The insurance companies are fundamental foundations of every economy of the world, without them, many people could lose everything. Many people spend years working hard to buy their houses, business, and many other properties, those huge endeavors by many people must be protected.
In this world things happen every minute, from disasters to robberies, those catastrophes can attempt against people’ assets. Fortunately, there are hundreds of reliable companies engage with your properties and much more, offering you the possibility to give some real protection to your house, business and even your life. According to Business Dictionary, insurance company is a business that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship in exchange for premium payments. The company calculates the risk of occurrence then determines the cost to replace (pay for) the loss to determine the premium amount.
In fact, with a reliable company behind your backs, you can recover all the possessions you could lose in a robbery or an accident. By paying a minimal fee, you can get the certain to be completely safe, as well as your assets.
Why do the Insurance companies exist?
Insurance companies exist because the danger is real and people knows it. People are afraid to lose those things which they have worked hard to get, and insurance companies offer a relief for many people. Probably you bought one and you’ve never used it, but it’s better to be protected in case any accident happen.
Without insurance companies, many people would lose houses, businesses, and many other assets without even receive a cent from anyone. You can get the value of your asset completely with an insurance company or be protected if you have an accident with your car for example.
Hundreds of people have accidents every day, and that means thousands of dollars in medical bills and mechanical bills. An insurance company offers the possibility to pay all those expenses only by paying a fraction of it.
In addition, insurance companies exist because they are a fundamental mainstay of the economy. The existence of these companies reduces significantly the money paid for uncompensated victims of many accidents because, without the insurance companies, any injured by an accident would become a drain on the government. Having said that, without insurance companies, our lives quality could drop massively because the government would have to spend all the money they invest in public works in medical bills instead.
Concluding, your taxes will increase for the mere fact of taking care of other’s bills, medical bills, etc.
Benefits of the insurance companies.
An insurance company doesn’t only help the economy, it helps many people looking for protection.
Were you the victim of a robbery in your house? It doesn’t matter because an insurance company will repay the money of all your stuff. This is an amount of money you agree with you and the company.
Did you crash another car? It doesn’t matter either, an insurance company will be the responsible to pay all the reparations bills and medical bills of both parties.
Are you afraid of your life? An insurance company may offer you a life protection plan that will protect you from death and from any health issue you can face in your life.
Conclusion: It’s necessary to pay an Insurance company?
It’s not necessary unless government forces you to do it. However, it better to have an insurance and don’t need it that need it and don’t have it. Our lives spin really fast, and many eventualities can happen, and you will need an insurance company backing you up in case of any accident or inconvenient.
Insurance companies can be the difference between an accident and a catastrophe. An accident or catastrophe just become a setback because those company will back you up to feel less stressed and worried.