To start your own business is to dare, to step out of your comfort zone into a world of uncertainty. There’s always a risk. A few entrepreneurs have a backup plan in case the venture does not work out, and have some savings in place to ensure that their household and business expenses are taken care of, until the business is established. However, there are other unforeseen events that could crop up. While insurance cannot stop an unforeseen event, it can help the dream of a successful business survive in times of need.
Health & Accident Insurance
Employees are the most essential part of any organization, and it’s important that they’re financially and emotionally safeguarded. Personal Accident insurance will take care of accidents within the premises or at home. It covers the hospitalisation cost and other expenses that arise from the accident. Health Insurance is also essential for employees, so that they can get treatment in medical emergencies without worrying about the cost. Remember, happy employees deliver better returns, and for many, it’s the only insurance they have.
The smooth functioning of a business can be interrupted by machinery breakdown or accident at the site during the installation of any machinery. Construction and Engineering policies can take care of situations like damage due to machinery breakdown; damage to construction machinery; damage to costly electronics, external data media, boilers etc.; and legal liability arising out of accidental damage caused to the property of other persons. These products include Machinery Breakdown Insurance, Erection All Risk Insurance, Contractors All Risk Insurance, Electronic Equipment Insurance and Boiler and Pressure Plant Insurance.
Fire can spread quickly and cause considerable damage. A Fire Insurance policy is essential for businesses. The policy covers the cost of repairing or replacing damaged property and can be availed of either on Market Value or on Reinstatement Value of the property being insured. A Fire Insurance policy also covers damage from other perils like riot, strike, malicious damages, bursting and/or overflowing of water tanks, apparatus and pipes, terrorism etc. Fire Consequential Loss Policies also cover the loss of profits against possible business interruption.
Each business wants to grow and expand beyond boundaries. Expansion of the business means exposing to risk that is associated with transit of goods, which must reach the destination in best condition and on time. To safeguard the risks arising from transit of goods, businesses should take a Marine Insurance Policy for wide coverage for loss or damage to the cargo whilst in transit.
Apart from the regular insurance policies, there are products like Money Insurance which covers theft suffered when handling money, whether in transit or in the till. For complete protection against potential theft, a Burglary Policy can safeguard the valuable assets. This product can be purchased as a distinct standalone product or within a suite of products to provide extensive coverage.