How Many Type of Insurance Types,बीमा के प्रकार

There are however, four insurances that most financial experts recommend that all of us have: life, health, auto and long-term disability. Each one of these covers a specific aspect of your life, and each one is very important to your financial future

In general, there are 2 major types of insurance - general insurance and life insurance. However, some other types of insurance are available as well. life insurance is the most availed form along with health and accident based plans.

Life insurance products come in a variety of offerings catering to the investment needs and objectives of different kinds of investors. Following is the list of broad categories of life insurance products:

Life Insurance is a contract providing for payment of a sum of money to the person assured or, following him to the person entitled to receive the same, on the happening of a certain event. It is a good method to protect your family financially, in case of death, by providing funds for the loss of income.

Public and Product Liability Insurance

A public liability insurance policy is necessary for an organization to protect itself against claims of negligence made by third parties in relation to injury or property damage arising from the organization's operations.


The policy may also cover injuries resulting from products sold or supplied by your organization. You should check the extent of your cover to ensure that product liability is included in your policy if relevant. This is particularly important for organizations that sell food or products as part of their day-to-day activities or for fundraising.

You should also check to see to what extent your volunteers are covered. Regardless, it is important to keep detailed records of all your volunteers, and to establish and communicate clear guidelines setting out volunteers' roles and activities.

Directors and Officers Liability Insurance

As mentioned above, while incorporation does provide some protection to board and committee members, it does not protect individuals from being sued for acts of negligence. A board member who negligently gives wrong advice, asks someone to perform a dangerous task or dismisses staff without proper authority or process exposes themselves to being used.

Where such cases can be proven, the personal assets of negligent board/committee members can be seized to meet any damages. This is where Directors and Officers Liability Insurance comes in.

It is worth noting that generally under such policies the organisation itself is not covered for the wrongful acts. This would generally be covered through the public liability insurance.

Auto Insurance

There were over 10-million traffic accidents in the U.S. in 2009 (latest available data) and 33,808 people died in motor vehicle crashes in those accidents, according to data released by the Fatality Analysis Reporting System (FARS). The number one cause of death for American's between the ages of 5 and 34 were auto accidents. Over 2.3 million drivers and passengers received treatment in emergency rooms in 2009, and the costs of those accidents including deaths and disabling injuries was around $70 billion.

Property Insurance

This is similar to household property insurance and generally covers an organisation's physical contents against fire, storm damage, accidental damage or theft. 
You can minimise the cost of this type of insurance by protecting your property with deadlocks, an alarm system, security lighting, security signage, etc. The longer it takes a potential burgler to enter your property, the less likely you are to suffer a break-in.
Depending on where your property is located you can also think about working with neighbours to provide out-of-hours protection. For example, you might share the cost of a security patrol with a neighbouring business.

Building Insurance
Building insurance covers your physical premises (offices, club rooms) against events such as fire, storms and vandalism.

This insurance is generally not required if you do not own the facility (e.g. if you hire the facility or use council or crown land premises) because the owner will generally have their own insurance, but do check the lease or hire agreement.

Fraud (Fidelity) Insurance

Fidelity insurance covers your organization against misappropriation of funds by employees or committee members. You should consider the cost of this type of insurance, like any other type, in relation to your budget and the risk of misappropriation.

Personal Accident Insurance (Volunteer Insurance)

Personal accident insurance (or, as it is sometimes known, volunteer insurance) generally covers members, volunteers, officials or participants for any out-of-pocket expenses following accidental injury, disability or death while carrying out their work on behalf of the organization.
It normally covers loss of income, too, if the injured person is unable to work as a result of the incident. This is different from public liability insurance, which protects the organization and volunteers against negligence involving third parties.

Professional Indemnity Insurance

Professional indemnity insurance covers individuals against claims for breach of "professional duty" arising out of any negligent act, error or omission committed or alleged to have been committed during the conduct of professional activities.
This insurance is particularly relevant for organizations involved in providing services such as health care, or those providing advisory services.

Travel Insurance

Much like a personal travel insurance policy, an organisational travel insurance policy covers the organisation against the risks involved in travel, both domestic and international.