Types of General Insurance
General insurance aims to protect an individual from the risk of loss in the value of valuable assets, like Property, Vehicles, Machinery, etc.
On a broad scale, there are six categories of general insurance products:
- Motor Insurance- An insurance for cars, trucks, motorcycles, and other road vehicles. It provides financial protection against physical damage or bodily injury due to traffic collisions and against liability, which could also occur from incidents in a vehicle.
- Home Insurance- Homeowners insurance or also known as home insurance is a type of property insurance, which covers losses and damages to an individual's private residence and/or assets in its home.
- Travel Insurance- Covers medical expenses, lost luggage, flight delay, ticket cancellation, accidents, etc. while travelling internationally or domestically.
- Marine Insurance- Covers the individual from the loss or damage of cargo, ships, terminals, and any other transport in which the property is being transferred, acquired, or held between the points of origin and the final destination.
- Rural Insurance- Covers the rural population from loss to cattle, crops, adverse farming conditions, etc.
- Commercial Insurance- Protects businesses from loss arising due to damage to crucial assets, injury to employees etc. and may even cover third party liability.
