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Business Insurance

An insurance cover to protect your business from unexpected events or fall during hard times. Business insurance offers end-to-end risk management services to provide a safety shield to your business and company from different types of threats, perils, tragedies, etc.

The entrepreneurs who have started new business with a motive to achieve various goals and success should purchase business insurance as this will help them to secure their business from several risks like group life insurance, group mediclaim, group personal accident insurance, insurance for resources, package for office, fire insurance, along with insurance for liabilities.

Insure Your Business & Grow Safe

Insure Your Business & Grow Safe

PolicyX brings you all the requirements to secure the future of your business, compare plans with PolicyX and get insured now!

Guaranteed Complete Cover

Guaranteed Complete Cover

Business insurance will protect the business along with its employees. Go for the group insurance and provide better care to your workforce.

Nothing Is Certain, But Insurance

Nothing Is Certain, But Insurance!

Running a business is all about the ups and downs. Choose the best insurance plan and never fall, be prepared for it.

business insurance Importance

Importance of Business Insurance

If you are running a business, then you might be aware of the financial losses, risks, and any other type of hazard that may harm your business. Business insurance is a type of insurance that provides coverage to the company against any damage such as natural calamities, thefts, income loss, employees' sickness, death or injuries, any type of judicial proceedings, and sabotage. These events may cause severe regression in your ongoing business deals and may lead to huge losses. Even this may result in shut down your business due to extreme income loss. Hence, it is necessary to buy an effective insurance plan to safeguard your business from any unexpected mishap. An insured business can gain the reliability of potential investors and clients by ensuring the safety of their investment for the company's growth.

Benefits of Business Insurance

Risk Management

Risk Management

Business insurance provides cover against damage and losses to your business properties and assets due to many possible reasons.

Third-Party Liability

Third-Party Liability

In the event when the business causes harm or any physical injuries to the third party this insurance will help to cover those expenses.

Safeguard From Natural Hazards

Safeguard From Natural Hazards

If any miserable incident takes place and your business suffers a big loss in the economy, this insurance will minimize the losses.

Lawsuit Cover

Lawsuit Cover

It offers coverage during legal proceedings against the business and takes care of the expenses related to it and settlements.

Participate in Threats

Participate in Threats

An important step towards the protection of your business against any losses and supports for sharing all the risks caused for continuous growth and operations to attain normalcy.

Copyright Security

Copyright Security

Protection against liabilities for advertisements i.e. if a business breaks the copyright regulations of some other business, then this liability will defend the legal obligations towards those claims.

Types of Business Insurance Plans

Professional Liability Insurance

Professional liability insurance or Errors & Omissions (E & O insurance), provides coverage to a business that is harmed due to carelessness i.e. any error caused by mistakes or if the company fails to perform. Every business has its own group of queries that can be resolved in a specified manner.

Home-Based Businesses

An insurance for the businesses at home. Many workers chose to start their business in their houses. But the commercial property or homeowner policy will not cover your home business. This insurance will provide coverage for the facilities and supplies in adverse situations.

Product Liability Insurance

Running a business to sell and manufacture goods and services in the market, opt for product liability insurance. This insurance will cover the expenses of the legal issues caused due to an impaired or loss of any one of the produced products and secure the business in those events by offering a customized cover for the particular form of products.

Vehicle Insurance

In case of any accident with a vehicle of the business, this vehicle insurance utilized for business purposes can be used to cover for damages or loss, if any. The vehicle used in the event of an accident must have an insurance for safety. However, if the workers use their own vehicles for business purposes then they will be solely responsible for the insurance of their own.

Worker's Compensation

As the name suggests, this type of insurance will protect your employees from any emergency and health conditions as well. Adding this compensation for the workforce will assure them for a secure future leading to a better output. The benefits of this plan are many, such as disability, death, therapeutic care, etc. Workers injured or die during his work due to any circumstances, this plan will cover for the same. Whether working in a low-hazard area, skid or misstep, or suffering from carpal tunnel syndrome can lead to a high-cost claim from the insurance company.

Business Interruption Insurance

Any unexpected hazard or devastating incident interrupts the activities of an ongoing business. At these times, it is difficult for the workforce to generate business in the form of production of goods and services, selling products, making calls, fail to come to the office, etc. which will further lead to loss of income and finally a huge loss to the company. This is mostly required for the business that is located in natural areas like e.g. commercial outlets. Business interruption insurance will be efficient in those cases.

Property Insurance

If there is any loss, damage, or theft of property in a business, then this type of insurance will take care of the expenses. This could be mandate insurance for a personal or rented business space. It covers all the appliances, furniture, catalogs, or any other interior space during a natural calamity, theft, fire, storm, etc. Generally, earthquakes and floods are not covered under the plan as they may lead to massive devastation.

Inclusions & Exclusions of Business Insurance

Business insurance provides security to your business from different unexpected events and hazards including risks to profit and income of a company. Let us discuss what is included and excluded in this essential insurance cover:

Inclusions

  1. Loss in the economy due to financial crisis in the company.
  2. Any loss that might be a result of theft in business.
  3. Employee death or injuries are covered during the period of his/her employment.
  4. Loss due to natural hazards and fire.
  5. Third-party liability allowance in business.
and

Exclusions

  1. Any nuclear hazard and depreciation.
  2. Failure of electricity and power.
  3. Action by the government for any certain cause.
  4. Activities that are not legally performed by the policyholder.
  5. Any extension or reduction of the business property.

Who Can Purchase Business Insurance?

Business insurance offers coverage to every type of businesses including start-ups. Let's look into some common buyers of business insurance excluding many other units:

  • Any industry running a business
  • Restaurants
  • Retail stores
  • Trading companies of India
  • Wholesalers
  • Contractors
  • Distributors
  • Different production units of India

Why Compare Business Insurance Online?

Before purchasing a business insurance plan which fulfills your requirements, it is vital to go through the different plans offered by the various insurance companies and make a comparison between the plans to choose the best suitable plan. Compare online via different websites and insurance aggregators to opt for the best deal that will provide coverage against all the threats to your business.

While purchasing a plan, it is your responsibility to look into the features and benefits of the plan to provide comprehensive safety to your business in every sense. Also, the cost of premiums you are paying for a plan should be worthwhile because if the insurance you have chosen does not cover certain situations that are not in your hand and cause a major loss then it will be of no advantage for you. Hence, a comparison is important and beneficial prior to purchase a business insurance plan.

Point To Remember Before Buying Business Insurance

Buying a business insurance online, a few listed things below to be kept in mind before buying a business insurance plan:

  • Do a survey of the business insurance plans before choosing an option to opt for.
  • It is quite possible that you are new to a business and not aware of the upcoming risks, take advice from experienced professionals and choose accordingly.
  • Go through your requirements and make a checklist before buying a plan.
  • In case you need additional coverage to cover the losses during disasters, inform your insurer immediately.
  • Analyze your business risks first to purchase plan, the amount of cost of premiums you will pay to get coverage against disasters should be able to provide maximum coverage in need.
  • Try to keep the deduction amount of the insurance to be less so that you will get wider insurance coverage against your claims.

Why Compare Business Insurance With PolicyX?

Secure your business with PolicyX, compare several plans from the best insurance companies online and buy the best deal at an affordable price within a few clicks. PolicyX is an IRDA approved web insurance aggregator following the IRDA regulations to provide you with the most required features without wasting a minute.

  • Compare business insurance plans offered by different insurance companies at zero cost with PolicyX.
  • One solution for all your needs to insure your business at a go.
  • Free quotations provided from top-ranking insurance companies in India.
  • Excellent customer assistance and support from PolicyX to help you in every step to get insured.
  • Provides detailed information about the numerous plans so that you can compare and choose easily sitting at home.

Business Insurance Claim Process

1

Inform the insurer :- If the policyholder suffers any damage or loss then it is his/her responsibility to intimate the insurance company about the incident and the current situation. A crime like sabotage should be informed at the earliest for a quick process. After informing you need to check regularly with the insurer to quicken the process.

2

Processing of claim :- Submit the essential documents to the insurance company to process your claim fast. All the evidence along with the necessary documents needs to be submitted to the insurer.

3

Investigation :- A surveyor will visit to investigate the incidence. If thy found the claim to be generous then he/she will follow the clauses of the policy and proceed further.

4

Claim settlement :- After this the insurer will go through the submission report and decide if it is true, and if everything will go fine then the sum assured amount will be paid to the policyholder for the loss.

FAQs

Yes, if you are the only owner of the business you must have to purchase a business insurance to secure your business from any possible uncertainties.

Yes, this insurance will protect you from the losses and damages caused due to any natural calamities or hazards and take care of the expenses.

Yes, this insurance also covers the third-party liabilities and manage the expenses of any loss or injury caused by you to the third-party in every sense.

Yes, this insurance will provide excellent coverage for the medical expenses of the employees in case of any injury, disabilities or death, etc.

The business insurance will cover for the employees personal accidents in events where he/she is out for any work purposes from the office.

Definitely, business insurance goes well for a restaurant business as well. This insurance will cover all the expenses for any damage or loss due to any hazardous incident in the restaurant.

Last updated on 23-09-2019