Business insurance protects your enterprise from unexpected losses. Learn about different types of insurance every business owner should consider in India.
Property Insurance
Standard Fire and Special Perils Policy covers damage to building, plant, and machinery from fire, lightning, explosions, and natural calamities. Business owners should also consider coverage for goods in trade or storage.
Add-on covers include burglary, theft, and riot damage. The sum insured should reflect current replacement value, not book value. Review coverage annually as values change.
Liability Insurance
Public Liability Insurance covers third-party claims for bodily injury or property damage. This is especially important for businesses interacting with customers on premises. Workmen's Compensation is mandatory for establishments with employees.
Professional Indemnity Insurance protects against claims arising from professional mistakes or negligence. This is crucial for consultants, auditors, and service providers who give professional advice.
Marine Insurance
Marine Cargo Insurance covers goods during transit by sea, air, or road. Importers and exporters absolutely need this coverage. Even domestic traders shipping valuable goods should consider it.
Open marine policies provide continuous coverage for regular shipments. Specific shipment policies cover individual consignments. Choose based on your shipping frequency and value.
Health Insurance
Group Health Insurance for employees provides coverage and attracts good talent. The premium is tax deductible under Section 37(1). Consider extending coverage to employee families for better retention.
Personal Accident Insurance for employees covers accidental death and disability. This is often bundled with workmen's compensation or provided separately.
