Insurance is a known term for every one of us. It has made our life easy. But we never look into who came up with this idea. Over 350 years back, the great fire of London destroyed almost the whole city, but that incident led us to an era of insurance policy about fires and houses.
Where the need for insurance is constant, the policy differs in every country. People insure their body parts and whatnot. And if you are running a business and planning to start one soon, it is vital that you get insurance for your endeavour.
A business will require a lot of your resources—time, money, and effort—and all of these can immediately go down the drain if you don’t have business insurance. Here are a few interesting insurance facts from around the globe.
Insurance Fun Facts
- People who like football or don’t, know who David Beckham is, but little do they know about his foot insurance. You read it right, David Beckham’s feet are insured at $35 million EACH! Well, he is worth every dime.
- But Singer Mariah Carey thinks. Otherwise, she thinks her legs are far more valuable than any of those footballers, Mr Beckham included. Her legs are insured for $1 billion. Maybe she is right; we are not here to judge.
- Mariah Carey cared less about her voice than her legs, but Musician Bruce Springsteen is all about his voice. So he has insured his voice for $3.5 million.
- A superstar from India has insured and copyrighted his voice. So, for anyone planning to mimic him; I just want you to stop right there. You do not want your big bucks going mate!
- There was a case of murder reported, when a father poisoned his son on Halloween by giving him poisoned candy for the sake of insurance money. I must be careful around my siblings now, JK!
- In 2003, Pepsi ran a campaign with the name sweet stakes; the winning price was $1 billion. But little did people know they had filled insurance for $10 million in case someone actually wins it.
- I have known people who love their private entities but not that much. Singer Dolly Parton insured her breasts for $600,000. Get out of my way; one more insurance is coming.
- The top model Claudia Schiffer loves her face to extent that she insured her face at $5 million.
- Back in the early 20s, Ben Turpin insured his eyes at $20,000. It was quite a sum back then.
- I was saving this one for the last. Rocker David Lee Roth has insured his sperm at the rate of a million dollars. So if you are planning to claim paternal charges against him, the insurance company will cover his bills.
Informative Insurance Facts
- There are two sorts of insurance, life, and property. Life insurance deals with the long-term insurance of a person`s life, while property insurance is renewed every year.
- Architects and people from medicine usually insure themselves with professional liability insurance. They claim it when any of their clients accuse them of neglecting.
- A French man, Max Herve, might end up being the owner of an insurance company because of an unusual insurance agreement. He can trade on the previous week`s stock rates because of his insurance contract.
- Our heroes from Apollo were not able to get through the insurance policies but they insured their autographs. They thought in case of their death the amount of their signed autograph will boom.
- After the 9/11 incident, people started insuring their property under the title of “terrorism insurance” to insure their property in case of any mishap.
- In Japan, the company is entitled to pay your family, and your insurance money even if you commit suicide. This is one of the reasons for increased suicide rates in Japan.
- In 1706, the Amicable Society for a Perpetual Office was founded in London. It was the first insurance company to offer life insurance.
- Around 2500 BC the Chinese and Babylonian traders used the method of transferring or distributing risk as the earliest form of insurance.
- Sony is known for its electronic devices while but its insurance division makes more cash than its electronics division.
- Did you know that the United States celebrates car insurance day every year on the first of February?
Interesting Insurance Statistics
- Now about some humanity from Turkey. The Turkish government tried to recover the life insurance of the people turkey killed during the Armenian Genocide. They argued that those people have no heirs that could be identified.
- Aflac, an American company, has been rated to be the most ethical insurance firm for the past seven years. Way to go Aflac!
- Starbucks America spends more on health insurance than that on the investment in their coffee beans.
- In this insane time of insecurities and disloyalties, the engagement ring is becoming virginity insurance for the bride. The policy is, that if the groom hurts the bride to be or leaves her for any reason, the engagement ring will act as insurance.
- The state of the Netherland ensures that every living body in their jurisdiction has health insurance. The premium of the insurance does not depend on the age of the individual but on the income.
- It was becoming a common practice in Iran to sell out their kidneys for cash. The government eliminated the transplant waiting list to fight this scenario.
- When listing the top five least expensive car insurance companies, these will be the names you will find. Massachusetts, North Carolina, Hawaii, Alaska, and Oregon.
- Since 1975. Hawaii has made its employers pay for the health insurance of their employees who work for 20 hours or more in a week.
- Remember that Microsoft icon? That blue sky and green, grassy, hilly picture? Well, Microsoft wanted the original film of it, but when the courier company realized how risky it was without insurance, they denied the delivery. Charles O’Rea had to deliver that thing to the office personally. Thank you, sir! You gave our children a beautiful image.
- There are a few insurances that provide special insurance for female drivers. Like coverage of stolen purses or roadside assistance. Thank you for making our life easy you guys!
These are some of the many interesting insurance facts that would help you know more about how people take insurance policies around the globe.
3 Tips for Getting Business Insurance
With the number of insurance-related facts presented in this article, you’ll understand that getting insurance for your business is a necessity, not a luxury. The business landscape is very unpredictable and certain changes can adversely affect the operations of your organization—or even be the reason why your business fails.
To prepare for any emergencies, prioritize getting insurance for your business. This is a cost-effective investment that will increase your business’s chances of thriving and succeeding.
The following tips can come in handy if you are getting business insurance:
1. Understand the application
You’ll have to follow a certain process when applying for business insurance, so make sure that you exert effort to understand how the process works.
More often than not, insurance companies will require you to submit a form—either personally or online—and ask questions about your business, the services you offer, and the kind of policy you are interested in.
2. Get your information ready
As mentioned, you’ll be submitting a form to jumpstart your insurance application. To make things easier for you, make sure that information, such as your policies, revenue, and company history, is prepared.
Preparing all of these beforehand will save you a lot of stress and ensure that the process for your application will run smoothly.
3. Know which policy to apply for
If you don’t have any experience in buying insurance for your business, educate yourself on the different policies available. Some of the most common insurance for businesses are general liability insurance, business owner’s policy, and commercial property insurance. Take the time to know about these policies and how each will help your business in the future.
Insurance policies are considered to safeguard you when you need them the most. But for few people out there it is the best short-term investment. They scam for quick earning, but that is not how you are supposed to work.
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Sarah Smith has been a personal finance author for the last five years. She is also an independent and very passionate finance and investment advisor. She regularly posts at Personal Income.