General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small – from fire, flood, storm and earthquake, to theft, car accidents, and travel mishaps – and even from the costs of legal action against us. And we can choose the types of risks we wish to cover by choosing the right kind of policy with the features we need.
TYPES of GENERAL INSURANCE
Homeowners insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home.
Contents insurance is insurance that pays for damage to, or loss of, an individual's personal possessions while they are located within that individual's home.
Car insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one's own country.
Business Insurance protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
Personal items insurance
You might decide to take out personal items insurance (also known as valuables insurance) if you own certain things that have a high individual value, such as a laptop, sporting equipment, camera, jewellery or art, and which may not be covered under a home and contents or travel insurance policies.
Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance (LMI) is a one-off insurance payment which protects your mortgage lender against your default. LMI is commonly paid when the Loan to Value Ratio (LVR) is 80% or more. This occurs when more than 80% of the value of the property is borrowed from the lender by a buyer.
Consumer Credit Insurance (CCI)
Consumer credit insurance (CCI) is insurance that covers you if something happens that affects your capacity to meet the payments on your loans and other credit. CCI usually covers situations of unemployment, illness, involvement in an accident, and death.
Medical indemnity insurance
Medical indemnity is a specific area of insurance that relates primarily to malpractice in medical professions. It applies to accidents, mistakes and other incidents and, in cases where negligence is proven, compensation is paid to the claimant.