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How to choose the insurance company you will deal with | Faydety

When choosing an insurance company there are several criteria that they should meet before you sign the paperwork:&nbsp;<ul><li>They must cover certain hazards such as fire, robbery, personal accidents, among others as each project/company will face different hazards/dangers.</li><li>They should cover mundane incidents such as broken glass, break down in machinery, civil liability towards third parties (in case a client or neighbor are injured).</li><li>&nbsp;</li></ul><h2>How to choose an insurance company?</h2>&nbsp;<ol><li>Financial Solvency of the company (i.e.: the ability of the insurance company to meet their obligations as and when they fall) or basically the company’s capital. This financial solvency ensures the company will meet its obligation if an accident occurs.</li><li>If an accident takes place the company pays the insurance payout promptly and on time so that the company/factory can resume work as fast as possible and not incur more losses.</li><li>The insurance premium and compensation are also factors to take into consideration as well as the ability of the company to re-insure after an accident.</li><li>The company’s previous experience in covering similar risks as the ones requested by the client.</li><li>You can also ask any of their old clients for their experience with the insurance company, inquire about how easy it is to receive compensation and how well they cover certain risks/possible damages. This will allow you to get firsthand knowledge of the company’s reputation in the market.</li></ol><h2>&nbsp;</h2><blockquote>In order not to increase the cost of insurance, the size of the premium and the price, pay attention, it is necessary to determine the accuracy of the risks</blockquote><h2>&nbsp;</h2><h2>Is there a difference between a foreign, private, or government insurance company?</h2>&nbsp;Not really. The most important factor when choosing an insurance company is the end result and there are Egyptians working in all insurance companies.If you don’t want your insurance premium and policy price to be unnecessarily high you must be specific about the dangers/risks you are insuring against. Also make sure to go over the technicalities, not just the prices.&nbsp;&nbsp;

Have you ever thought of insuring your company?

How to choose the insurance company you will deal with

Insurance is a contract, in the form of a policy, in which an individual or entity receives financial protection and/or compensation against losses from an insurance company. Insuring something means diverting the burden of payment for its loss from a personal responsibility to one that the insurance company bears on your behalf, in a certain percentage, depending on the type of insurance you have.&nbsp;&nbsp;The insurance company relies on calculating the probability of a loss or damage to an insured asset. If there is a high probability, then the insurance cost tends to be expensive; on the other hand, if the probability is low, the insurance cost tends to be relatively cheaper.&nbsp;Let's start with the basics.&nbsp;<h2>Insurance Policy:</h2>&nbsp;As stated briefly above, an insurance policy is a contract between you and an insurance company. This policy outlines your agreement's details and determines the claims that the insurer is legally required to pay in exchange for a premium. It essentially states that the insurer must pay for any loss or damage caused by risks covered under the policy.&nbsp;<h2>Insurance Premium:</h2>&nbsp;An insurance premium is a certain amount of money that you need to pay periodically in exchange for the maintenance of your chosen insurance policy. If you are unable to pay the premium, the insurance policy will be forfeited. If this happens and you decide you would like to keep your coverage, you may be required to pay a fine or charge a higher premium accordingly.&nbsp;<blockquote>The insurance company relies on calculating the probability of a loss or damage to an insured asset</blockquote>&nbsp;<h2>Types of Insurance:</h2>&nbsp;There are many different types of insurance. Though it is possible to divide them into two basic categories, under which the other types of insurance fall, the two categories are:&nbsp;<h2>Life Insurance / Health Insurance</h2>&nbsp;Life insurance is a contract between you and an insurance company where, in exchange for premium payments paid by you during your lifetime, the company will pay a sum of money to your beneficiaries after your death.&nbsp;&nbsp;Health insurance covers medical expenses that may arise due to illness. These expenses could entail costs of hospitalization, cost of medicines, or medical consultation fees.&nbsp;These insurance types are primarily based on individuals, although some countries go one step further and provide pet insurance. This is because, at times, the cost of medicines and veterinarian visits are higher than the costs of individuals.&nbsp;<h2>Property Insurance / Disaster Insurance</h2>&nbsp;This type of insurance reimburses an individual or business and protects a physical property against loss from theft, fire, natural disasters, etc. Property insurance covers the building or structure itself as well as its contents, whether personal or corporate, including furnishings, inventory, and other items.&nbsp;Get your <a href="https://www.faydetyinsurance.com/en">Insurance Policy</a> Now through Faydety!

What do you know about the Insurance system in Egypt? and what's its Policies, Premium, and kinds? All you need to know about insurance

How to choose the insurance company you will deal with

Have you ever thought of insuring your company?

How to choose an insurance company?

Is there a difference between a foreign, private, or government insurance company?

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