Commercial Insurance
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Commercial Insurance Features
Property Insurance
Cover the damages to your property from fire, burglary and natural perils. Also protect your ongoing construction projects from the damage before the project is completed. Effectively insure your warehouse and goods stored in the factory from damage.
Marine Insurance
Cover all your ships, goods and cargo transported by means of sea, rail, road, air or waterways, from the risks during a journey. These risks include damage to goods or the ship itself. Also insure your shipments whether imported or exported from several risks. Also cover goods that move across several locations before final delivery.
Liability Insurance
Protect yourself against liability claims. These typically arise from third parties due to bodily injury or property damage or from customers due to deficiency and negligence in service. Liability insurances can also protect key executives and directors from litigation brought about by their role in the company. This insurance covers the cost of litigation and the final court awards.
Specific Liability Risk
There are certain insurances like cyber risk, commercial crime insurance and carriers’ legal liability that are made for specific industries. Cyber risk will protect you from the financial loss due to failure of IT systems. Carriers’ legal liability protects fleet owners and transporters from damage to goods and merchandise transported in the vehicle. Commercial crime insurance covers financial services companies from the variety of criminal acts.
Benefits Overview of Commercial Insurance
Protect yourself from the costs of litigation
If a lawsuit is filed against you the costs can be prohibitive. Even before the case is decided you could be out of business. Good liability insurances pay defence costs immediately even before the courts pass judgement. In some cases the insurer will recommend lawyers and even take on the responsibility of defending you
Protection from theft
Cover yourself for the cost of goods and equipment that have been stolen from your factory or warehouse. Also cover the shipments which are being transported by any means of transport, from damage due to theft.
Protection from natural disaster
Fires, floods, hurricanes and tornadoes have been the end of many businesses. By taking commercial insurance, you can protect your assets and inventory if they are damaged in a natural disaster. The insurance is highly customizable and can be extended to include terrorism risks. Loss of profit because of these perils can also be covered.
Get competitive prices
Commercial Insurance, when structured properly, is available at competitive rates. The best insurer for each risk can be different and you need to think through whether to consolidate insurance purchase or buy the best-in-class for each risk.
Better claim settlement
Commercial insurance when structured properly has few restrictions and claim settlement is relatively smooth. The documentation requirements and coverages are well understood and ambiguity is minimal. Any issues or delay can be escalated to us using our mobile app or contact numbers.
Exclusions
The main exclusions are known issues, prior acts, fraud and contractual guarantees. This is a long list but we can help you navigate and understand these exclusions. Commercial insurances also carry warranties which are conditions that you must fulfill for the insurance to be valid. We make sure that the warranties are relevant and can actually be complied with.
FAQs
Commercial Insurance includes various insurance that protect your business from financial losses. Every business has its own sets of risk, which means a commercial insurance policy must be tailored to the business.
The following entities can take group life insurance cover:
- Property Insurance: It protects your property from the damage and loss due to fire, storm and other causes.
- Marine Insurance: It covers the damage to your goods in transit and also protect your ships from damage. The transit can be by any mode of transport.
- Liability Insurance: It covers third party claims, losses due to negligence, wrongful acts and services that lead to another person’s loss or injury.
Commercial Insurance is the contract between the insurance company and the organisation. In the event of the covered loss, the insurance company will pay the losses incurred by the business upto the sum insured.
Commercial Insurance cover the company against the liability claims arising from the property damage or bodily injury to the third party. It may include financial obligation, legal defense cost, libel and slander.
Marine Insurance covers loss or damage to ships, cargo and shipments transported by road, rail, waterways or air. It covers any physical damage to the ship, liability to the damage to the third party property or bodily injury or damage to the personal property on the boat.
Endorsement are the amendments to the existing policy when there are some changes in the standard policy cover. These endorsements are used in order to increase or decrease the cover under the policy or may outline conditions you need to comply with.
Commercial Insurance can be bought from any authorised insurer registered with IRDAI. However commercial insurance policy covers vary considerably between companies and so does the premium. We will provide you the best quotes available and will also guide you through the process
