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Choosing the right insurance solution for your business really depends on the kind of industry you operate in. If you own a pizza franchise, your commercial insurance needs would be totally different to a commercial organic farm business. Evaluate the risks you face carefully and decide what type of insurance coverage will best address them.
Broadly, each business needs to protect its primary assets like offices or warehouses and the employees that work in them. Here’s why:
Every business, irrespective of whether it is small large or medium, needs to ensure their registered office, warehouses or distribution centers are protected. In an emergency, this can go a long way to ensure that your business returns to operational status as early as possible.
Your investment in fixed assets like assembly lines and offices needs adequate protection. Commercial Insurance is recommended to accomplish this.
During day to day operations, contingencies may arise. Labour unrest, outages and production problems can mean that you may not be able to meet delivery timelines and face potential legal complications. To ensure that such emergencies do not derail your business, opt for Commercial Insurance Liability Protection.
One of the most important cogs in the wheel of any business is its employees. Consider the risks that your employees are exposed to during the day to day manufacturing or assembly of goods as well as delivery of services.
Providing adequate employee insurances helps you make sure that in the event of an emergency that results in the death or permanent disability of a co-worker, your business is not adversely affected.
When you’re running a business, your business property, where you conduct your business and store your inventory, is your base camp. It all starts and ends there. It is home to all your assets, from plants and machinery to computers and printers, and it’s where you and your employees brainstorm, work hard and make the magic happen. It is central to the existence, survival and growth of your business.
Any disturbance, major or minor, can have a cascading effect on the daily functioning of your company that can be catastrophic. For instance, a fire will not only damage the building but also the stock and machinery and equipment inside it. This would have a huge financial impact, interrupt the daily functioning of your business and may ruin relationships with clients.
Most companies in such a situation would find it hard to manage the disaster and get back on their feet. The worst part is, no matter how many precautions you take, such unfortunate events have a way of sneaking up on you at the most unexpected times.
We know you’ve built your business by putting in it everything that you’ve got, and we think it’s unfair and quite unnecessary for all of that to go to waste because of such a happening.
A Marine Insurance Policy reduces your exposure to risk in the event of loss or damage to your goods or assets while in transit.
As a fleet owner, you may have equipped your vessels with Automatic Identification System (AIS) transponders, GPS navigation receivers, echo sounders and weather radars; however as shipping lanes get busier due to increasing trade volumes, the scope for accidents has more than quadrupled in recent times, according to industry estimates.
In case of a marine disaster such as an oil spill, you may face litigation and penalties, the costs of which can be prohibitive. While legal expenses may be considered a part of the costs of doing business, they can have a telling effect on your company’s bottom line. Marine Insurance can help you manage risks and improve the resiliency of your business.
With a comprehensive Marine Insurance plan, your fleet of commercial vessels can operate without any apprehension. This will enable you to control risks arising from damage or loss to valuable cargo worth crores of rupees. For example, if your vessel runs aground or suffers a collision, the costs of towing, repair and overhaul can be very high. A Marine Insurance Policy can help you take care of such risks.
In addition, as merchant vessels are maintenance intensive, the lack of spares or consumables can result in extended unavailability, affecting utilization which can have a cascading effect on profitability.
A potential hijacking on the high seas by pirates is also a contingency that you need to factor in. A standoff involving hijacked merchant vessels may take months to resolve and in potentially result in loss or damage if hostilities break out. With Marine Insurance, you can build a level of redundancy to handle such emergencies.
With the ever-emerging business risks, your business is like a wounded person, left smack in the middle of a sea of sharks. They smell blood and they don’t understand the concept of mercy.
Any disturbance, major or minor, can have a cascading effect on the daily functioning of your company that can be catastrophic. For instance, a fire will not only damage the building but also the stock and machinery and equipment inside it. This would have a huge financial impact, interrupt the daily functioning of your business and may ruin relationships with clients.
No matter how solid your business structure is, in the dynamic business environment, its vulnerable to a variety of risks. Many claims can be made against your business, right from a customer to an employee.
The engineering and construction industries are a whole different thing and have very specific needs. We, at General Insurance, understand that and provide specialized covers for all your engineering and construction insurance needs.
If you’re wondering what is engineering insurance cover, you’re at the right place. Engineering Insurance Policies are those that financially safeguard you against the volatile risks of your industry. Scope of engineering insurance includes everything, from risks associated with machinery while it’s being installed, at work or at rest to business interruption.
