Business Insurance

We made our BOP customizable, so you can add other business insurance coverages to get more protection. For example, if your business provides a professional service to customers, you may want to get a professional liability insurance policy. It can help protect your business from claims that it made a mistake in the professional services given

What is Business Insurance?

Business insurance protects businesses from any financial loss or damage that occurred during the everyday operations of a company. A policyholder gets the coverage for risks related to employees, damage to property as well as legal liabilities. Such incidents can cause a major setback to your business. In several cases, it leads to partial or complete closure of the business leading to loss of income.

Why Should You Cover Your Business with Insurance?

It is vital for the owners of small enterprises to carefully take into consideration and assess the needs of their business as they have extensive financial exposure in case of any loss. If the owner of the business does not feel that they have the ability to assess business risk effectively and the need for insurance coverage, they must work with an experienced, licensed, and reputable insurance agent. Business insurance protects the SMEs from fire, theft, professional liability, general third party liability, compensation towards workers, medical expenses etc.

Features of Business Insurance

Though having your business insured is not mandatory in India but it is necessary. Business insurance India comes with certain features that make the policy worth your money:

• Damage to the property due to fire or natural disasters such as flood, earthquake, storm etc
• Loss due to theft
• Business insurance covers third party liability on the business
• Injury or death of an employee during the course of his/her work is covered
• It covers the loss of profits after an outbreak of a calamity

8 Types of Insurance Policies for Small Businesses to Consider

You may have to get different types of insurance depending on the industry you’re in. That’s because every business faces unique challenges and risks. While there are many types of insurance that you can get, read about eight policies that many small businesses can get to help protect them from a variety of risks.

How to Buy Business Insurance India

Buying insurance can be interesting only if you follow the right process. If you are looking for business insurance, you can buy either online or offline. To go online, you must know who all are selling business insurance. Go to the official websites and go through the plans in detail. If you find anything that suits your requirements, next go to the compare option. Here you’ll get a fair idea of how a particular plan works for your needs. you can get to know the different premiums and coverage offered by the insurers. The last step is to finalise one and pay the premiums online.

On the other hand, you can buy offline as well, by approaching the preferred insurance provider. This is the traditional way of buying insurance, which requires you to visit the branch, know about the plans and buy. You can buy even approaching an agent as well, provided he/she is well-versed with the product information and you are not being misled.