Businesses in insurance and pensions help individuals and organisations manage financial risks and plan for future needs. Insurance firms and brokers may arrange or provide cover for events such as illness, accidents, property damage, travel disruption, vehicle damage and liability. Services can include assessing insurance needs, comparing policy options, explaining terms and exclusions, arranging renewals and helping customers make claims. Pension businesses may provide workplace or personal pension schemes, administer contributions and records, or advise on retirement planning and options for drawing benefits. Services can include setting up schemes, investment administration, transferring pension savings and explaining annuities or other retirement-income choices. The precise services depend on whether a business is an insurer, intermediary, pension administrator or adviser.