Here's How You can Insure Your Business in 5 Simple Steps
May 27, 2021
Business Insurance is a type of insurance that helps you protect your assets, intellectual property and premises from any financial loss that can occur due to unforeseen circumstances such as fires, thefts, natural disasters and more. In today’s unpredictable times, it is wise to have a Business Insurance, as it would help relieve some of the stress a business owner like you goes through. It will also make sure that your business stays well equipped to battle any unforeseen odds that may arise.
To purchase a Business Insurance in India and protect your business from uncertainties, one needs to follow these 5 simple steps:
Step 1: Risk assessment of your business
The first step you need to take before you actually purchase your Business Insurance is to analyse your business for avenues that open you to unforeseen financial exposure, which could burn a hole in your pockets.
Step 2: Selecting the types of Business Insurance you need to opt for
There are various types of Business Insurances in India that would help protect your enterprise from unnecessary financial exposure. They are:
- Fire Insurance: A Fire Insurance insures that if any form of accidental fire or explosion ruins the premises of your business, you are bound to claim any liabilities that arise for the same from your insurer
- Marine Insurance: If your business requires you to transport any material from one place to another through the means of a cargo ship, Marine Insurance provides coverage for any loss or damage incurred by your shipment in the process of this transportation
- Industrial Insurance: If your business requires complex machinery and a large setup, an Industrial Insurance is a must for you, as it would provide coverage for various externalities that could arise, such as machinery breakdown, damage to factory premises, and incidents of theft and burglary among others
- Corporate Insurance: A Corporate Insurance is necessary to protect your enterprise from unexpected financial obligations such as lawsuits, office thefts, employee accidents and more
- Liability Insurance: A Liability Insurance is a type of insurance that protects you from any financial obligations that could arise from any damage caused to a third party due to your business
- Shop Insurance: If your business involves setting up a retail unit, a Shop Insurance insures that you are covered for any damage or loss that could arise to your unit such as theft of contents and money kept in the safe, glass breakage, damage in case of natural disasters, and more
Step 3: Getting a quote
Once you have identified the insurances you require for your business, you can check in with major insurance providers and ask for a quote.
This will actually determine how much money you would need to shell out in the form of premiums to mitigate financial uncertainties.
Step 4: Reviewing your decisions
Once you have received the best quotes for the insurances you are willing to opt for, it is time for you to weigh in the costs with the benefits of the policy and choose a well-rounded and reputed insurance provider for their enterprise.
Step 5: Purchasing the policy
Once you select a comprehensive policy for your business, it is time to initiate the documentation and purchase the policy. As a precautionary measure, you must be well read with all the Terms and Conditions of the document and must provide all relevant information to the insurer with due diligence.
While your financial literacy may have proven to be a great stress buster in terms of managing your business, insurance for business owners does not end here. As you undertake more operations and expand your business, you would have to update your policy accordingly and purchase new ones wherever necessary.
Considering the unpredictability of the market today, it is always a good idea to take adequate measures that protect your business. While there are plenty of insurance options in the market to protect your business, the Business Insurance offered by ICICI Lombard General Insurance Co. Ltd. through ICICI Bank is your one-stop solution for Business Insurance in India. The provider offers various types of insurances such as Fire Insurance, Liability Insurance, Corporate Insurance, etc. under one roof to help you mitigate business risks and strive for growth.
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