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What is Business insurance: Best Corporate Insurance
Business insurance helps an enterprise to protect its financial assets, intellectual rights, and physical property from any unforeseen risks causing huge financial losses. It financially supports the business against any loss or damage that arises out of natural disasters, thefts, vandalism, income loss, third-party claims, employee illness, bodily injury, or death. Such circumstances can cause a major obstacle for your business which results in loss of income, financial strain, and even shutting down of your business in some cases.
Hence, with a business insurance policy, you can get financial reimbursement in case of any losses that are caused due to unfortunate events that surround your business operations.
Why should you take a Business Insurance Policy?
It is essential for all business enterprises to carefully consider and assess the needs of the business as they have a lot of financial exposure in case of any loss. If the owners of the business don’t feel that they have the ability to assess all the business risks then they can also ask an insurance agent who will assess the business risks effectively and have the experience and licence to grant you a policy that is best suited for your requirements. Such policies are very vital to your business as it protects your business from various perils such as fire, theft, burglary, professional liability, general liability, compensation towards your employees, medical expenses, physical damage to property, etc.
What are the types of Business Insurance in India?
You can cover several risks related to your business by opting for a policy that will cover all your requirements. There are many options available for business insurance. The policies vary on the industry of your business, the location of operations, the number of employees, the size of your enterprise, etc. Infect, your insurance needs will change as your business prospers and your risks increase.
Let’s take a look at the various types of business insurance policies:
In case any third party claims arise against your business you may be liable to pay a huge legal fees along with the compensation. But when you have business insurance, then the insurance company will bear the cost of the third-party liability claims arising from any third party bodily harm or property damage. There are different types of liability insurance for different types of coverages including general liability, public liability, commercial liability and professional liability.
General Liability Insurance:
General liability insurance is a basic business insurance policy that offers coverage against any liability that arises out of loss or damage caused to a third party or their property. It provides financial reimbursement for the cost of legal liabilities arising out of lawsuits which otherwise have to be paid by the owner(s) of the organisation.
Professional Liability Insurance:
If you cause damage or loss to a third party while performing your duties or services as a professional then this business insurance is going to provide financial protection against such claims. This is also called an Errors and Omissions insurance because it covers any negligence or mistakes that you made while providing your professional services. You can take professional liability insurance based on a specific profession as well.
Employee Liability Insurance:
If any employee suffers monetary losses due to illness, bodily injury or death, then the employer or the owner of the business has to provide the employee with a financial reimbursement for the losses suffered by them as per the Workmen Compensation Act, hence this policy is also called a Workmen Compensation Policy. It also covers legal expenses in case the workman’s family files a lawsuit against the business. This policy is also mandatory as per laws of many countries.
In case of any property damage the business owner(s) have to bear all the cost to recover such property. This policy helps the business owners in paying the repair and replacement costs of damaged assets and property. There might be a possibility that your business might even shut down because of a disaster that damages your property. Hence, you need protection for the physical location of your business along with damaged tools, documents, assets and even damages caused by vandalism.
Loss of income cover:
If you can’t run your business because of covered property damage, business income insurance can help replace your lost income. So, you can use this coverage to help pay for ongoing expenses, like rent, utility bills or payroll. This type of insurance is also known as business interruption insurance.
Commercial Auto Insurance
Commercial auto insurance helps protect you and your employees on the road if you drive company-owned vehicles for business. It can help cover property damage and bodily injury claims from an accident your business causes. This is important because a personal car insurance policy won’t help cover third-party claims in an accident you cause with a business-owned vehicle.
Commercial Umbrella Insurance
Commercial umbrella insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.
Data Breach Insurance
Data breach insurance helps your business respond to a data breach if personally identifiable information gets lost or stolen. Some insurers may call this coverage cyber insurance. Data breach insurance can help pay your costs to: Notify impacted individuals, offer identity theft monitoring services, and create a public relations campaign.
Inclusions of a Business Insurance Policy:
Even though it’s not mandatory to have business insurance, it’s still crucial for any kind of organisation. Business insurance in India has the following features that make iit significant to invest in this policy:
- Property damage or loss caused by natural calamities like flood, storms, earthquake, cyclones, landslides, etc. is covered
- Loss and damage due to theft and burglary is
- Third-party liability claims on the business are
- Illness, injury or death of an employee due to or during the course of their work is covered.
- Loss of earnings after an unfortunate event takes place is also
- Liabilities arising out of negligence, errors and omissions are also
Advantages of Business Insurance:
- The business stays protected from unexpected happenings like fire and natural disasters.
- Helps make the business
- Retains and attracts employees to the business if financial protection is offered to
- Helps in building reputation in eyes of potential investors, clients and the
- Physical assets of the business stay well protected
Exclusions of a Business Insurance Policy:
- War or nuclear damages.
- Damages or losses covered under another
- Normal wear and
- Illegal activities by the insured or their
- Intentional loss and
- Third-party loss or damage due to personal
- Auto Insurance unless not covered
- Any other exclusions clearly specified in the policy
How to buy Business Insurance:
- For buying a business insurance policy online, go to the official pages of the insurance companies and read about their If it suits your requirements, you can go ahead and compare the premiums, coverage and terms of all the insurance providers by using their web aggregators to make the final decision.
- In an offline setup, you can visit the branch of the company, talk to an insurance provider, inform them of your needs and requirements, after which they will suggest the
suitable policy to you. You can also contact and insurance agent and game the expertise on which kind of policy would be best suited for your business.