Commercial Insurance is the plan to protect businesses from any unexpected concerns. It incorporates the company against the loss arising outward of damage to the property, damage to the employees, or a term to label core business insurance that includes public liability or employer liability. Commercial Insurance is many types of coverages, including commercial goods, workers’ compensation and typical liability insurance. Choosing your business’s suitable kinds of contents lets you customize your security and ensure you’re covered for the specific risks your company faces.
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Types of Commercial Insurance
Below have mentioned some of the types of commercial insurance available in India that can help minimise and manage different risks related to businesses. Let have a look.
- Commercial auto insurance advises paying the costs of car accidents if you or your employee is at fault.
- Commercial property insurance benefits protect your company’s actual location and property, including your vehicles, equipment, inventory, and furniture.
- Commercial general liability insurance guidance protecting your organization from claims of bodily injury, property damage, libel and slander.
- Workers’ compensation insurance help includes your employees with benefits, like paying for medical care if they get work-related damage.
- Cyber insurance help guarding your company against the risks that come from technology, like data breaches.
- Business Owner’s Policy (BOP) connects commercial property and liability coverage into one policy.
Coverage under Commercial Insurance
Here in this selection, we provided Various types of commercial insurance offer coverage for multiple cases and situations. Let us understand some types of content supplied by numerous insurance companies
- Home insurance includes the home and the content inside the construction.
- Group health insurance gives medical expenses during hospitalisation.
- Liability insurance covers costs of lawsuits and other damage to a person or property due to your business, profession or vehicle.
- Transportation insurance offers coverage for loss or harm to any cargo during transportation.
Note: The mentioned above is not limited to these points. The complete list is uploaded on the official website.
Companies Offering Commercial Insurance Plans in India
- HDFC ERGO
- New India Assurance
- Bajaj Allianz
- Bharti AXA
- United India Insurance
- ICICI Lombard
- TATA AIG
General Insurance | Health Insurance | Property Insurance
Commercial Insurance Claim Process
In case of any unforeseen loss, you need to immediately inform the insurance company concerning the eventuality through its 24/7 insurance helpline. You should be notified of the claimed method and follow it properly to avoid any claim rejections. Through, the claim procedure and the documents required vary for different insurance companies and plans. Here is a necessary understanding of how to go about the claim process. Let us have a look.
- Inform the insurance company if you need to make a claim.
- Give the details like policy number and different documents, including adequately filled in the claim form.
- Implement the spectators, proofs, FIR copy, medicinal reports, etc., as per the requirement of the type of your insurance plan
- After receiving the documents, an engineer from the insurance company will verify all the details.
- If accepted, the claim is processed within the designated time, and else it might be rejected.
Exclusion under Commercial Insurance
While allowing coverage, insurance companies do not involve all cases and situations. The damage and loss that the insurance firms do not cover are called suspensions. There are many sets of exclusions for other insurance types and designs.
- For any insurance policy, any regular wear and tear or wilful negligence are not covered.
- Any loss due to war or warlike perils is not covered.
Note: The list mentioned here does not involve all the exclusions. To know them in detail, please visit the official website of the particular insurance provider.
Best of Luck…