Who needs public liability insurance?

Public liability insurance is essential for businesses that interact with the public, such as retailers, contractors, event organizers, and tradespeople. Any business that invites customers or visitors onto its premises or works in public spaces should consider having this coverage to protect against unforeseen incidents.

Is medical underwriting required for whole life insurance?

Yes, most whole life policies require medical underwriting, including a health questionnaire and medical exam. However, some policies, like guaranteed issue whole life insurance, do not require exams but have higher premiums.

Does missing a payment affect my credit score?

Insurance companies usually do not report late payments to credit bureaus, but a policy lapse could affect future insurability and premium costs.

How does blockchain improve claims processing in insurance?

Blockchain automates and speeds up claims processing by enabling smart contracts, which execute pre-defined conditions without human intervention. This reduces paperwork, prevents delays, and ensures transparency by recording each transaction securely on a tamper-proof ledger.

How does fraud impact an insurance contract?

Fraudulent claims or false information can lead to policy termination, denial of claims, legal action, fines, and potential imprisonment, depending on the severity of the fraud committed.

What industries need employer liability insurance the most?

High-risk industries like construction, manufacturing, healthcare, and transportation often require employer liability insurance due to increased workplace hazards.

How does comprehensive insurance differ from collision insurance?

Comprehensive insurance covers non-collision-related damage (e.g., theft, fire, weather damage), while collision insurance pays for damages when your car collides with another vehicle or object. Both are often purchased together for full coverage.

Are perils different for home and auto insurance?

Yes, home insurance covers perils like fire, theft, and weather damage, while auto insurance covers additional risks like collisions, vandalism, and uninsured motorist damage.