How is premium calculated for Business Insurance?
The premium depends on the combination of various factors ranging from nature of the business, tenure of business, the sum insured and earlier claims.
What are different types of Business Insurance?
- Liability Insurance. It includes various types of covers such as Directors & Officers Liability Insurance, Product Liability Insurance, Professional Indemnity Insurance, Public Liability Insurance, Public Liability Industrial & Storage Insurance, Public Liability Non-Industrial Insurance.
- Marine Insurance.
- Property (Fire & Engineering) Insurance- The category covers various types of risks such as Boiler & Pressure Plant (BPP) Insurance, Consequential Loss (Fire) Insurance, Contractors All Risk Insurance, Contractors Plant & Machinery Insurance, Electronic Equipment Insurance, Industrial All Risk Insurance, Machinery Breakdown Insurance, Machinery Loss of Profit Insurance and Standard Fire & Special Perils Insurance.
- Other Business Insurance- The coverage includes Burglary Insurance, Fidelity Guarantee Insurance, Money Insurance, and Workmen's Compensation.
Why you should buy Business Insurance?
A business is always exposed to risks. A small mistake or a catastrophe can have an adverse impact on the business. For this reason, it is important for businesses to buy insurance which protects them from various dangers. Few of the common insurance covers to buy include Liability Insurance, Marine Insurance, Property (Fire & Engineering) Insurance and Corporate Health.