Business Insurance

Your business involves a lot of risk and so you should be prepared for the unexpected. Invest in a Business Insurance Plan TODAY !

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To safeguard your business enterprise from various risks and uncertainties, ‘Business Insurance in India’ comes to your rescue.


Starting a business is tough, not only financially or practically, but also emotionally. You need to know your product, your customer and also have a dire desire to succeed. But, amongst all this, most of you forget the backbone of your business – ‘risk management’. After all, good businesses succeed on taking risks. Taking precautions beforehand is prudent, be it for large ventures or small ventures. Since, the needs would vary from one business to another depending on the scale of operation and type, comparing business insurance online from different insurers would save money and make the entire process economical. Believe or not, ‘Risk is a part and parcel of every business’ and so is uncertainty, but such unavoidable things can certainly be minimised by ensuring your business with a good Business Insurance in India. All you need to do is pay a certain amount as a premium and insure your business with an amount called as sum assured. Business Insurance offers coverage for any company equipment that has suffered a loss due to theft, loss and damage due to allied perils and fire, professional indemnity cover, third-party liability cover in case of damages caused to the public property due to your business, etc. It is mandatory for businesses in India that employ workmen should avail for workers compensation. Say for instance, you suffered injury while working (on the job duty), then the worker’s compensation policy would pay you compensation for the injuries that you suffered at work.



Types of Business Insurance



Product Liability Insurance

Product Liability Insurance

Product liability insurance is vital in case your business involves in manufacturing any products to sell. This type of business insurance helps in offering coverage to the lawsuit that may arise because of damages caused by your product.

Property Insurance

Property Insurance

Usually it’s the owner who bears the recovery cost in case a business is not insured enough against the property damage. The property insurance offers coverage for inventory, signage, equipment, storm or theft. But, any mass-destruction events such as earthquakes, cyclones and floods are not covered under this type of business insurance. You will certainly require a different policy in case your business area is prone to such risks. Your business property is offered coverage here including the physical location of the business, damaged tools, assets, etc.

Liability Insurance Policy

Liability Insurance Policy

Any claim that may arise due to negligence such as third party bodily injury or property damage resulting in failure to perform comes under the liability insurance. Usually public liability, commercial liability, professional liability, general liabilities are covered under the liability insurance policy. The entire costs would be borne by the business owner in the absence of the liability insurance policy.

Employee Insurance Policies

Employee Insurance Policies

This type of business insurance helps the business owner by offering coverage to the employees that suffer injuries or illness. In case the employee suffers death and the family of the deceased decides to sue the business, these legal costs too are covered under the Employee Insurance Policies. This plan is mandatory for all business owners to take reasonable care of their employees ensuring the safety at their workplaces. This insurance is also termed as the Worker’s Compensation Plan.

Home Based Insurance

Home Based Insurance

In case you have a business that you operate from home, home based insurance policies come in to picture. Do not forget to enquire about any additional coverage for inventory and other equipment while opting for this type of business insurance.

Commercial Vehicle Insurance

Commercial Vehicle Insurance

Commercial vehicles come handy for various purposes to carry out business. Therefore it is prudent to insure these vehicles. In case you opt for comprehensive insurance, all you will receive is complete protection that covers your own damage as well. In case an employee is using his privately owned vehicle, his personal insurance would offer coverage in case of an accident or any other damages.

Coverage for Income Loss

Coverage for Income Loss

Not all businesses reach sky high. Some face failures resulting in non-operation of the business and an income loss post a disaster. The cover for loss of income policy offers to pay off the fixed costs in such a situation.

Business Interruption Insurance

Business Interruption Insurance

Retail stores are businesses that need companies to operate their businesses at a location. This type of business insurance comes to rescue if a business suffer losses during situations causing a disruption to the business routine.

Marine Insurance

Marine Insurance

Marine insurance is one of the vital insurance expenditures you ought to buy to protect your goods in transit by sea, airway or road transport system. After all, transportation of any goods has always been an inseparable part of any business dealing in tangible goods. Protection is imperative both while warehousing the goods as well as transportation from one place to another.

Data Protection

Data Protection

Usually fire and burglary insurance policy offers cover physical damage as well as loss to your laptops and computers. However, what about the important data and information that was stored in your laptops and computers? Who will bear the cost to recover the same? This is when the data protection cover will come in to picture. The costs of reinstatement will be paid by a separate electronic equipment policy covering all the lost data and other allied information.

Group Accident & Medical Insurance

Group Accident & Medical Insurance

Employees are the backbone of any business. Therefore, as an employer you need to ensure the well-being of your employees to keep them motivated towards work as well as the success of the business. Group personal accident and medical covers offer this monetary support to your employees in case of any crisis without making you bear the financial burden on the business. Therefore, ensure to purchase an insurance plan with benefits/features such as cashless benefits, an insurance cover for the employee's family, reimbursements in case of day care procedures opted, maternity expenses, etc. without any age restrictions.



List of Standard Inclusions and Exclusions under Business Insurance





The business insurance in India covers the mentioned perils:

  • Any liability that would arise due to mistakes or negligence
  • Any loss of profits arising post the outbreak of a calamity
  • Any loss, injury or death that an employee would suffer while working in an organization
  • Any loss or damage arising due to theft or burglary
  • Any loss or damage arising due to natural disasters such as storms, earthquakes, floods, etc. or fire


Not everything is covered under a business insurance plan. Few perils that an insurance company cannot offer coverage to include proper loss or damage caused by:

  • Military action
  • Power failure
  • Illegal activities performed by the insured
  • Wear and tear
  • Explosion of machinery
  • Expansion and shrinking of property
  • Governmental actions
  • Action as a result of Law enforcement
  • Wildlife
  • Illegal activities performed by the insured
  • Nuclear hazards
  • Any type of pollution



Some of the frequently asked questions about Business Insurance.








Claims


You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.


Your Policy


You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.


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Calculate your Needs?


Many questions may come in your mind before buying an insurance policy. ‘How much insurance I would need, how many years I shall invest for, what would be the premium, etc.. Insurance Calculators are life-savers. They help you know your insurance needs and assess the potential costs. Grey Font brings to you various Insurance Calculators and interactive tools to help you calculate your insurance needs. In order to get better results, ensure to enter a value in all the possible fields.



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