Miscellaneous Insurance: Lesser-Known Coverages Making an Impact in India

 The insurance domain is vast and several companies provide a varied range of coverages. Some of these coverages grab the limelight and become popular choices. For example, life insurance is one of the most favored policies, followed by health, auto, and property insurance

On the other hand, there are quite a few insurance policies that remain in the shadows, unable to make the headlines.

However, despite being subdued, such lesser-known insurance policies, are good enough to buy. These miscellaneous insurance policies, as they are collectively called sometimes, can provide protection that is more than adequate.

A Brief about Miscellaneous Insurance

The miscellaneous insurance policies may cover a wide range of aspects of life and business. Thanks to comprehensive and effective marketing strategies, consumers now know about these insurance policies. This has resulted in the widespread recognition of these coverages.

The prime objective of these insurance policies however remains the same – to provide financial security to the policyholders during an unexpected event. As a result, these subjugated insurance coverages are making a significant impact on the burgeoning insurance market of India.

A Few Examples

The lesser-known insurance policies are quite popular among risk management services. This is primarily because unique risks are usually covered by these insurance policies.

Wedding insurance:

One of the most common lesser-known insurance policies creating a notable impact among consumers and the insurance market is wedding insurance.

Over the years, weddings have now more of an extravaganza of elaborate affairs, pushing the expenses further northward. A lot of money is invested in these grand events, not only by celebrities but by common people as well who can afford such elaborate affairs.

So, there is a considerable amount of risk involved in such events and wedding insurance mitigates them substantially. A few common examples of the risks are vendor no-shows, venue cancellations, or unexpected sickness of the main participants.

Insurance for employees:

Commonly known as employee benefit insurance, these policies are specially designed to provide peace of mind to the employees of any organization.

There can be a diverse set of incidents where an employee may lose money and or income. These insurance policies cover such incidents such as fatal accidents in the workplace or sustaining an injury within the factory premises.

Overseas trade:

A lot can happen during shipping consignments through international and national waters. Companies may incur huge, and often irrecoverable, losses if goods are lost, damaged, sinking or hijacking of the ship, or other unavoidable incidents. The marine insurance in india provides the necessary protection in such cases.

Travel insurance:

Over the years, there has been a significant rise in both domestic as well as international travel. There are some unique risks involved in such travel which include cancellation of trips, medical emergencies during travel, and more. Travel insurance allows the policyholders to explore more confidently.

Conclusion

There are a lot of lesser-known insurance policies offered by different companies that are equally useful as the prominent ones. Fortunately, these are now creating waves in the market.