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It is common belief among most car insurance policy holders that in the event of a claim, they will make big profits from the compensation they receive from insurers. Nothing can be further from the truth.

Insurance is not about the policyholder making money from their misfortune and it is important to appreciate the fact that if your old car is completely wrecked in an accident, it is wishful thinking to expect the insurance company to replace it with a brand new car. Once you understand this, it will save you lots of heartache and disappointment in the event of a crash.

In spite of faithfully paying your premiums, if your vehicle is badly wrecked in an accident, the insurer has to consider the issue of betterment and depreciation or the wear and tear of the car since it was first insured. In reality this means you will have to top up the difference to get back the car you had when you first insured, let alone a brand new one.

Insurance is about protection and not profit, a fact man (more...)

Employer liability insurance is generally present in workers compensation policies. This form of liability insurance protects the employers against employee claims for accidents resulting from alleged employer negligence. Normally, employees do have the right to statutory benefits. Yet, there are instances when employees can file a lawsuit against their employers. An employer who is overtly negligent can be sued by his employees. Added to that are cases where the employer had the dual responsibility of the employer and the manufacturer. If one of his products is to cause harm to his employee, then the latter can sue under what is called the doctrine of dual capacity.

Lately, employer s liability insurance has become a lot more important, resulting in sharp rises in premium costs. One of the major issues over the years has been cancer claims from employees who are working with asbestos on a day-to-day basis and also in environments that have smokers. Such instances have spawned new policies to gua (more...)