How to Buy the Best General Insurance for Your Business

Looking to make it big in the corporate world? If you are a business person, your primary focus would be to make it a successful venture which cannot be possible until and unless you provide the best facilities to all the people connected to your business! Although you might have invested in all the possible amenities available in the market, the benefits of a General Insurance policy cannot be overruled in any way. However, when it comes to choosing the best one that suits your business model and the target group (employees. Vendors or third-parties etc.), it can be a time-consuming and a really tough task.

But you can save your time now and follow these easy steps that will guide you towards choosing the best general insurance policy for your business!

1. Consider the wide range of insurance covers

  • First of all, you need to look for the range of business insurance covers which are available in the market. As you research, you will find several covers to protect your business and your business premises.
  • These might include Group Mediclaim, Group Gratuity, Fire Insurance, Workmen Compensation, Personal Accident, and Professional Liability Insurance policies.
  • You need to first prioritise on the policies that are absolutely important for you to take. These might also depend on the kind of business you run.
  • For example, if you run a hospital, it is better to avail the professional liability cover for your employees on priority to save the reputation of your business and attract talented employees. Similarly, in the case of a construction company, workers are more satisfied if they have a workmen compensation cover to protect them from injuries at work.

2. Choose an advisor for guidance

  • In the case of business, you need to choose a variety of insurance covers depending on the size, type, and preferences of employees.
  • It can be really complicated for you to decide on your own in the absence of any advisor.
  • If required, you can save your time by choosing a suitable corporate advisor like SecureNow and get the details and quotes from a variety of insurers on the same platform.
  • This will save your time and effort of visiting multiple insurers and doing all the research work yourself!

3. Get knowledge about the different insurers

  • After you have chosen the advisor, you can get detailed information about a variety of insurers in the market and their respective products.
  • The advisor will also suggest the policies that are generally taken by the same line of businesses.
  • You can also ask questions regarding any hidden conditions of the policies which are offered by different insurers.

4. Choose the covers that you need

  • Now, you can decide the list of insurance covers that you would prefer to take.
  • Inform the advisor about the same.

5. Decide sufficient sum assured of each policy required

  • With consultation with all the people concerned, you need to decide the sufficient sum assured of the policy before availing the same.
  • This will depend on the size of your business, preferences, and average age of employees.
  • For group insurance policies like Mediclaim and life insurance, the amount of cover can be decided based on their income grade.
  • For other policies cover is decided based on unique requirements of your business, like turnover, size of consignment, etc.

6. Get quotes

  • After the sufficient sum assured for each policy has been decided, you can get the quotes from multiple insurers online with the help of your advisor.

7. Compare and Select the most suitable policy

  • You should compare the quotes and select the insurer that suffices maximum of your requirements at affordable premium rates.

8. Select any add-ons

  • In case you need any add-ons, you can choose the same.
  • For example, you may choose to secure the artworks and paintings of your office in a Fire Insurance policy by availing an add-on and paying a higher premium.

9. Avail the policy

  • The final step is to avail the policy keeping in mind all the inclusions and the exclusions of the policy.
  • Read the policy document very carefully before you pay the premium amount for the first time.

Insurance is one of the most convenient and considerate ways to build a reputation in the market, reduce attrition and attract talented employees. All business owners, whether small or big, need to avail certain general insurance policies to protect their business from any unexpected mishaps in the future.

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