Engineering Insurance

Insurance is a means of protection from financial loss. It is a form of risk management against unexpected events. Insurance companies collect premiums to provide this protection. Losses are covered by these premiums.

Insurance protects you financially in a number of ways. Unforeseen accidents and disasters are inevitable; without adequate insurance, they can lead to financial ruin. Insurance mitigates risks by providing a financial cushion against these disasters.

General insurance refers to any insurance that is not life insurance. It provides you with protection against sudden accidents, illnesses, property damage, and financial threats.

General insurance contracts usually last for a year. You will be required to renew the policy every year.

It is important to identify risks and insure yourself against them at the earliest because they can materialize at any time.

You can contact the customer service cell of the insurance company.

Should that fail, you can approach your local insurance authorities or the judiciary.

You may also contact the above if you feel your provider is unfairly refusing to renew your policy.

Insurance is primarily sold through the following:

• Agents representing an insurance company.
• Insurance brokers (who are allowed to sell products from more than one insurance company).
• Insurance company websites.
• Banks, retail houses, or any commercial ventures that are approved channel partners of insurance companies.