Types of Insurance

Any risk that be quantified can potentially be insured. Specific kinds of risk that may give  rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by  the policy and which are not. Below are non-exhaustive lists of the many different types of insurance   that exits. A single policy may cover risks in one more of the categories set out below. For example vehicle  insurance would typically cover both the property risk and 

the liability risk. A home insurance policy in the US typically includes coverage for damage to the home owners belongings certain legal claims against the owner and even a small amount of
coverage for medical expenses of guests who are injured on the owners property.

Business insurance can take a number of different forms, such as the various kinds of professional liability insurance also called professional indemnity  which are discussed below under that name and the business owners policy, which packages into one policy many of the kinds of coverage that a business owner needs in a way analogous to how home owners insurance packages the coverage's that a home owner needs