Corporate Insurance

Corporate Insurance or SME Insurance is specially designed for companies, which ensure optimum protection to the most valuable assets. Whether it is fire insurance, liability against property damage or services offered, group policies to the employees or insuring other valuable machinery in the organization, Corporate insurance plays an imperative role. It is important to identify the insurance needs of a large entity or small start-up that prevents the business from coming to a halt.

Why Do You Need Corporate Insurance?

From the very beginning, a business is exposed to certain risks such as the risk of breakdown, damage or theft. One lawsuit is enough to tear down a small business even before it has got off the grounds. Fortunately, business has access to certain types of insurance that ensure its safety. For example, employees are the most valuable asset of a business entity that needs to be retained for the progressive growth of the company. This policy with its life and health coverage feature is a great moral booster and works as an employee retention factor.

The types of coverage offered under Corporate Insurance, are designed keeping the various insurance needs of a company. So, it is the responsibility of every employer to identify the needs of its various asset and cover them accordingly.

Types of Corporate Insurance

Here are some types of corporate business that you must have in place:

Commercial Insurance

This insurance is designed for commercial entities such as industries, businessmen, start-ups to cover the associated risks. It is a type of business insurance that offers financial solutions to various unforeseen events that can hold the growth of a business.

Group Insurance

Group insurance is designed for a group of people from the same business entity, association or organisation. It is especially for the large corporate or business groups with considerable employees. Under this policy, the employers insure its employees in terms of health, travel, life, liability, personal accident etc. However, this policy covers the insured until he/she is in the organisation. The policy ceases straight away if the insured resigns from his duty.

Key Features of Corporate Insurance

Though corporate insurance can be multiple in types and each one has come with different features, the most common features include:

  • Your business set-up is completely protected against any lawsuit, irrespective of even your company is at fault. It also covers unintentional negligence causing harm to the third party. With this insurance, the insured is well-covered for the legal expenses upon the business.
  • Even at times, insurance company appoints a lawyer to defend the business against a claim.
  • The group health insurance to the employees acts as an ultimate financial shield to the family, even in the absence of the insured.
  • The valuable assets of your business like machinery, building, money etc. are insured against damage, breakdown and theft.
  • Your business is covered for the loss due to a business interruption as well.

Benefits of Corporate Insurance

The benefits of having SME insurance can be manifold. Some of the benefits you can’t ignore:

  • SME insurance keeps the business running or protects it from slowing down. It financial protects the company from the loss caused by a disaster
  • Your company’s credibility doubles if it’s covered with insurance. Even it helps retain the most valuable asset, the employees. Employees feel protected under such environment and perform better. This helps in growing the business. The types of group insurance look after the various insurance needs of an employee.
  • These days even clients look for the business set-ups that are well-covered with insurance. So, even to expand your business and protect it from unforeseen events, you will need a corporate insurance policy.
  • Corporate insurance policy also provides financial protection against an ‘act of god’. Chances are there that you may face a huge loss due to the outbreak of natural disasters such as flood, earthquake, storm, hurricane. In such cases, the office building and assets are well protected with SME insurance.
  • Travel insurance offered under a corporate insurance policy covers the employees while they are travelling for business needs. This policy helps them tackle certain travelling related risks such as loss of baggage, flight cancellation or delay, medical emergencies while travelling etc.
  • The life coverage offered under SME insurance helps the insured remain stress-free about the financial future of its family in his/her sudden demise. A regular payout is released as a source of income to the family.
  • I order to protect the infrastructure, computers, furniture against theft or damages, corporate insurance policy is essential.

Thus, a corporate insurance policy is imperative to plan the financial future of your business set-up and to protect it from the sudden financial outburst.

How to buy SME Insurance in India

SME insurance has started seeing a rise despite its low penetration due to the vicious level of mistrust. Small and Middle Enterprises plays an important role in the growth of Indian economy with 45% of industrial output and creating employment opportunities every year. Many SMEs are now at entrepreneurial ventures. However, risk is inherent and SMEs are being vulnerable to such risks, it is prudent to have SME insurance in India to back someone’s finances.

SME Insurance in India Online

SME insurance in India can be bought either online or offline. To buy online you can search for the insurers that offer SME insurance in India. You can approach aggregator websites that help you compare the plans and suggest corporate insurance policy as per your insurance need. If you find a plan adequate in terms with your business needs, just visit the official website of the insurer, provide the information and pay the premiums. Buying this way, you can save time and money and can avoid being misled by an agent.

Buy SME Insurance in India via Banks

The benefit of buying SME insurance in India through banks is the reliability. A bank will never disappear overnight. However, the only issue you may face is the little understanding of the salesperson about corporate insurance and the idea of selling would be target oriented. So, you need to be very careful while listening to his/her sell speech and decide accordingly.

SME Insurance in India via Agent

However, they may not able to provide choice, but they do help you fulfil the tedious paperwork and necessary follow-ups. Due to the busy lifestyle, you may not able to track the insurance companies or complete the formalities. Your agent will help you do that, provided he/she has sufficient knowledge about the product.

Things to Consider While Buying SME Insurance

Whether you go online or offline, buying corporate insurance requires you to be attentive or careful. By factoring certain things, you can ensure the best deal.

  • The foremost thing to consider is an online Online comparison of corporate insurance will help you analyse whether you are getting the sufficient coverage or not. There insurance aggregator websites that help you compare plans and suggest the options that suit your needs. Through online insurance, you can avail a plan at an economic rate as well.
  • Analyse the insurance needs of your business first, then buy. Without knowing your actual need, you can’t zero down on the right plan. Buy insurance keeping the type of business you own.
  • It is essential you read the policy final print carefully and buy. Final print may contain certain hidden clauses that need your attention.
  • Finally, do enquire about the insurance company and the services offered. You can consider online reviews while zeroing down on a plan.

How to Claim Corporate Insurance

In order to ensure a smooth claim process with the insurer, the following steps are to be ensured:

Claim Registration

In case of an incident due to which a claim can arise, immediately inform the insurer at their helpline number. The following information will be required while registering a claim:

  • Employer Contact number
  • Policy Number
  • Name of Insured
  • Date & Time of Loss
  • Location of Loss
  • Contact details at Loss Location
  • Nature of Loss
  • Estimate of loss

Claim Survey

Upon intimation, the customer care executive will register the claim. The company will appoint a surveyor to investigate the damages. Try to provide him with the best possible information regarding the incident.

Claim Assessment and Documentation

The surveyor after estimating the damage will seek the requisite documents.

Settlement and Treatment of Salvage

If the claim fulfils the terms and conditions of corporate insurance policy, the same will be considered for settlement. The payment will be disbursed with the consent of the insured accordingly.

What is Corporate Insurance Policy?

Ans:

A corporate insurance policy is designed for a large or small business entity to cover different types of risks it may face.

Whether maternity benefit is covered under personal accident cover of group policy?

Ans:

Your group insurance policy offering personal accident cover will not offer insurance for maternity. However, insurers offer maternity under group health insurance. To be rest assured, kindly confirm with the insurer or HR personnel within the organization.

Why should I buy individual health insurance, even if my employer covers me for the same?

Ans:

It is good if your employer covers you under health insurance where the incurred gets the medical expenses reimbursed. However, you can enjoy the benefits until to work with this organization. The moment you put your paper down, you are no more covered by this plan. So, in case of any medical emergency, the expenses have to be borne by you if you are not backed by another health insurance.

What are the modes of buying Corporate Insurance Policy?

Ans:

One can buy corporate insurance policy either online or offline.

What our clients say

Our partners
  • aegonlife
  • apollo
  • Aviva
  • Bajaj
  • baxa
  • cigna
  • edelweisstokio
  • HDFC-ERGO
  • hdfcstandard
  • indiafirst
  • idbi
  • iffco
  • indiafirst
  • Kotak
  • liberty
  • lic
  • metlife
  • Max-Bupa
  • maxlife
  • Reliance
  • religare
  • royal
  • sahara
  • sbilife
  • star-health
  • Future Generali
  • oriental
  • universal Sompo
  • national
  • relianceGeneral
  • Kotak
  • United
  • digit

*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.

CIN: U74900HR2014PTC053454 Policybazaar Insurance Web Aggregator Private Limited, Registered Office no. - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001
IRDAI Web aggregator Registration No. 06 Registration Code No. IRDAI/WBA21/15 Valid till 13/07/2021 Insurance is the subject matter of solicitation. Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the Insurer © Copyright 2008-2019 policybazaar.com. All Rights Reserved.
One-Stop Destination
for all your Insurance Needs!

Compare & Buy Best Plan in:

UAE
Car, Travel, Health & more!
Apply for Credit Cards & Loans
India
Investment, Life, Health & Other Products from India!