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.
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.
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.
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.
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.
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 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.
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.
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 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.
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.
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.
The business insurance in India covers the mentioned perils:
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:
It is important that small business owners access their business needs since they have extensive financial exposure should there be any loss. It offers protection to the SMEs in case of professional liability, fire, and theft, compensation towards the workers, burglary, medical expenses, and general third party liability as well as professional liability.
Buying business insurance in India is a very simple and hassle-free task if you shop online. First things first, research the insurers who sell this type of insurance who are looking for. Compare the quotes of different business insurance providers and then zero down on the best one that suits your needs. Online comparison would help you get a fair idea about the features, inclusions, exclusions, quotes as well as the claim process. Once you have narrowed down your search, you can go ahead and buy one by making the business insurance premium payment online.
If you aren’t net-savvy, you can go the traditional way of buying the business insurance. All you need to do is visit the branch of the insurance provider and the buy one according to your requirements.
Yes, your business insurance offers protection against any losses or damages due to natural disasters such as floods, cyclones, storms, earthquakes, etc. Yet, experts suggest reading the business insurance policy document before you go ahead with a final one.
Business insurance is nothing but a contract between an insurer and an insured, wherein the later pays a certain amount of premium regularly and the former agrees to pay the sum assured to the insured in case of any claim is registered and further verified for its genuineness in case of proper documents submission to the insurer.
The duration to settle the business insurance claim may vary from one person to another. However, usually a business insurance claim is settled within 30 days of the receipt of the claim.
The premium of the business insurance company is calculated based on the type and size of the business, number of previously registered claims, coverage value as well as the tenure of the business.
Yes, the marine and aviation insurance pays for any losses or damages caused to the products.
A type of business insurance named as the income insurance would take care of any injuries as well as disabilities suffered. A fixed income is generated for a particular time frame.
Yes, you get tax benefits for business insurance since the premiums paid for the same are used for operating a business, trade or business.
The different types of marine insurance policies are Time policy, voyage policy, mixed policy, valued policy, floating policy, block policy, unvalued policy, open policy
You can buy property insurance depending on the actual value of the property (replacement price minus the amount of depreciation); the property’s replacement value (the actual cost to replace the item without deducting the amount of depreciation); or an amount that is agreed upon.
The term, ‘bodily injury’ in a liability insurance policy refers to injuries, diseases, sickness or death that the insured person suffers during the policy tenure.
Well, the premiums for the Worker’s Compensation Insurance would solely depend upon factors such as the number of the employees, their payroll, job description as well as business classification as well as any losses suffered in the past.
Business insurance offers coverage to a wide range of big, small and start-up businesses. Mentioned below is a detailed list that indicates the eligibility of the business insurance:
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.
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.
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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