What do you think about when you hear the word insurance? For many, the mention of this word quickly leaves them thinking about cars and medical bills.
But what if I told you insurance protects much more, from your home and travels to your farm, business and professional work?
Here are 11 risks you may not have realised you can insure against.
1. Damage to your home and household belongings
Fire, theft and other unexpected events can put your home and belongings at risk. Fire and Perils Insurance can cover buildings, household contents, personal effects, domestic workers and certain liability risks.
2. Professional errors
A mistake or omission in your professional work could expose you to a claim from a client. Professional Indemnity Insurance can protect against covered claims arising from professional negligence, errors or omissions that cause financial loss. Eligible legal costs and expenses may also be covered, subject to the policy terms.
3. Travel emergencies
If you are travelling outside the country, either for a holiday or business, Travel Insurance can provide cover for specified disruptions, medical expenses, emergency assistance, personal accidents, luggage, personal belongings and travel documents.
Think of it this way: if you become ill while travelling abroad and need emergency medical assistance, your travel insurance may help cover eligible expenses under the policy. This can save you from unexpected out-of-pocket costs, especially in countries where your regular health insurance does not provide cover, as many health insurance schemes have territorial limits.
4. Accidental injuries
An accident can result in medical expenses or temporary or permanent disability. Personal Accident Insurance can provide benefits for accidental death, disability and eligible medical expenses.
5. Outstanding loans after a major life event
Death or permanent disability can leave a family facing the burden of an unpaid loan. Group Credit Life Insurance can settle an outstanding loan balance in covered circumstances, helping protect loved ones from that financial burden.
6. Burglary and theft
A break-in can leave a household or business facing the cost of replacing stolen property. Burglary Insurance can cover loss or damage resulting from theft following actual forcible and violent entry into or exit from insured premises.
7. Employee dishonesty
Employee theft or dishonesty can cause significant financial losses for a business. Fidelity Guarantee Insurance can protect against financial loss or theft of property arising from the dishonesty of an insured employee, subject to the policy terms.
8. Damage to computers and electronic equipment
Computers, medical equipment and other electronic systems can be damaged by fire, theft, lightning, water, short circuits and other unexpected events. Computer and Electronic Equipment Insurance covers sudden and unforeseen physical damage or loss affecting insured equipment, subject to the policy terms.
The cover can protect a range of assets, including IT systems, computers, communication equipment, laboratory equipment and portable electronics. Depending on the policy extensions, it may also cover additional expenses for restoring IT systems and reprogramming.
9. Crop losses
If you’re a farmer, then you know too well that drought, floods, pests and disease can threaten your harvest and income. Multi-Peril Crop Insurance covers specified crop losses arising from insured risks. The protection available depends on the policy and the risks covered.
10. Livestock losses
Livestock farmers can face losses when insured animals die due to specified events. Livestock Insurance covers the death of insured animals arising from listed perils, including fire, lightning, windstorms, floods, disease and accidents.
Which risks are you leaving unprotected?
Insurance is not just about protecting what you own today. It is about identifying the unexpected events that could disrupt your family, income, business or livelihood, and finding appropriate protection before they happen.
Speak to an insurance adviser to understand the protection available for your circumstances.
Explore the Equity Insurance website to discover available insurance solutions and find cover suited to your needs.
