Insurance during a recession

During a recession, it is understandable to question whether insurance should be cut back on, as people look to trim overheads in anticipation of difficult economic times in the future. However, businesses need to weigh up the effect of any reduction in insurance cover, not just the potential cost saving

The value of insurance is that you pay a predictable, regular amount (the premium) for protection from a large, unexpected, unbudgeted cost that would severely affect your financial situation if it happened.

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