Do I really need insurance?

For most of us, our human brain optimistically assumes bad things will happen to others but not to us. This survival wiring allows us to function day to day without crippling anxiety in a world where bad things happen.

In truth, something bad will happen to all of us more than once in our life. Whilst we can’t predict when this will occur, we can take steps to mitigate the financial impact that often results. This is where insurance plays a big part. The consequences of either not taking out insurance or not being across the fine print of what we are covered for can be financially devastating.

The most common areas that are affected and can be mitigated by insurance are your:

• Health
• Home
• Business
• Income
• Car

Common personal insurance categories include

• Term life insurance
• Income protection insurance
• Trauma insurance
• Sickness and accident insurance
• Travel insurance
• Asset insurance

Common business insurance categories include

• Workers compensation insurance
• Loss of income insurance
• Stock, products, and asset insurance
• Accident and liability insurance
  • Professional indemnity insurance
  • Management liability insurance
  • Product liability insurance
  • Public liability insurance
• Technology and cybercrime insurance