Insurance for my business


#1

I have set up a new industrial unit after putting in a good amount of my hard earned money. What are the insurance covers I should opt for to safeguard my office and industrial unit?


#2

Good to know that you are living up your dream of being an entrepreneur. Opting for an insurance cover for industrial unit or factory is a fundamental step to make sure your assets are protected at all times. Various insurance companies offer a number of insurance covers for office insurance depending on the industry, location and potential hazards.

Some of the common insurance covers that must not be missed include burglary cover, a fire cover protection, money insurance and data theft cover. In case you have an industrial unit, there is a very good case to opt for a Machinery Breakdown (MBD) Insurance cover as well. Machinery breakdown insurance offers protection against any sudden and unexpected machinery breakdown including a cover for costs of any repair, restoration or replacement if needed. A lot of business owners do not give due importance to data theft covers but the growing digitization of business, safeguarding your company’s electronic data is more significant than ever before.


#3

Hi Viraj,

Commercial insurance is offered to commercial entities such as businessmen, industries etc. and provides cover for various business and related needs. Commercial insurance is a type of business insurance that offers solutions for industrial sectors including but not limited to construction, manufacturing, telecom, textiles, logistics etc. These solutions aim to offer a safety net for business operations and assets when the need arises.

Types of Commercial Insurance Policy:

Common commercial insurance types include property, workers’ and liability compensation. The types of policies depend on the business and most insurers will have special packages for businesses that fall under their solutions purview.

Property Insurance
This is one of the most common types of commercial insurance. The policies cover damages to your commercial properties. For instance, a fire damaging your office space will be covered under such policies.

Shopkeeper’s Insurance
This type of policy covers damage to shop buildings and contents, housebreaking, burglary, cash insurance, bicycles, signboards, baggage, personal accident, liability etc. as per policy conditions.

Marine Insurance
These policies deal with coverage for marine cargo risks for industries such as oil and gas, power generation, wind power, paper and pulp, steel mills, infrastructure, machinery upgrades and so on.
Liability Insurance
These policies are aimed at large multi nationals looking to offset business liability risks in diverse locations around the world. The policy will typically cover bodily or personal injury and infrastructure damage, product liability, clinical trials, product recall, workers’ compensation etc.

Engineering Insurance
Engineering and construction covers are offered under such a policy. The policy covers defined engineering risk classes including oil and gas, power, heavy industries, constructions, transportation systems etc.

Energy Insurance
These policies offer flexible covers for challenging onshore and offshore industries and provide comprehensive cover including downstream, midstream and upstream assets and operations.

International Insurance
These policies provide customized services that address cross border issues of companies while considering the fiscal and regulatory framework of the region where they are operating.

Plate Glass Insurance
The policy will cover damages to plate glass or store windows in the event they are broken.

Aviation Insurance
These policies typically provide cover for all types of aircrafts such as small aircrafts or private jets against disappearance, total loss etc. The policy also covers damages to equipment, tools or supplies of the company, apart from dangers arising out of war and other acts of aggressions. Crew members are also covered under such policies.

Bankers Indemnity Insurance
These policies are aimed at banks and cover all branches of a particular bank in the country. The policies offer cover against cash or securities lost on premises, in transit, forgery, dishonesty, hypothecated goods, registered postal losses and appraisers, among others.

Automobile Insurance
These policies cover damages or loss to commercial cars, trucks, vans or other vehicles as well as injuries to property or persons.

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Cheers,
BB Expert