Private Insurance

Definition - What does Private Insurance mean?

Private insurance is insurance that is offered by private companies as opposed to government entities. It is an alternative to public insurance.

Whether a person obtains private or public insurance, their goals are usually the same: to receive financial protection for various types of risk.

Insuranceopedia explains Private Insurance

There is a wide range of private insurance companies who offer private insurance. In order to obtain private insurance, a person generally has to pay premiums. The more coverage that a person wants, generally, the more expensive the premiums are.

There are private insurers who provide coverage for health, life, auto, property, business, and other types of risk. There are also a number of public insurance options for many of these risks as well. Whether or not a person qualifies for public insurance often depends on their income level.

Share this:

Connect with us

Email Newsletter

Join thousands receiving the latest content and insights on the insurance industry.