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What Are the Benefits of Insurance to Society?
Although many forms of insurance are optional, some are mandatory. In most states, you can not drive without insurance, and even in states where you can, you will have to demonstrate the ability to pay if you are responsible for damages or injuries to others. However, with health and life insurance, you have the choice. When people go uninsured, it actually impacts on society as a whole.
What Are The Personal Benefits Of Insurance?
Generally speaking, insurance will protect you and your bank account. If you get sick, for example, having insurance will ensure you get the medical care you need without emptying your savings. In 2016, the average American spent $ 10,000 on health care – a figure that is expected to grow to nearly $ 15,000 by 2023.
In addition to making sure you can handle a visit to the emergency room, insurance can also protect your loved ones in the event of your death. Life insurance will help pay for funeral expenses, as well as provide a cushion that can help pay your family’s mortgage and other living expenses after you’re gone.
What Are The Benefits Of Business Insurance?
Businesses have access to commercial insurance that provides liability protection. If your company designs a product that harms consumers or someone slips and falls on your business property, for example, the right kind of liability insurance will take care of that person’s medical bills and other related costs.
However, the role of insurance in business is mostly to protect your own bottom line. One lawsuit could put you out of business, so having the right coverage in place is essential to survival. You can also put coverage in place that keeps your business running after a natural disaster or a serious data breach. This type of business continuity insurance could mean the difference between surviving and growing into a thriving business or shutting your doors forever.
Insurance’s Impact on Society
Although, as a general rule, individuals can not be self-serving reasons, the importance of insurance for society as a whole can not be understated. Hospitals are required to treat uninsured patients who come through the emergency room, writing off the cost as a loss. As a result, the costs of services go up, which increases insurance premiums for everyone.
Business insurance also serves a greater purpose. Although the government has checks and balances in place to keep consumers safe, if a particular product slips through the cracks, insurance will help pay the costs that come with an injury or death. If you slip in the grocery store and break a bone, that company’s insurance will prevent you from having to pay a deductible. As a whole, the insurance that protects businesses also keeps them going, and the more successful businesses are for your shopping and dining enjoyment, the more money you can spend, thus strengthening the overall economy.