Monday, August 16, 2010
Insurance is the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium and can be thought of small loss to prevent a large, possibly devastating loss. Business insurance can be any kind of insurance that protects businesses against risks. The concept of insurance is to provide shelter to a property, things and the human life against all expected losses. The procedure of insuring something may be complex in nature but the basic conception revolves round risk management. Insurers may offer insurance to any individual able to pay, or they may contract with members of a group to offer special rates for group insurance. Insurances vary in their contracts from life insurance to health and medical insurance to motor insurance to general non life insurances.In case of business, the presence of insurance facility plays a significantly vital role for the progress and growth of business activities. The insurance companies are also aware of the need of safety cover to the business world.