How is the claim value arrived at for machinery breakdown policy?

Machinery breakdown insurance policy covers loss due to sudden and accidental machinery damage. Damage could be a result of internal and external causes. The cover is offered for machinery in both working and in rest condition. We have highlighted a few situations below that lead to machinery damage – Short-circuits, excess voltage, faulty electrical designs, Operating the […]

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How does product recall liability policy work, and what does it cover?

Product recall is a request from the manufacturer to return a product after the discovery of safety issues or product defects that might endanger the consumer or put the maker/seller at risk of legal action. Product recall insurance is provided as an add-on to the product liability insurance policy. Product recall insurance within product liability […]

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The Most Significant Liabilities for a Company Director

The Most Significant Liabilities for a Company Director Introduction– The Companies Act, 2013 (“The Act”) defines a director to mean ‘a director appointed to the Board of a company’. The Act consists of the concept of an ‘officer who is in default’ for the purposes of affixing liability on such person in respect of any […]

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How to file a claim under Commercial Liability Insurance?

How to file a claim under Commercial Liability Insurance? When a loss or an accident occurs in your business that demands you to make a claim under your commercial liability insurance policy, there are few steps that you must follow: Contact your insurance agent: This could be the person who has helped you acquire the […]

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Who can purchase Commercial Liability Insurance?

Who can purchase Commercial Liability Insurance? Commercial liability insurance is a smart way to protect your business against unfortunate expenses in case of liability arising out of damages to property, bodily injury, and other business operations. Whether it is a small business enterprise, a start-up, or a well-established corporate business, one ugly lawsuit may upset […]

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What is a Commercial General Liability Insurance?

Commercial General Liability Insurance (CGL) protects your business against any liability arising from third-party for bodily injury or property damage and personal injury caused to them. It means, if your company, product, your work or anything associated with your business causes injury to someone like your client or their property, you could be legally held […]

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What are the advantages of a Commercial Liability Insurance plan?

A business can protect itself by purchasing a commercial liability insurance, which offers the following benefits: Bodily injury liability: It protects your business if injuries are caused to the other person due to your business operation. Property damage liability: It protects your business if damages occur to the property of others. Personal injury liability: It […]

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What are the different types of Business Insurance for small businesses?

Business insurance, also referred to as commercial insurance, is a combination of insurance plans catering to a multitude of business needs. Based on the type of activity in the firm, any or multiple of the following different business insurance policies can be bought: Office Premises / Shop Insurance Stocks / Goods (Raw, in process or […]

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Things to Know Before Buying Professional Indemnity Policy

Professional indemnity insurance is known to be popular amongst areas of expertise like accountancy, architecture, medicine or law. It is also highly useful to anyone giving professional advice, consultancy or design work. PI insurance is not legally compulsory; however some organizations will only work with a consultant who has some form of PI insurance cover […]

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