Commercial insurance or business insurance is a type of insurance that covers risks associated with any business. There are various types of insurance policies available in the market to help different businesses access financial availability for various business risks. It could be store, store, factory, warehouse or car insurance.
What is Commercial Insurance?
Commercial insurance protects businesses from any unexpected problems. Some of the most common insurers are shop owners, property insurance, travel insurance, product and public liability insurance, employee liability insurance, marine insurance, property insurance, and many more. These policies provide a safety net for business owners in the event of a problem.
Types of Commercial Insurance
Let's take a look at some of the types of commercial insurance available in India that can help reduce and manage various business-related risks.
1.Store Shop Insurance: Store Owners' Insurance Policy is a good choice for shopkeepers who work in stores, clothing, small restaurants, a good store, etc. Extensive policy covers all risks and conditions faced by small or medium-sized shop owners. Includes losses related to the following issues:
• Fire hazards
• Burglary and burglary
• Deterioration of equipment
• Personal risk
2.Travel Insurance: When valuable business goods are moved from one place to another, for example, from a supplier factory to a retail store, you should consider transportation insurance to cover any losses due to damage or loss of goods.
The obligation to adopt a travel insurance policy must be determined in the sales agreement, and the insurance must also be properly considered before the goods leave the supplier's place. Transport insurance only applies to goods shipped above ground.
The following are the assets covered under transport insurance:
• Installed goods
• Manufactured goods
• Raw materials
3.Commercial Car Insurance: Car owners who are in the business of transporting passengers or goods must take out the car insurance that covers the commercial vehicle and various types of external damage. Some of the key features of commercial car insurance are:
• Death or physical injury caused by motor vehicle use
• Any damage to property due to vehicle use
4.Credit Insurance: This policy protects businesses and individuals from the risk of legal and liability, especially in hospital and business owners. For example, a factory owner may face a debt claim from employees who receive electricity within the factory. Occupational credit insurance can help in such cases and cover medical and legal costs, if anything arises.
5.Insurance Warehouse: Businesses, where most operations are dependent and take place in bulk storage, may consider purchasing storage insurance. It includes a natural disasters, fire, and similar unpredictable conditions. In addition, you can get compensation for man-made accidents, such as theft and burglary.
6.Maritime Insurance: When goods are shipped overseas by sea, many changes take place. It travels by train, by road, by water and perhaps by air. It also changes many hands before it reaches its final destination. Shipowners take out Hull and Machine insurance to protect the ship's basic equipment and equipment.
The owners of the goods took out marine shipping insurance to protect the shipment. Maritime policy may include time or travel or both. Make sure you strike the right balance between adequate availability and the right insurance premium to get the full availability of your property.
7.Office Package Insurance: This type of insurance protects a person's office and everything under the roof, including infrastructure. Provides protection on office premises, in the event of damage from fire, theft, burglary, earthquake, etc.
One has to understand all the points included and excluded from the policy. For example, the policy does not cover any issue arising from illegal activity or war-like situations.
Covered things under Commercial Insurance
Different types of commercial insurance offer different coverage and conditions. Let's understand some of the types of coverings offered by various insurance companies.
• Home insurance covers the house and the contents inside the building
• Group health insurance covers medical expenses during hospitalization
• Credit insurance covers legal costs and other personal or material damage as a result of your business, technology or vehicle
• Transport insurance provides for the loss or damage to any property during travel
The list listed above is not limited to these points. The full list is available on the official website of various insurance companies.
Not-Covered things under Commercial Insurance
When coverage is provided, insurance companies do not cover all cases and conditions. Damage and uncovered loss to insurance firms is called eviction. There are different sets for excluding different types of insurance and programs. The list here does not cover every issue. To get to know them in more detail, please visit the official website of that insurance provider.
• In any insurance policy, any frequent breaches or deliberate negligence are covered
• Any losses due to war or war-like accidents are not included
Procedure to claim Commercial Insurance in India
In the event of unforeseen damage, you need to notify the insurance company immediately of what will happen with its 24/7 insurance. You should be aware of the claim process and follow it carefully to avoid any claim rejection. However, the claim process and required documentation vary from companies and different insurance strategies. Here’s a basic understanding of how to go about the claim process.
• Notify the insurance company, if you need to apply
• Provide details such as policy number and other documents, including a completed application form
• Provide witnesses, evidence, a copy of the FIR, medical reports, etc., according to the type of insurance plan
• Upon receipt of the documents, an inspector from the insurance company will confirm all the details
• If approved, the claim is processed within the stipulated time, otherwise it can be rejected
List of Companies that provides Commercial Insurance in India
With more awareness, a growing number of people are now considering purchasing various types of commercial insurance for business needs and their needs. Some of the companies that sell different types are:
• HDFC ERGO
• India's new guarantee
• Bajaj Allianz
• Bharti AXA
• United India Insurance
• ICICI Lombard
• TATA AIG
Not all insurance companies offer all kinds of insurance policies and coverage varies from company to company. According to your need, be sure to check all the insurance terms and conditions that apply to the needs of your particular business. Here are some points to consider:
• Be sure not to underestimate the value of the insurance policy. You can save a few hundred rupees but you can incur significant losses in the event of a serious accident
• Make a complete announcement of the nature of your business, your perceived risks and causes of losses. The insurance company may reject your claim, provided important information may be disclosed or misrepresented in the course of its policy.
• Avoid claims that are exaggerated or false, as this could lead to the denial of insurance. Serious misleading claims are considered fraudulent, and an insurance company can lodge complaints with the police about this action.
Benefits of Commercial Insurance
To protect your business and your property from any unforeseen circumstances and to manage the associated financial risks, it makes sense to choose commercial insurance. Some of the benefits are:
• If you run a company or have an office, you will need insurance to protect your property and employees. With this, you can choose the right type of commercial insurance. This protects you from all financial risks
• In the event that your business is related to a car dealership, you cannot afford to ignore car insurance. This gives you an opportunity to manage the heavy costs that have arisen in the event of an accident or incidents
• In the event that your work or business deals with customers or a third party, credit insurance under commercial insurance is necessary to manage losses and any legal costs.