Insurance
Insurance affects almost every aspect of personal and business life. Many areas of activity would be deemed too risky without insurance, or at least too costly.
Insurance is all about risk and protection - the risks run by everyone in their daily lives, and the protection or peace of mind provide by insurance should the worst happen.
The basic concept of insurance is simple: the policyholder pays a premium to the insurer, which promises to pay compensation if something goes wrong.
The cost of insurance cover, no matter what is being insured, depends on the risk involved - the greater the likelihood of a claim being made, the higher the premium. Therefore each policyholder's risk is reflected in the premium paid.
Many insurance policies are placed on the advice of insurance brokers, who are specialist professional middlemen and women. Put simply, an insurance broker performs an intermediary role between the client (the purchaser of insurance) and the insurer (the seller of insurance).
As skilled professional advisers, brokers assess the insurance needs of clients, arrange on their behalf the most suitable insurance cover with the most appropriate insurer, liaise with clients when claims are made and generally provide ongoing advice and service.