that pays out a lump sum of cash to the beneficiary in case the insured dies.

Non Life Insurance

Non-life insurance includes all other types of insurance, like car or home insurance.

Life and non-life insurance both have their own risk factors and benefits.  Life insurance is usually more expensive than non-life, but it can provide peace of mind for your loved ones.

Insurance Broker

An insurance broker is a professional who assists individuals and corporations in procuring insurance coverage. They are responsible for evaluating the risks of the person or company and then finding the best possible insurance policy to cover those risks.

Insurance brokers are trained to review risk management, loss control, and prevention techniques. They can also help with developing a comprehensive business continuity plan that will ensure that your company can still function if faced with a natural disaster or other emergency.