| A general insurance broker in the UK sells general insurance policies which means :
- Personal lines - automobile insurance, creditor insurance, pet insurance and homeowners insurance.
- Commercial lines - commercial fleet, product liability, public liability and employer’s liability (i.e. workers compensation).
- London Market - coverage for commercial risks such as insuring celebrities (actors/actresses, soccer players), malls, supermarkets etc.
Life insurance is not a form of general insurance. Hence, any form of insurance other than life, annuities or pension products is considered general insurance. General insurance brokers can also guide you regarding :
- aviation insurance
- travel insurance
- terrorism insurance
- marine cargo insurance
- casualty insurance
- builders risk insurance
- financial loss insurance
- health insurance
- crop insurance
- crime insurance
- credit insurance
- boiler insurance
- directors and officers liability insurance
- disability insurance
- liability insurance
- purchase insurance
- marine insurance
- locked funds insurance
- political risk insurance
- professional indemnity insurance
- property insurance
- title insurance
A single policy can cover more than one type of insurance, for example auto insurance is a form of property insurance, crime insurance and liability risk insurance because auto insurance provides coverage if your car is stolen or damaged or if legal claims arise out of a car accident. Property insurance also includes other forms of insurance such as inland marine insurance, boiler insurance, fire insurance, flood insurance, earthquake insurance and home insurance.
Other Types of Insurance in the UK
Health Insurance
A health insurance policy covers the cost of private medical treatments if publicly funded health programs such as the National Health Service (NHS) do not provide or pay for these treatments. Health insurance ensures prompt medical attention. Casualty insurance provides coverage in case you are injured in any type of accident such as a car accident or falling from the roof of your house while making repairs. Disability insurance provides monthly payments in case you are unable to work because of a disabling illness or injury and will help you support yourself and pay various bills and mortgage payments.
Crop, Crime and Credit Insurances
Crop insurance is a huge financial safety net for farmers because it provides coverage for crop loss or damage caused by frost damage, insects, disease, bad weather, hail or drought. Crime insurance provides coverage in case you suffer losses due to theft or embezzlement committed by a third party. In order to protect yourself and your family from financial difficulties that arise as a result of unemployment, disability or death, opt for credit insurance because it will repay some or all of your loans.
Travel and Liability Insurances
Travel insurance covers loss of personal belongings, medical expenses, personal liabilities, etc. when you are in a foreign country due to a business trip or vacation. Liability insurance provides coverage in case someone sues you for causing them unintentional injury (e.g. if a customers slips on a hospital floor and breaks a bone or if you are a doctor and your patient sues you for making an incorrect diagnosis). Liability insurance will cover the fees of your attorney and will also pay the settlement amount when a verdict is reached.
Directors and officers liability insurance protects companies, mostly corporations, for legal claims arising because of the negligence or errors made by this company’s directors and officers. Financial loss insurance, fidelity bonds and surety bonds protect individuals and companies in case of financial loss. Fidelity bonds and surety bonds are slightly different because they actually benefit and provide coverage to the third party in case you are not able to pay your dues or meet your obligations.
Professional Indemnity Insurance
Professional indemnity insurance provides coverage in case there are negligence claims against professional practitioners such as lawyers, dentists, doctors, accountants and architects. There is another form of professional indemnity insurance called errors and omissions insurance which is most commonly purchased by non-licensed professionals such as artists or graphic designers.
Marine Cargo Insurance
Marine cargo insurance provides coverage for the loss or damage of goods at sea caused by a storm, shipwreck or fire. It only provides coverage for those losses that are not paid for by the ship owner in case the ship owner is not the owner of the merchandise. Marine insurance covers damage to the vessel and underwriters can include a "time element" coverage in your policy so you receive coverage for any loss of profit caused by the delay in transporting the merchandise.
Environmental Liability and Title Insurances
Environmental liability insurance protects industries and companies in case there is a leak or release of pollutants which results in property damage, injury and handles clean up costs. Title insurance ensures that the person who bought the property or is paying the mortgage will retain the title to the property, free of any encumbrances such as liens.
Workers Compensation and Builders Risk Insurances
Workers compensation insurance helps workers when they suffer from a job related injury by paying them all or part of the wages they lose and the medical expenses they incur. In the case of factories and construction, boiler insurance provides coverage in case of accidental physical damage to equipment or machinery while builder's risk insurance provides coverage in case of physical loss or damage to property during construction.
Other Insurances
Aviation insurance provides coverage for risks associated with hull, hull war, liability, spares and deductibles. Purchase insurance provides coverage for defects in the equipment you may have bought such as mobile phones, computers etc. It can also guarantee care plans and warranties. Terrorism insurance provides coverage for losses arising as a result of terrorist activities. Political risk insurance provides coverage to businesses that suffer a loss because of the political conditions of the country in which they are operating.
|
