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A Guide to General Insurance Companies The basic concept of insurance is passing your risk to someone else. Companies that offer insurance bears the risk by protecting people who pay a small premium to cover the interest against a major loss which may or may not happen in the future. And this is the reason why we purchase an insurance policy because these encumbrances happen, whether we like it or not. For the sake of clarity, the insurance sector is divided into two main branches; life insurance, and the non-life or general insurance. If life insurance has something to do without existence, non-life insurance has to do with our survival. Motor insurance and health insurance are the two subsections of the second branch, survival. In motor insurance there are also different package policies including vehicle coverage or liability which covers the one whom the owner of the vehicle has injured.
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Health Insurance on the other hand has a lot to say about the kind of lifestyle that leads many to a critical condition requiring medical attention that could eat up your savings.
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There are other forms of insurance coverage that does not belong to any of the two mentioned above. One is the Professional Indemnity Policy – which takes care of legal actions against negligence of professionals, fire-policy, burglary policy, shopkeeper’s insurance, personal accident policy etc. etc. When we speak of general insurance, it is under the survival types of insurance. So why rather be covered by a group of insurance companies instead of relying on a one stop shop where all your survival needs are taken cared of? It is best to get your auto, business and home insurance from a single insurance company rather than breaking them up into small companies that specialize in a certain coverage. Below you can find a few of the many benefits you can get from a general insurance company compared to a specialized one. With a general insurance company, you get to secure different insurance policies from a single company – sort of a one-stop shop advantage. All your insurance needs like home, auto, health , business insurance can be done in a single location. You can get resources available to you from this single company. With this set-up you can simply submit your paper works to a single company. You don’t have insurance policies from different companies but from a single one. When you get all your insurance needs from a single company, you can also be given special deals or discounts from buying most of their insurance policies for different needs.