Why Do You Need Insurance?
Economic loss is always a concern of humanity, but it does not have to be so once there are ways in which such loss can be addressed. Some persons may want to avoid such loss but that may not be possible. Others may want to minimize a loss, but again that may not solve the problem. The only way therefore for us to effectively replace the value of loss property or the livelihood of an individual is to recognize that if we all share the same dilemma, at no time will we experience the loss at the same time. Hence, we can all pool our resources together so that the few who suffer an economic loss, can benefit from the resources of all the contributors. This methodology can work as no one knows how or when a loss will occur. This gives rise to the theory that the contribution of the many pays for the misfortune of the few. This is the fundamental view of modern insurance, which not only provides for loss of property, but also the loss of income arising from the loss of a life.
Why Should You Use An Insurance Broker?
When purchasing insurance, it may be best to get quotes from multiple insurers in order to find the best price. One may think that anyone can compare rates themselves, and they possibly can. But in some cases, it may be better to have a professional walk you through your options as a professional can provide further insight into the type of coverage that those options may provide.
An insurance broker can:
- assist you with assessing, managing & reducing your risk exposure, and provide expert advice on the right insurance solutions tailored to suit your needs;
- use their technical expertise to evaluate a variety of options, including the prices, terms, conditions, benefits and exclusions of each coverage option;
- provide assistance in interpreting insurance documents and help you to acquire and maintain your insurance coverage; and
- act as your advocate in the settlement of any claim that may be made by you under your insurance.
“We were so impressed that CAB acted so promptly to resolve the issue in our favour…”