Business Insurance

It is a legal requirement to insure any car that is on the road - this covers theft as well as incidents. The degree of cover will vary depending upon whether the policy is third party or fully comprehensive. It protects the driver, passengers and other road users.

+ Meets legal requirements

+ Protects self against theft or damage

+ Protects against damage caused to a thrid party

- Premiums can be high depending upon assessed level of risk, e.g. exoensive for young drivers

- Normally there is an excess that must be paid, e.g. first £500 of all damages is still the responsibility of the car owner

Home insurance covers the physical building, for example against fire. Contents insurance covers the physical items in the house including electrical equipment, furniture and personal items, if there are individual items of high value, for example a diamond ring, then they may need to be specified on the policy. Items can be insured when a person is using them away from home as well as when inside the house.

+ Protects against damage which may otherwise be too expensive to repair resulting in the loss of a home

+ Contents are protected both when inside the house and outside

-  Premiums are an additional expense to home ownership

- Some items cannot be replaced due to a value beyond the financial worth, e.g. a painting or inherited piece of jewllery

Life assurance is an ongoing policy to pay a lump sum upon death. Life insurance is a policy for a set period of time to pay a lump sum if you die within that time period. Mortgage lenders often insist upon life insurance for the same period as the mortgage the secure repayment of the mortgage if the holder dies while monies are still owed.

+ Provides peace of mind to family following the bereavement of a homeowner

- If the policy holder does not die within the period of life insurance no payment is made (can be seen as an advantage!)

This protects individuals or groups while abroad. Policies can be purchased to cover a specific trip, multiple trips or for all trips within a year. Cover will generally include loss or theft of property, illness, cancellation and emergencies up to predetermined limits. Specific types of holiday or activities, for example skiing or extreme sports, will require additional cover due to the high level of risk associated.

+ Provides protection for personal belongings when away from home

+ Cover medical costs when on holiday

+ Protects against cancellation and sometimes delays

- The person suffering the loss is likely to have to pay upfront to replace items or cover medical costs and then reclaim later

- An additional cost when travelling abroad

This protects the owners of pets against some or all of the expenses associated with treating ill or injured pets, i.e. vets fees.

+ Avoids expensive vet fees

+ If vet fees are too high, there may be no alternative to having the pet put down - insurance can avoid this

- An additional monthy expense to protect against the unexpected

This covers individuals, families or employees against medical expenses including assessments, treatments and loss of earnings. In the UK the National Health Service provides free medical care but individuals may wish to take out insurance to receive payments if, for example, time is spent in hospital, or to receive private treatment. Health insurance can include payment plans to cover routine visits such as to the dentist or optician with a percentage of expenses paid.

+ Some compensation is provided when ill which can reduce the financial burden and stress allowing the patient to concentrate on recovery rather than financial worries

+ If used to fund private care, this often results in quicker treatment and better facilities

- Paying for something that you hope you will not use

- Premiums can be expensive depending upon the degree of cover required

- Will not cover pre-known conditions