It is not realistic to avoid claims completely. We will at all times operate with a degree of risk that an accident or error can happen which leads to a loss and a claim for compensation by our client or a third party.
Insurance is a way of reducing the uncertainty that comes from not knowing which compensation or unexpected costs we could be held liable to pay in the future.
By paying a fixed premium to an insurance provider, the insurance provider will cover financial losses subject to agreed terms and conditions of the insurance policy.
Insurance - What insurance is
An Insurance Company, also called an Insurer or Underwriter, is in the business of providing protection against financial aspects of risk. If an insured party suffers a financial loss, the insurer will pay an agreed compensation in accordance with the terms of the insurance policy.
In simple terms, insurance is an agreement in which you pay another company a fixed amount to protect you against the potential costs of accident, injury or other loss.
In return for this fixed premium, you receive an insurance policy which sets out in detail the conditions of the contract and the benefit payment you may receive.
The insurer will pay compensation if you incur a loss or damage that is covered by the policy and where you have acted in accordance with the conditions of the insurance.
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