Whether you’re thinking of a profession in the insurance industry, or wanting to educate yourself in every possible aspect, nonstop education is critically important. Having strong financial literacy can also help individuals manage risk and protect their assets effectively.
Several sources of vital information can include attorneys, online courses, local college courses, seminars, and books about the insurance industry. There are a myriad of learning sources available. Here are four popular books that can help broaden your insurance industry knowledge.
1- “Inside the Insurance Industry” by Kevin Glaser
“Inside the Insurance Industry” speaks to professionals and individuals looking for ways to monitor their financial well-being. There’s a lot of ground to cover including terminology, different types of insurance, legal aspects, underwriting, and the unknown factors that can affect policyholders, agents, and insurance companies.
2- “Insurance” by James Stevens
The book simply titled “Insurance” explores the ways insurance companies work. Readers can gain additional insights on topics like life and health insurance coverage, liability and property insurance, and some of the basic elements of risk management programs.
3- “The INSURTECH Book” by Sabine L.B VanderLinden and Shân M. Millie
“The INSURTECH Book” speaks largely to industry professionals who want to learn more about emerging insurance business models, how to engage customers more effectively, and how to employ new technology to stay on top of the game. It’s essential to know what the competition is doing to remain competitive through the right business decisions.
4- “AI Insurance Principles” by Erick Wright
Another important read is “AI Insurance Principles” because it addresses today’s immediate technological trends. It’s interesting and rather thought-provoking to discover what AI thinks about the insurance industry’s current state of affairs. The insurance industry is using AI to assess risk, pricing policies, and the handling of claims.
How to Consider Different Commercial Insurance Coverage
For business owners, commercial insurance can provide coverage for businesses both large and small. There is a wide range of liabilities that can befall business operations. Coverage generally includes property damage coverage, liability claims, and lawsuit expenses. Of course, coverage depends on the size of a business, where the business provides services, and the industry where the business operates.
Property insurance addresses physical damage loss to buildings and inventories. Liability insurance considers third-party injury claims and other claims that can occur on a business property. States mandate many business locations to carry workers’ compensation insurance. This insurance can cover lost wages and medical expenses for people on the job who take ill or become injured.
Businesses with vehicle fleets receive coverage to protect against driver accidents and vehicle damage or theft. For businesses that provide some type of professional service, professional liability insurance provides coverage. In today’s digital world, businesses can look to cyber liability insurance for protection against cyberattacks and data breaches.
For such businesses, the cost of recovering data along with legal fees can be considerable. There are additional commercial insurances not listed. The key takeaway is that commercial insurance plays a key role in helping protect businesses from liabilities and financial losses.
