Insurance is an interesting product. It’s so old that even Shakespeare referenced its existence, yet it still has relevance today. Some people see insurance as a waste of money if they don’t need it, but this isn’t always the case. Insurance can be a very useful safety net if something unexpected happens. Here are some reasons why:
Small business owners often think insurance is too expensive or not necessary.
Many people don’t realize that insurance companies pay out millions of dollars every year. It’s true! Most insurers are in business to make money, and they need to keep paying out claims to do so. If they didn’t, they’d go out of business—and the whole system would collapse because no one would take out insurance anymore.
Most people don’t like surprises. When you’re insured, it’s rare that you’ll be surprised by the cost of an emergency. For example, if your car gets damaged in a fire or someone crashes into it while driving drunk, insurance will help pay for the damage to your vehicle and other expenses related to the accident. Without insurance, these kinds of unexpected costs can be financially devastating and make it difficult for you to get back on track. This means that even if an incident seems minor at first glance—like a broken window—insurance can help prevent any further financial complications from arising out of that incident later down the line.
Insurance can help lower transaction costs, which is good for everyone.
- Finding a trustworthy and reputable contractor
- Buying or leasing equipment for your business
- Making sure that the contractors you’ve hired know what they’re doing and won’t botch up your project (or, worse yet, steal from you)
Insurance can be a very useful safety net if something unexpected happens.
Imagine you are at work and suddenly your car gets into an accident. You need to get to the hospital right away, but the ambulance can’t come because of the bad weather. What do you do?
With insurance, this is no longer a problem. If you have medical insurance, your medical bills will be covered by your health plan if you are hospitalized or treated at home by a doctor. And if it happens that nobody is responsible for the accident—for example, everyone was driving carefully but other drivers took advantage of bad weather conditions and crashed into each other—your car insurance might cover some or all repair costs as well as any loss of use for two weeks while it’s being repaired.
If one person does end up responsible for an accident caused by another party’s negligence (like speeding or running a red light), there may be legal action taken against them as well on top of their own coverage limits under their own policy provisions (if they’re insured). Insurance companies will generally fight hard on behalf of their clients when they believe they’re right in claiming that someone else was negligent in causing an accident involving their client vehicle(s).
We hope this blog has helped to explain why insurance is such a popular product. While it’s true that not everyone needs it, we believe that most people should consider purchasing from Global Guard Insurance. There are many different types of policies available today and they all differ slightly from one another in terms of how much coverage they provide or how much money will be needed out-of-pocket before an accident occurs (or both).