Once a business is incorporated, the risks that come with it are plenty and sometimes frequent. Even before you hire the first person for your firm and even before you can set up your office, a business gets exposed to certain kinds of risks because one small mistake can cause the entire business to wipe out. Fortunately, there are measures you can take to stop that from happening. There are a host of insurance options you can get to ensure the safety of yourself, your business, your employees and your customers. Here are the most common ones.
A group health insurance policy offers coverage to a group of members, usually a group of employees or members of an organisation. if offered by an organisation, the premium for this plan is paid by the organisation itself.
Accidents, many times, create serious financial issues for the injured and their dependents. In order to cover such mishaps of employees, corporates can take Group Personal Accident Insurance Policy. This policy provides complete cover in the event of death or disablement of the insured due to accidents.
Permanent Total Disability
Permanent Partial Disability
Temporary Total Disability
This policy also has some value added benefits -
Carriage of Mortal Remains
Medical Expenses Extension
Property insurance: This policy covers loss of property due to earthquake, fire and other perils like storm, tycoon, flood, inundation, riot, strike, and malicious damage.
Professional liability insurance: This insurance policy comes into action to protect your business from any negligence or certain mistakes. It is also known as Error and Omissions Insurance. Industries or Organizations that deal with finance, accounting, consultancy, healthcare, and law, this type of insurance is mandatory for them.
Workmen Compensation Insurance: Workmen Compensation Insurance covers medical treatment expenses and provides repayment to workers in conditions of death or disability during their working hours.
Product Liability Insurance: This insurance policy caters to the manufacturing units covering their losses against any eventuality happening in case of product’s manufacturing defects.
Business Interruption Insurance: This policy covers losses against the interruptions happening in business due to various un-avoidable reasons.
Marine Insurance: Marine insurance is necessarily concerned with overseas trade. There is a trade, which involves the transportation of goods from one place to another by ships, rail or road. Now this transhipment of goods from one place to another has its fair share of risks. That’s why it becomes essential to secure these goods. Besides, marine insurance is vital as it delivers protection against any loss/damage incurred to the ship and to the cargo, which is being transported to domestic or international destinations. Corporates can take open policy too to cover multiple shipments
Thus, it clarifies that Corporate Insurance is reliable and is a must for any business entities be it small or large.