What are the six types of general insurance?

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Do you know what is a general insurance?

A general insurance is a policy or a contract between the customer and the insurance company (insurer) which is considered only after payment of the premium. The customer pays a premium amount to save himself or herself from financial liability in case of loss or damage.

How does General Insurance work?

The amount of premium collected from different customers is usually kept as a pool amount from which the insurer pays to the customer who faces a loss or damage to asset or any insured item. During the times of financial distress, medical emergency, educational expenses, a general insurance may save you from financial burden.

Type of General Insurance

Now that you are of what General Insurance is, let us share what are the types of general insurance:

Health Insurance Plan

Health insurance is one of the most popular types of general insurance. It becomes handy for families and organizations who wish to keep their loved ones and employees insured against health hazards. For instance, you can get a medical insurance for your parents who have a history of chronic diseases or pre-existing conditions. In case of a medical emergency like heart attack or cancer, a general insurance plan is just what you need to keep financial burden at bay.

There are different sub-types of health insurance plans such as Group Health insurance plan, student health advantage and many more. Group health insurance is the best for employers seeking to save their employees from health issues.

Travel Insurance Plan

Travel insurance plan is another popular type of general insurance that allows you to travel abroad without the hassle of worrying about losses or damage to you and your luggage. You can get affordable travel insurance plans for all your visits. Whether you plan to travel once or multiple times, you can get a single trip travel insurance or a multi trip travel insurance. Following are covered under your travel insurance plan:

  • Personal accidents coverage
  • Medical benefits
  • Loss of delay of checked baggage
  • Loss of passport
  • Personal liability
  • Cancellation and curtailment
  • Motor Insurance Plan / Car Insurance Plan

    Motor insurance plan has more types, namely:

    Commercial Vehicle Insurance

    For businesses and organizations that have a fleet of commercial vehicles, or the nature of business is such that they require commercial vehicles for transportation of goods from one place to another, it is essential to get commercial motor insurance. This allows maximum protection against any loss to business or damage to vehicle.

    Private Motor Insurance

    Private motor insurance is ideal for people owning a motor/vehicle because this insurance covers vehicle accidents, dents, theft, losses and even natural calamity.

    Motorbike Insurance

    Motorcycle insurance safeguards motorcycles against theft, loss, damage and accidental loss.

    Fire Insurance plan

    Fire Insurance plan provides businesses with a safety against any breakout of fire at their commercial or residential premises due to any natural calamity or catastrophe. Fire Insurance plans will reimburse the amount of loss caused by fire after a careful evaluation of damage and loss of property.

    Engineering Insurance Plan

    There is always a risk at construction sites where buildings are being erected and installation work is being done. This puts the life of workforce at danger and there’s a risk of loss of construction material at the construction site. Engineering insurance plan protects you from such risks and gives you a hassle-free construction.

    Marine insurance Plan

    Marine Insurance provides a comprehensive coverage against ships, vessel, cargo as well as various liability risks pertaining to marine activity. There are further three types of marine insurance plans, namely:

    Marine Cargo Insurance

    This insurance plan provides a safeguard to the goods being transported by Ocean, Air and on land through Rail/Road. For those fearing a financial loss in cargo business, must get marine cargo insurance.

    Marine Liability Risks

    This offers protection against liabilities incurred by cargo handlers and logistic companies etc.

    Marine Hull Insurance

    Hull policy covers loss or damages to the ship’s hull and machinery caused by maritime perils.