Types of General Insurance

General insurance refers to all insurance other than life insurance; in simple words it denotes insurance of actions or assets as opposed to life in case of life insurance. General insurance can be of many types, let’s look at some of them –

1. Property Insurance – It refers to insurance against the loss of possessions or property due to unforeseen events like fire, earthquake, floods etc….

2. Marine Insurance – It refers to insurance of goods in transit including by sea, air and road.

3. Auto or motor insurance – It refers to insurance of loss or damage to the vehicle and also liability to third parties which may arise due to the use of vehicle.

4. Liability Insurance – Liability insurance is done by companies to insure against risk of any claim which may arise due to the business of company. It includes insurance against legal liability, workmen insurance etc…

5. Accident and Health Insurance – Health insurance is taken by individuals in order to cover the risk which may arise due to illness or disease. Companies also take health insurance on behalf of all their employees.

Apart from above there can many types of insurance depending on the need of an individual or a company.

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