Types of Insurance

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Any risk that can be quantified can typically be insured.

Specific kinds of risks that may give rise to claims are called ‘perils.’ An insurance policy will establish in detail which perils are covered by the policy and which are not.

Below are non-exhaustive lists of the varying types of insurance that are being offered on the market.

A single policy may also cover risks in one or more of the categories mentioned below. For example, vehicular insurance usually covers both property risk and liability risk.

Typical home insurance in the United States usually covers the damage to both the owner’s property and belongings, specific legal claims against the owner, and sometimes even a small amount that will go towards coverage of medical expenses for guests who are injured on the owner’s property.

Business insurance can take several forms, such as the varying forms of professional liability insurance, sometimes called professional indemnity, which is discussed below; and the business owner’s policy, which combines into a single policy many of the kinds of coverage that a business owner may need, the same way a homeowner’s insurance policy packages the different coverage that a homeowner may need.

 


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