Protect What Matters Most
Protect your business with tailored insurance solutions designed to safeguard your property, employees, assets, and operations against the unexpected.
Our flexible insurance options help you plan ahead, manage risks, and maintain financial stability when the unexpected happens. With dependable coverage and dedicated support, you can focus on growing your business with greater confidence and peace of mind.
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What is Business Insurance?
Business insurance is a type of coverage that aids a company in safeguarding its financial resources, intellectual property, and physical premises from unexpected events that may result in significant financial losses. It protects the insured business in case of damage or loss resulting from various occurrences such as natural disasters, theft, destruction, legal claims, loss of income, and employee illness, injury, or death.
Types of Business Insurance
Here are the different types of Business insurance plans provided by insurers in the market:
Commercial Vehicle Insurarnce
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Group Mediclaim
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Group Mediclaim
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Group Personal Accident
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Motor Fleet Insurance
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Marine & Fire Insurance
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Professional Indeminity
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The true cost of liability : Real numbers, real consequences
High Legal Costs
In 2019, Indian companies faced average lawsuit costs ranging from ₹10 lakhs to ₹50 lakhs.
Rising Lawsuits
Litigation against executives in India surged by 15% in 2020, according to PwC.
Consumer Trust
Edelman's 2020 survey revealed 60% of Indian consumers would stop buying from a company involved in a legal scandal.
IP (Intellectual Properties) Risks
In industries like tech and pharma, IP litigation costs averaged ₹20 lakhs to ₹1 crore in 2021, highlighting the need for IP liability insurance.
🛈 In industries like tech and pharma, IP litigation costs averaged ₹20 lakhs to ₹1 crore in 2021, highlighting the need for IP liability insurance.
Features and Benefits of Business Insurance
- Property & Natural Disasters: Property damage caused by fire, flood, earthquake, storm, and other natural disasters is covered by insurance.
- Theft & Assets: Insurance provides coverage for losses resulting from theft, protecting physical assets like computers and furniture.
- Third-Party & Legal Liability: Covers third-party liability related to the business, as well as negligence and errors that result in legal liability.
- Employee Protection: Injury or death of an employee during work hours is included in the policy.
- Business Interruption: Covers loss of profits and business losses caused by interruptions due to disasters like fire or natural calamities.
- Reputation & Client Trust: Enhances the company's reputation and credibility, making clients prefer doing business with you.
- Talent Retention: Group policies ensure the safety of employees, helping retain talent and promoting business growth.
Risk Assessment for Your Business
Risk Assessment for Your Business
To determine whether or not to offer insurance coverage to a business, an insurer first assesses the level of risk to which the applicant is exposed. This process is known as underwriting, during which an underwriter reviews the coverage applied for and decides whether to offer all or part of it. Every policy comes with a premium and a deductible. The premium is the amount you pay to avail of the policy benefits, while the deductible is the pre-agreed amount that you agree to pay at the time of claim. The deductible you pay can impact your insurance premium, if you choose a lower deductible, your insurance premium will be higher and vice versa. By assessing your risk and determining the deductible you can afford, you can decide on a policy that offers you adequate protection at an affordable cost.
Seek Insurance Expert Advice
Seek advice from experts or insurance brokers who understand your business's needs and suggest appropriate coverage.
Keep On Checking
Regularly review your insurance needs to ensure that you have adequate coverage that meets your business's changing needs and liabilities.
Occupancies Covered under Marine Insurance
New Machinery Machine Tools and Spares in closed ISO containers
If you're transporting new machinery, machine tools, or spare parts in closed ISO containers, marine insurance ensures that you are financially protected in case of any damage or loss during transit. It safeguards against risks such as theft, accidents, or natural disasters, giving you peace of mind.
Electronic and White Goods
Marine insurance covers the transportation of electronic and white goods. It provides compensation in the event of accidental damage, theft, or other risks that may occur during shipping. This coverage ensures that your valuable items are protected throughout the journey.
House hold item - New and old
Moving your household items, whether they are new or old, can be a stressful experience. However, with marine insurance, you can have confidence in the safety of your belongings. It offers coverage for furniture, personal belongings, and other household goods during transit, protecting against risks such as theft, breakage, or damage caused by accidents or specified natural disasters.
Iron & Steel Rods, Metal Pipes, Tubes
For businesses involved in the transportation of iron and steel rods, metal pipes, and tubes, marine insurance provides essential coverage. These items are often heavy and vulnerable to damage during transit. With marine insurance, you are financially safeguarded against accidents, mishandling, theft, or natural disasters that could lead to potential loss or damage.
Non Hazardous Chemicals In Bags
Marine insurance also extends coverage to the transportation of non-hazardous chemicals packed in bags. It protects against risks such as spillage, leakage, theft, or damage that may occur during shipping. This coverage ensures that businesses in the chemical industry are financially protected from unforeseen incidents during transit.
Frequently asked questions
Beingcovered provides free quotes tailored to your needs with support from licensed agents, helping you get insurance coverage fast so you can get on with life.
How is Beingcovered different from other insurance sites?
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Is Beingcovered a corporate affiliate of any insurance company?
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Is it cheaper to buy insurance through Beingcovered?
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