Benefits of Insurance: - JSS2 Business studies Lesson Note
- Financial Protection: Insurance provides a safety net against unexpected expenses, which can prevent financial ruin in the event of accidents, illnesses, or disasters.
- Peace of Mind: Knowing that you have insurance coverage can give you peace of mind, allowing you to focus on other aspects of your life without worrying about what might happen if something goes wrong.
- Risk Management: Insurance helps individuals and businesses manage risk by transferring the financial burden of potential losses to an insurance company.
- Asset Protection: Insurance policies can help protect your assets, such as your home, car, or business, from unforeseen events that could otherwise result in significant financial losses.
- Legal Compliance: In many cases, having insurance coverage is required by law. For example, auto insurance is mandatory in most states to legally drive a car.