Examples:

• Motor Insurance.
• Health Insurance.
• Property Insurance against fire, burglary etc.
• Personal Insurance such as Accident and Health Insurance.
• Liability Insurance which covers –  Legal Liabilities, Public Liabilities, Workman   Compensation Liabilities etc.
• Travel Insurance.
• Marine Cargo Insurance.

There are also other covers such as Errors and Omissions insurance for Professionals, Credit insurance, Flood, Earthquake, Machinery breakdown etc.

We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. It is therefore prudent to have suitable general Insurance covers and are strongly recommended for every family and business organization. It is important to have adequate protection.  It is also very important to obtain the right covers.

Most general insurance policies are annual and the premium payment is in advance. Some Policies are for shorter periods – like goods transportation or travel insurance. No risk commences unless you have paid the premium and policy is issued.

General insurance is not meant to be for savings or investment returns. It is meant for protection.  Payment is for the protection against a risk. However, this is a small price to pay considering the impact it can have in one’s life.