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There are different classifications for insurance from different perspectives, like the social insurance as applied by authorities to save the employees interests and health, the life insurance which applied from leading companies to attract the best work force to join, and there's the projects and business insurance to save the companies assets from any unexpected threats.
However any accountant shall know how to calculate the insurance rates and to select the best insurance policy in his company's best interest, not just according to budget and profit, but also considering the expected loss from threats, and gains from insurance.
Keep it simple, social insurance is fixed to the country regulations, life insurance according to budgets, but projects and assets insurance is the most important and meanly depends on the management decisions, depending on experience, industry, region, materials and machines insured.etc, so be sharp to gain it from them.
Please ad to the article any thoughts you can share regarding the subject.
I would like to talk about a topic that is close to me. The fact is that I have my own catering business and for a long time I couldn't find a suitable company to get insurance. I face many risks in my work, from slicing and slicing to lifting and serving. To protect my business and my employees, I've chosen catering insurance, which will provide my protection.
Hey. Unlike traditional warranties, carshield offers a variety of plans that allow customers to pay for coverage on a monthly basis rather than upfront. This ensures that people with varying budget constraints can afford the protection their vehicle deserves. Car owners no longer have to worry about large repair bills, instead, they can easily manage their payments and this makes the company's services highly sought after.
An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
Insurance is a risk transfer mechanism. It is a method of shifting the responsibility for losses to specialists called insurance companies who handle the risk by spreading it over a large number of people or firms. Insurance can help you cover the cost of unexpected events such as theft, illness or property damage. Insurance can also provide your loved ones with financial payment upon your death. It is important to understand that the primary purpose of insurance is to protect you from unexpected financial loss due to unfortunate events. In case of life insurance, you can purchase products which have a savings option in addition to the protection component i.e. the insurance company pays the predetermined amount to the policy beneficiary in case of death/ disability and if no unfortunate event happens, then at the time of policy maturity, you get the accumulated value of the premiums that you had been paying to the life insurance company during the tenure of the policy, along with the bonus/ profits in accordance with the product type and terms of the insurance policy.
Thank you for a very interesting topic and points being raised.
In my opinion insurance is a very wise management's decision for the following reasons :-
1) insurance main job is to protect and indemnify the managers and owners of the projects and it's asset ,on a way that protection would be before losses events take place, the thing which bring a peace of mind to them and will definitely reflects and appear in the performance of the project's or business owners and managers and motivates them towards an expansion of works and business.
2) insurance by indemnity which usually be after losses will indemnify the insured or the owners and managers of the projects for any losses that they may face and return them to the financial position where they was immediately before the loss, and this will enables them to continue their works without delaying or stop.
Therefore insurance always stand very important for any business at all stages.
Thanking you.
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