Basically, general insurance is anything that is not life insurance.
This may include any insurance policy against medical emergencies when travelling abroad, motor vehicle insurance, residential insurance plan or even corporate assets insurance.
In Europe, general insurance is popularly referred to as Non-Life Insurance, while in the United States the popular term is ‘property and casualty’ insurance.
The National Insurance Commission of Nigeria is the federal agency that acts as the regulator in the insurance industry. Known to many industry stakeholders as ‘NAICOM’, this body is tasked among other things with overseeing the honoring of the compulsory insurance policies by firms and individuals in Nigeria. Whether you work and live in Lagos, or operate a small business in Karu, there is every reason why you should get the best general insurance policy provider for your specific circumstances.
Advantages you get with an ideal general insurance policy in Nigeria
Here are some of the advantages you get with an ideal general insurance policy in Nigeria:
You can buy a general insurance policy as a provision in case of any kind of eventual loss. Well, consider the hustle and bustle of modern living; such loss could come any time in the course of normal activities. With a general insurance plan, you get to relieve the financial burden that follows such loss and accidents.
General insurance also covers your business and assets and gives you some guarantee in case they are affected by any risks – including unpredictable natural calamities such as storms and fires.
With a home insurance policy, you can cover the risk of loss of your house or property in any part of Nigeria. Risks to your home usually emanate from theft and natural calamities. Furthermore, renter’s insurance policies secure assets owned and stored in rental premises. The Motor Third-Party Insurance (which is a must-have for citizens under the laws of Nigeria), takes care of expenses and financial requirements in case of accidents.
Besides Nigeria, auto insurance is also mandatory in many other countries, including the United States. Other common types of general insurance policies that you may want to buy include business insurance and travel insurance.
While there have been claims that insurance regulation has been lacking in Nigeria (motivated by an accusation that a number of insurance companies will only collect premiums but not settle legitimate insurance claims when they arise later on), you still need to cover your home, car and even more importantly your business from loss or damage.
Essentially, you should actively assess your growing business or appreciating assets to find out what insurable risks you need to cover for. While at first, it doesn’t appear as important to many of us, getting the right general insurance policy can spell the difference between whether or not your business will be better off some years to come.