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.
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.
Here are some types of corporate business that you must have in place:
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 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.
Though corporate insurance can be multiple in types and each one has come with different features, the most common features include:
The benefits of having SME insurance can be manifold. Some of the benefits you can’t ignore:
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.
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 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.
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.
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.
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.
In order to ensure a smooth claim process with the insurer, the following steps are to be ensured:
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:
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.
The surveyor after estimating the damage will seek the requisite documents.
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.