Why do we need insurance?

Insurance helps to give you that financial piece of mind, the risk of losing large sums of money is transferred from yourself to Insurers for a small sum of money. By transferring that risk your finances become much safer and your money can be spent on things you enjoy rather than repairs or replacement of damaged belongings.

There are many different types of Insurance covering a wide range of requirements, however the only compulsory Insurance policies in the UK are motor Insurance and employers liability Insurance for those who own their own businesses. Although there are only two policies that are compulsory there are a number of other policies that people see as a necessity;

  • Home Insurance and contents – protects your home against damages or loss to the building itself and an agreed amount of household contents.
  • Personal Accident – Covers you if you are involved in an accident and are injured.
  • Medical Expenses – Helps pay for individuals who seek private medical care outside the NHS
  • Travel Insurance – Provides cover for personal accident, loss of deposits, travel interruption and certain cover for possessions while abroad.

These are just to name a few of the many important policies you may need. Here in the UK we have the ability to offer a very wide range of policies to cover almost anything, Lloyd’s of London is well known around the world for the peculiar risks that have been taken on. In 1957 world-famous food critic Egon Ronay wrote and published the first edition of the Egon Ronay Guide to British Eateries. Because his endorsement could make or break a restaurant, Ronay insured his taste buds for $400,000.

For business owners there are a lot more risks that could effect them compared to the likes of a private individual, the more risks that could effect someone means a higher potential to lose a lot of money. The policies that most companies see as a necessity;

  • Office and contents Insurance – Covers damage or loss to the property and any contents to an agreed amount
  • Public Liability – Covers Insured’s liability to third parties for injury, death, disease, illness and damage to property arising from the business of the Insured
  • Products Liability – Covers Insured’s liability to third parties for injury or illness  arising from the products supplied by the Insured
  • Directors and Officers Liability – Provides cover for directors and officers in their personal capacity when they are unable to claim an indemnity from their company, and for their company when it can indemnify them
  • Professional Indemnity – Protects a professional person against claims alleging that injury or loss has resulted from their actions or advice.

This just outlines a few of the important policies but many more are available and could help you more than you know. The services and advice that come with the policies is on its own a priceless benefit.