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What is General Insurance?
General insurance is a contract designed to protect your assets from loss or damage. It is different from life insurance, which covers the life of the policy holder. General insurance covers a wide range of risks including personal insurance for accidents and liability, property insurance against theft, fire and robbery, as well as health insurance which covers emergency medical costs, hospital expenses, and other related expenses. These insurance products are generally categorized into two main categories: Commercial Lines that cater to business and corporate needs and Personal Lines designed for the general public.
Category
Motor
Motor Insurance protects the vehicle against damage, theft and third party liability arising from an accident. This includes car insurance and motorcycle insurance.
Non Motor
Non-Motor Insurance covers various types of coverage such as property insurance, health insurance, liability insurance, travel insurance, and more. It protects your home, business, personal health, and other assets from various financial risks and losses.
Motor
Non Motor
Personal Motor Insurance
Third Party Liability: Covers legal liability to third parties for injury or property damage.
Comprehensive Cover: Provides cover against damage to commercial vehicles due to accidents, theft, fire and natural disasters.
Personal Accident Cover: Provides financial compensation for the injury or death of the driver and passengers.
Fire and Theft Cover: Covers damage caused by fire and theft, but excludes other types of damage such as accidents.
Breakdown Assistance: Provides assistance if your vehicle breaks down.
Comprehensive Cover: The broadest cover, ie third party bodily injury and death, loss or damage to third party property, and loss or damage to your own vehicle due to fire, theft or accident.
Act Cover: This is the minimum cover corresponding to the requirements of the Road Transport Act 1987. The cover required relates to legal liability for death or bodily injury to third parties (excluding passengers). These policies are rarely issued by insurers.
Commercial Motor Insurance
Third Party Liability: Covers liability for injury or damage caused to a third party by a commercial vehicle.
Comprehensive Cover: Provides cover against damage to commercial vehicles due to accidents, theft, fire and natural disasters.
Employer’s Liability: Covers legal liability arising from injury to an employee while driving a company vehicle.
Goods In Transit: Covers cargo transported in commercial vehicles.
Fleet Insurance: Covers all vehicles owned by the company under one policy.
Public Liability: Provides protection against legal claims for damage or injury suffered by members of the public as a result of commercial vehicles.
Expansion: Enables the policyholder to extend additional benefits and coverage beyond the standard coverage.
Non-Motor Insurance (Commercial)
Property Insurance:
- Homeowners Insurance: Covers damage to the home and personal property.
- Renter’s Insurance: Protects personal property for renters.
Health Insurance:
- Individual Health Insurance: Medical cover for individuals and families.
- Critical Illness Insurance: Pays a lump sum upon diagnosis of a serious illness.
Liability Insurance:
- Personal Liability Insurance: Provides protection against legal claims for injury or damage to property belonging to another person.
Travel Insurance:
- Trip Cancellation: Reimbursement of expenses if trip is cancelled.
- Medical Travel Insurance: Covers medical emergencies abroad.
Personal Accident Insurance:
- Individual Accident Insurance: Provides benefits for accidental injury or death.
Life Insurance:
- Term Life Insurance: Provides coverage for a specific period of time.
- Whole Life Insurance: Provides lifetime coverage and comes with a savings component.
Pet Insurance:
- Covers veterinary expenses for pets.
Commercial Motor Insurance
Comprehensive Coverage: Provides coverage against commercial vehicle damage due to accidents, theft, fire, and natural disasters
Employer’s Liability: Covers legal liability arising from injury to an employee while driving a company vehicle.
Goods In Transit: Covers cargo transported in commercial vehicles.
Fleet Insurance: Covers all vehicles owned by the company under one policy.
Public Liability: Protects against legal claims for damage or injury caused by the policyholder’s commercial vehicle, to members of the public.