What is insurance and its benefits?

QuestionsCategory: QuestionsWhat is insurance and its benefits?
Akshay Singh asked 1 year ago

What is insurance and its benefits?

1 Answers
Aftab Alam answered 1 year ago

According to Wikipedia
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

  • Insurance Provides Security to the Business

Insurance provides security to the business. because there are many loopholes of the business where business can face huge losses i.e, fire, theft, change of fashion etc. So, Insurance Provide backups to the business in this kind of situations.

  • Insurance Increased Productivity of Business

When the business owner will free fear of loses then he can devote his much time to the business. The Businessman owner can work better for the maximization of the profit of the business.

  • Insurance Empower to Start Business

Insurance empowers people to start their own business. Because it provides security to the business owner in order to save their business setup cost.

  • Insurance Promotes economic growth

When people start the business it brings taxes to the government that helps the economy to grow.
Click Here: Types of Insurance

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