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When people mention insurance in the Philippines, it’s often associated with policies that aim to guard against financial loss due to medical expenses or unexpected death. Many people don’t realize that it isn’t just their life that they can financially secure, but their assets and properties as well. These types of contracts are called non-life insurance.

There are many types of policies out there that fall into this category. Each is specially designed to guard against different kinds of financial loss. Read on to learn about some of the different kinds of non-life insurance.

Property Insurance

Sometimes, accidents or fortuitous events can happen at a residence or even in a business establishment. These unfortunate incidents can often damage or even destroy its structure, which can lead to expensive repair or construction costs. But with a property insurance policy, you can be compensated for any expenses you may incur trying to rebuild the structure.

Property insurance contracts are typically policies that provide coverage for different building structures, whether on residential lots or commercial land. They often guard against a number of risks, such as fires, natural disasters, theft, and other unforeseeable events. They also secure any equipment or inventory that may have been damaged by these events. Insurance providers like Diamond Circle Insurance Agency Solutions also often give you the option of loss of income coverage .

Auto Insurance

Many times, a car isn’t just transportation, it’s an investment. For example, when you buy a classic sports car, it can potentially increase in value as time goes by. But if for any reason the car gets damaged, your investment may go to waste depending on the extent of the injury. So, you need auto insurance to guard against this potential loss.

Auto insurance is also good to have for vehicles used for your business. Many companies often insure trucks and other automobiles that employees use to travel or carry inventory. Accidents may happen on the job, so having these vehicles insured can help prevent your business from bearing the financial burden of any repairs or replacements. There are even contracts that can cover the whole company fleet.

Marine Insurance

This type of insurance covers marine transportation activity. There are always risks when one travels long distances by sea because the weather out in the open ocean is quite unpredictable. Marine insurance is a must for companies that use boats and cargo ships frequently in their operations.

Many policies often have provisions that guard against damage to a ship or any of its equipment. They can even protect a company from bearing the loss of a sunken vessel. Companies also avail of marine insurance for cargo like shipping containers. These can accidentally fall into sea if the ship travels through a very tumultuous ocean. Marine insurance policies make sure that the cargo is has financial protection from its point of origin to its final destination.

These are some common types of non-life insurance. Indeed, they are essential for securing the investments of both individuals and corporate entities. Get in touch with Diamond Circle Insurance Agency Solutions Inc. to learn more about the different kinds of non-life policies you can avail.

You can contact Diamond Circle Insurance Agency Solution Inc to know what’s the best non-life insurance for you. You can contact us at tel: +63 27955020 or email us at hello@diamondcircleinsurance.com