Know About Corporate Insurance In India. These different kinds of risks may appear anytime during the business tenure and hence, the business owners must be ready to carry on their operations and safeguard their properties in the crisis situation as well. Such insurance policy covers the businessmen and their business from several business-related risks.
Any said business can fall prey to any combination of the four basic aspects of risks, namely: people, liability, and property and business continuity. In order to mitigate these risks, various corporate insurance companies in India provide different types of insurance policies for covering all the potential risks. For the purpose of better understanding, such business related risks can be categorized into different headings. An exhaustive list of potential risks and corporate insurance policies is presented, as follows:
-Policies covering people working for the organization: Corporate health, Group Health, Group Accident, Group Gratuity, Group Life Insurance, Group Travel, Personal accident, Sports and entertainment.
-Policies covering property: Property and Asset, Fire, Burglary, Plate Glass, Glass Breakage, Project.
-Policies covering the business owners liability: The accountability of the position of the business stakeholders; such as the Director has increased with time. Sometimes, they may be expected to pay legal costs; which may be covered by corporate liability insurance or public liability insurance.
-Policies covering business interruption: Aviation, Marine, Business travel accident, Engineering.
Business owner may finalize any of these corporate insurances in India under the guidance of experts, by following a step wise approach. The first step involves a thorough understanding of the organization and its vulnerable and valuable assets that should be covered. Next, accessing the value of the assets identified. Next, running a thorough research for the corporate insurances; available at disposal. Next, calibrating various insurance policies against the covers with the risks associated. Next, establishing the contact with the insurance policy underwriter and finalizing the appropriate insurance policy.
Hence, it is very well understood that corporate insurance is a vital element for proper functioning of the business. Thus, business owners and the financial experts working within the organization should take due diligence and care while selecting and finalizing the insurance for protecting their organization from the unavoidable risks.
by: Jennie Kakkad