Business Insurance Claim

You should be prepared for any uncertainties in your business. Therefore, having a Business Insurance Policy and knowing the Insurance Claim process is very essential.

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Businesses face all kinds of risks and, therefore, it is always a good idea to cover those risks with a business insurance policy.


It is equally important to also know what exactly your business insurance policy covers, and how to claim the insurance benefits. Keep a plan ready with details such as whom to contact in case the need of business insurance claim arises. Also, ensure that you save a copy of your business insurance policy at least somewhere apart from your business, since there are chances of your business insurance information getting stolen or burnt or destroyed.



Features Of Business Insurance Policy



How long does the insurance company take to settle a claim?

How long does the insurance company take to settle a claim?

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.

How does the insurance company calculate the premium for the business insurance?

How does the insurance company calculate the premium for the business insurance?

The premium of the business insurance policy 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

Nature of business insurance

Nature of business insurance

Business insurance is nothing but a contract between an insurer and an insured, wherein the latter pays a certain amount of premium regularly and the former agrees to pay the sum assured to the insured if any claim is registered after verification of the genuineness of the claim.



Step-by-Step Procedure for claiming Business Insurance





  • Inform the insurance company in case of any accidents or a situation that calls for a claim immediately

  • In case of crimes such as vandalism, the insured needs to intimate the law enforcement team as soon as possible.
  • The insured should ensure to follow up regularly with the insurance company post informing the necessary bodies

  • Submit the documents to the insurance company such as police reports, duly filled in claims form, a record or the snaps of the incident and other requisites from the insurer



  • An investigation would be carried out for the claim by an adjuster from the insurance company

  • The adjuster would check the policy terms and conditions in case of genuineness of the claim
  • The insurance company would settle the business insurance claim if the insured is eligible for the same



Some of the frequently asked questions on Business Insurance Claim?


It is important that small business owners protect their businesses from any loss or damage as they are most vulnerable to any financial setbacks. A Business Insurance 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, research the insurers who sell the type of insurance you are looking for. Compare the quotes of different insurers and then zero in 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 buy the business insurance from the local branch of the insurance provider.

Yes, your business insurance offers protection against any losses or damages due to natural disasters such as floods, cyclones, storms, earthquakes, etc. Yet, read the business insurance policy document before you go ahead with the plan.

Yes, the marine and the aviation insurance pays for any losses or damages caused to the products







How to Buy Business Insurance


Buying business insurance in India is a very simple and hassle-free task if you shop online. First, research the insurers who sell the type of insurance you are looking for. Compare the quotes of different business insurance providers and then zero in 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


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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If you need help in making claim please reach out to us at

(022) 4891 3051 OR Email us with your Needs?

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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