Insurance: Policies For Your Business Protection – Part B

Business Insurance

If you’re a business owner, whether it’s a small business or a big one, one of the most important things you can do is protect your company from all kinds of risk. But there are so many insurance coverage options and plans available, you might be asking the question – which insurance policies does your business actually need?

4. Fidelity Guarantee Insurance

This protects you and your business against any loss directly resulting from the dishonest acts of your employees during the course of their employment. So, a fidelity insurance will protect your business from any financial costs incurred as a result of dishonesty, theft or fraudulent acts by employees.

5. Electronic Equipment Insurance

This will protect you in case your business’s electronic equipment faces any loss or material damage to electronic equipment (which can include systems software). This includes costs of repair or replacement, loss or damage to any external data, and the increased cost of working when your equipment is out of commission.

6. Commercial Vehicle Insurance

A Commercial Vehicle Insurance policy will cover damages and losses caused to or by a commercial vehicle and its owner-driver in situations like accidents, collisions, natural calamities, fires, etc.

If your business owns one or many vehicles, or involves the use of vehicles, such as cabs, this coverage is essential. This type of insurance covers passenger carrying vehicles (like cabs, autos, buses, etc.), goods carrying vehicles (like trucks, tempos, lorries, etc.) and any special vehicles used for farming, mining or construction.

It is mandatory for all businesses to buy a commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, commercial vans and trucks, amongst others.

7. Worker’s Compensation Insurance

This policy is for employers when they provide compensation to their employees in case of accidents that happen while they are on the job. It covers employees in the case of diseases, bodily injury, disability, or death caused due to accidents in course of employment and helps them to get the care they need.

By doing this, it enables employers to meet the requirements of the Workmen Compensation Act and protection from lawsuits.

8. Group Health

Insurance Policies
Employee Health Insurance –

An Employee Health Insurance is a health insurance plan that covers the employees of an organization, under one policy, where the premium is borne by the employer. The price for the same is comparatively a lot less as compared to individual health insurance plans and, it also benefits employers in tax reductions, therefore making it beneficial for both the employer and employee.

Group Protection is a health insurance policy that is designed to cover employees during the coronavirus pandemic. It provides coverage for any medical expenses that they may have during treatment for COVID-19.
So, if you have been wondering “what type of insurance does me business need?”, these policies will give you a good head-start at protecting the business you have worked so hard to build!

TO READ PART ONE… CLICK