You should be prepared for any uncertainties in your business. Therefore, having a Business Insurance Policy and knowing the Insurance Claim process is very essential.
It is equally important to also know what exactly your business insurance policy covers, and how to claim the insurance benefits. Keep a plan ready with details such as whom to contact in case the need of business insurance claim arises. Also, ensure that you save a copy of your business insurance policy at least somewhere apart from your business, since there are chances of your business insurance information getting stolen or burnt or destroyed.
The duration to settle the business insurance claim may vary from one person to another. However, usually a business insurance claim is settled within 30 days of the receipt of the claim.
The premium of the business insurance policy is calculated based on the type and size of the business, number of previously registered claims, coverage value as well as the tenure of the business
Business insurance is nothing but a contract between an insurer and an insured, wherein the latter pays a certain amount of premium regularly and the former agrees to pay the sum assured to the insured if any claim is registered after verification of the genuineness of the claim.
Inform the insurance company in case of any accidents or a situation that calls for a claim immediately
The insured should ensure to follow up regularly with the insurance company post informing the necessary bodies
Submit the documents to the insurance company such as police reports, duly filled in claims form, a record or the snaps of the incident and other requisites from the insurer
An investigation would be carried out for the claim by an adjuster from the insurance company
It is important that small business owners protect their businesses from any loss or damage as they are most vulnerable to any financial setbacks. A Business Insurance offers protection to the SMEs in case of professional liability, fire, and theft, compensation towards the workers, burglary, medical expenses, and general third-party liability as well as professional liability.
Buying business insurance in India is a very simple and hassle-free task if you shop online. First, research the insurers who sell the type of insurance you are looking for. Compare the quotes of different insurers and then zero in on the best one that suits your needs. Online comparison would help you get a fair idea about the features, inclusions, exclusions, quotes as well as the claim process. Once you have narrowed down your search, you can go ahead and buy one by making the business insurance premium payment online.
If you aren’t net-savvy, you can buy the business insurance from the local branch of the insurance provider.
Yes, your business insurance offers protection against any losses or damages due to natural disasters such as floods, cyclones, storms, earthquakes, etc. Yet, read the business insurance policy document before you go ahead with the plan.
Yes, the marine and the aviation insurance pays for any losses or damages caused to the products
A type of business insurance named as the income insurance would take care of any injuries as well as disabilities suffered. A fixed income is generated for a particular time frame.
Yes, you get tax benefits for business insurance since the premiums paid is considered as business expense and deducted from your earnings.
The different types of marine insurance policies are Time policy, voyage policy, mixed policy, valued policy, floating policy, block policy, unvalued policy and open policy
You can buy property insurance depending on the actual value of the property (replacement price minus the amount of depreciation); the property’s replacement value (the actual cost to replace the item without deducting the amount of depreciation); or an amount that is agreed upon.
The term, ‘bodily injury’ in a liability insurance policy refers to the injuries, diseases, sicknesses or death that the insured person suffers during the policy tenure
Well, the premium for the Worker’s Compensation Insurance would depend upon factors such as the number of the employee, their payroll, job description as well as business classification as well as any losses suffered in the past.
Business insurance offers coverage to a wide range of big, small and start-up businesses. Mentioned below is a detailed list that indicates the eligibility of the business insurance:
· Indian trading companies
· Indian manufacturing units
· Service industry
· Small restaurants
· Small retail stores
· Distributors and wholesale contractors
Buying business insurance in India is a very simple and hassle-free task if you shop online. First, research the insurers who sell the type of insurance you are looking for. Compare the quotes of different business insurance providers and then zero in on the best one that suits your needs. Online comparison would help you get a fair idea about the features, inclusions, exclusions, quotes as well as the claim process. Once you have narrowed down your search, you can go ahead and buy one by making the business insurance premium
You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.
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