Insurance is an important aspect of our lives that helps us mitigate risks and uncertainties. It gives us peace of mind knowing that we have a safety net in case something goes wrong.
However, not all insurance policies are necessary for everyone, and it is important to understand the risks you face before purchasing any insurance policy. In this article, we will explore the different types of insurance available in Kenya using Xplico Insurance Company Limited as an example.
Xplico Insurance is a leading insurance company in Kenya that offers various types of insurance policies. These include Personal Accident Insurance, Personal Indemnity, Motor Vehicle, Work Injury Benefits Act (WIBA) insurance, Bond Insurance, Fire and Allied Peril Insurance, and Home Insurance. Let us examine each of these policies and determine if they are necessary for you.
Personal Accident Insurance
Personal Accident Insurance provides financial compensation in case of accidental death or disability. This policy is essential for people who engage in risky activities such as extreme sports, driving, or construction work. You may not need this insurance policy if you do not engage in risky activities.
Personal Indemnity protects you against legal liability for injury or damage to a third party’s property. This policy is essential for people who own businesses or work in professions that expose them to the risk of being sued, such as doctors, lawyers, and architects. You may not need this insurance policy if you do not own a business or work in such professions.
Motor Vehicle Insurance
Motor Vehicle Insurance is mandatory in Kenya and covers you against loss or damage to your vehicle. If you own a car, this insurance policy is essential. It is important to note that there are different types of motor vehicle insurance policies, and you should choose one that suits your needs.
Work Injury Benefits Act (WIBA) Insurance
WIBA insurance is mandatory in Kenya and covers employees against work-related injuries or illnesses. If you are an employer, you are required by law to provide WIBA insurance for your employees. If you are an employee, you do not need to purchase this insurance policy as your employer should provide it.
Bond Insurance is a type of insurance that protects against financial loss due to the failure of a contractor to fulfil their contractual obligations. This policy is essential for people who engage contractors for construction projects or other services. You may not need this insurance policy if you do not engage in such activities.
Fire and Allied Peril Insurance
Fire and Allied Peril Insurance protects against loss or damage to your property due to fire, lightning, or other perils. This policy is essential for people who own property such as homes, businesses, or warehouses. You may not need this insurance policy if you do not own any property.
Home Insurance is a type of insurance that covers loss or damage to your home and its contents due to various perils such as fire, theft, or natural disasters. If you own a home, this insurance policy is essential. However, if you rent a home, you may not need this insurance policy as your landlord should have it.
It is important to understand the risks you face and choose an insurance policy that suits your needs. Xplico Insurance Kenya offers various insurance policies, and you can choose one that suits your needs.
Remember to read the policy documents carefully before purchasing any insurance policy and ensure that you understand what is covered and what is not.