Can we protect ourselves financially in the event of an impending recession in the country

In times of uncertainty and crisis, financial insurance is mandatory if we want to protect our money and savings. What are the financial risks of losses and which sectors fall into the category of trade risk? How to protect your money and more additional advice in this direction from I&G Insurance Brokers below.

What are the possible economic risks

Financial insurance is made in order to cover various insurance events, such as a sharp suspension of income, insurance against loss of finances, lack of funds and individual contingencies. This type of preventive measure is made in order to protect your economic condition and the presence of conditions in uncertain times.

On the other hand, when we are in a period of pandemic and total monetary uncertainty, many insurance companies stop offering financial insurance. This is due to the massive economic difficulties and the high damage on insurance policies. Therefore, now is the time to take advantage!

Which sectors are most vulnerable

In the conditions of various unexpected life events, the population and small and medium business always remain the first most risky and vulnerable. In most cases, they have little or no money buffer to help them in the event of unforeseen financial difficulties, such as income suspension, bankruptcy and inflation. For this reason, the most at-risk groups are advised to have financial insurance. Let's still look at the different types and their coverage.

What can you do to protect your money?

Today, the insurance business has developed a lot and now offers various types of financial insurance, such as:

• "Loans" - it will protect you from the inability to properly service your mortgage, bank, export credit and goods purchased in installments;
• "Guarantees" - it is valid only for Bulgarian credit institutions and the purpose is to cover various unforeseen situations of monetary damages and losses;
• "Miscellaneous economic losses" - is intended for people engaged in trade within the country. It protects you from non-payment, as well as from unforeseen natural and economic situations;
• "Cash losses under leasing contracts" - here the special thing is the presence of a pledged asset, which serves as a guarantor of the insurer in the presence of expenses on his part in an insurance event.

Insurance advice from I&G

If you think that among the financial insurance coverage listed above you would benefit, do not wait, but contact an I&G Brokers broker. You will discuss the details and make a decision according to your needs.