What is insurance, and why is it important?

Posted by micsysadm on July 22, 2016

The major function of insurance is to restore your property and possessions or business to the point it was before the loss occurred. Insurance is all about managing risk and providing financial compensation in the event of a loss.

Generally, the risks people face fall into the following categories:

  1. Personal risk – people are their own greatest asset. Financial loss will almost always accompany the loss of one’s health or life.
  2. Property risk – a financial loss when owned property is destroyed or damaged.
  3. Liability risk – when a person’s action results in injury or damage to others, the law generally provides that they be held financially responsible.
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