Question 1

Why is insurance important for individuals?

Accepted Answer

Insurance provides a safety net, offering financial protection against unforeseen events such as death and health problems, ensuring the well-being of individuals and their families.

Question 2

What types of insurance are crucial for businesses?

Accepted Answer

Businesses should consider general insurance, liability insurance, and trade and exports insurance to safeguard against property damage, legal liabilities, and trade-related risks.

Question 3

When should businesses opt for insurance?

Accepted Answer

Businesses should secure insurance coverage as soon as they are operational to mitigate risks and ensure business continuity, even during challenging times.

Question 4

Why is reassessing insurance coverage necessary for businesses?

Accepted Answer

As businesses grow, their risk profiles change, making it essential to reassess insurance needs periodically and update coverage to stay adequately protected against emerging risks.

Question 5

What are some general tips for selecting the right insurance coverage?

Accepted Answer

To choose the right insurance, businesses should assess their specific needs, opt for reputable insurers, evaluate coverage limits, read policy details carefully, and seek professional guidance if needed.

Insurance Quiz

Insurance Quiz

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