Corporate insurance is a type of insurance cover usually taken by large organisations to protect their business against operational risks such as theft, financial losses, employees’ health, and accidents. It is comprehensive business insurance that benefits past or present employees as well as the company itself.
Examples of corporate insurance products include property insurance, liability insurance, workers’ compensation insurance, marine insurance, fire insurance, burglary insurance, package insurance, engineering insurance, group insurance, etc.
Corporate insurance products can be tailored to the specific needs and risks of the business and are typically purchased through insurance brokers or agents who specialize in commercial insurance.
Overall, corporate insurance products are an important tool for businesses to manage risk and protect themselves against financial losses that could result from unexpected events or liabilities.
Marine Insurance covers the loss or damage caused to the goods during transit between the point of origin and destination. The insurance policy also provides coverage for the exposed goods, kept offshore, marine liability or casualty and hull.
Goods in transit need to be insured by one of the three parties: –
Types of Marine Insurance:
Fire Insurance is designed to provide financial protection for the property against loss or damage by fire and other specified perils. This branch covers the insurance of property against the risks of fire, riot, flood, earthquake, etc. and also includes insurance for loss of profits due to such damage.
Examples of Insurable Property
Loss or Damage can be caused through:
Workmen’s Compensation Insurance (which is also known as Workers’ compensation insurance or Employees Compensation Insurance) is a type of insurance policy that is there to provide coverage for an employer’s employees who are injured or become disabled because of their jobs.
Even if you take all kinds of preventive measures, workplace accidents can unfortunately occur, and having this insurance will provide your employees with compensation without leaving your business at a financial loss.
Burglary insurance is a type of property insurance that provides coverage for loss or damage to your home and personal belongings resulting from theft or attempted theft. This insurance policy can provide financial protection to you if your property is burglarized or if you experience loss or damage due to theft.
Burglary involves felonious or forceful entry, but no force was used on a person. One example is a cat burglar sneaking in and out without anyone noticing or getting involved.
To substantiate burglary claims, insurers will want to see proof of ownership of the stolen item(s), a police report and proof that force was used to enter the premises. Examples of this include broken windows, scratch marks on the doors, etc. If there were no signs of forced entry, then you would not be covered under burglary. It would fall under other categories of coverage such as theft or robbery.
Burglary insurance is typically included as a part of most insurance policies including:
The coverage under burglary insurance typically includes the following:
It is important to note that burglary insurance does not cover losses resulting from other types of theft, such as embezzlement, fraud, or identity theft. Additionally, if your property was not properly secured at the time of the burglary, the insurance company may deny your claim.
To purchase burglary insurance, you can typically add it as an endorsement to your existing homeowner’s insurance policy or renter’s insurance policy. Alternatively, you can purchase it as a standalone policy. The cost of burglary insurance depends on various factors such as the location of the property, the type and value of the property, and the level of coverage you need.
Overall, burglary insurance can provide you with peace of mind and financial protection in the event of a burglary. However, it is important to carefully read and understand the policy terms and conditions before purchasing burglary insurance to ensure that it meets your specific needs and requirements.
Property insurance is the insurance which indemnifies the owner or user of property for its loss, or the loss of its income-producing ability. E.g., Property Insurance is the insurance that protects the physical goods and the equipment of the business against any loss from theft, fire, and any other perils.
Types of Property Insurance
Inclusions:
Exclusions:
Package policies are those which combine different covers into a single policy. It provides convenience to customers, who can operate all their insurance through a single policy. Moreover, there is no risk of failure to renew a particular policy as renewal of the package policy ensures the renewal of all the covers available.
There are several benefits to package policies. First, package policies allow policyholders to purchase more than one type of insurance from the same insurer, in the same policy. So, this saves policyholders from having to endure the time-consuming endeavour of shopping around to buy individual policies from different insurers.
It is also often more economical to buy insurance in package policies as opposed to buying each policy individually. This is because package policies often have lower rates than all the policies purchased individually because it presents the purchaser with a “multi-line discount.”
Coverages:
Types of Package Insurance
Engineering Insurance is a type of insurance policy wherein a wide range of risks related to engineering is covered. It is a comprehensive insurance policy that offers complete protection against various risks related to resting, erection and working of any plant, machinery, or equipment.
Since the engineering industry is about creating and designing, construction and building, so there are more chances of accidents and perils that are related to construction. If we put it more technically, an Engineering Insurance policy caters to different forms of uncertainties that are associated with on-site construction including plant and machinery usage.
Types of Engineering Insurance:
This class of insurance provides different policies for insurance needs during the construction and operational phase of a project. Brief details of major classes are given below for reference:
Engineering Insurance Inclusions:
This is an ‘all-risk’ insurance policy that particularly includes:
Engineering Insurance Exclusions:
Some of the exclusions of the Engineering Insurance Policy are:
Engineering Insurance Add-ons:
The cover can be extended by including any of the below-mentioned add-ons. However, the add-ons must be up to the limit that a policyholder has selected. For including any of these add-ons, the policyholder must pay an additional premium.
Liability insurance is an insurance product that provides protection against financial loss resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and pay-outs, an insured party is responsible for, if they are found legally liable to compensate for any such loss. Intentional damage and contractual liabilities are generally not covered in liability insurance policies.
Unlike other types of insurance, liability insurance policies pay to third parties, and not to the policyholders.
The subject matter of these policies is a potential legal liability towards third parties or employees. If legal liability is incurred, there will be financial losses in the form of damages or compensation.
Types of Liability Insurance:
Features & Benefits of Liability Insurance:
Here are some of the features and benefits of a Liability insurance policy.
Liability Insurance: Inclusions
The liability insurance policy provides coverage for the following.
Liability Insurance: Exclusions
The liability insurance does not provide coverage for the expenses arising out of the following:
The Group Health Insurance Policy is available to any Group / Association / Institution / Corporate body of more provided it has a central administration point and is subject to a minimum number of persons to be covered. The group policy is issued in the name of the Group / Association / Institution / Corporate Body (called insured) with a schedule of names of the members including his/her eligible family members (called insured persons) forming part of the policy.
The detail of insured person is required to furnish a complete list of Insured Persons in the prescribed format according to the sum insured.
Benefits of Group Mediclaim Insurance for Employers:
Benefits of Group Health Insurance for Employees:
Group Personal Accident policy can be issued where there is some common relationship among the persons to be insured and a central point for the administration of the insurance scheme. Accordingly, these policies can be granted only to groups clearly following any one of the following categories:
Benefits of Group Personal Accident Insurance for Employees:
The coverage is the same as under individual P.A. policy except that.
If you plan to travel with a group of friends, colleagues, or members of a club, you should consider exploring travel insurance. The large umbrella of travel insurance will guard you against financial constraints that come from otherwise unforeseeable events. Within the set of travel insurance packages is an excellent bargain of value – Group Travel Insurance. It has a great collection of benefits if you are traveling as a group.
Group travel policies are good for:
Inclusions of Group Travel Insurance
To help shield your group from losing money put down for the trip due to unexpected events, it’s prudent to purchase a comprehensive travel insurance plan that covers the following.
Exclusions of Group Travel Insurance
Exclusions are the most important part of an insurance plan thus one should be careful and read it thoroughly. Most travel insurance excludes the below-mentioned things.
Vehicle insurance gives protection to the vehicle owner against damages to his/her vehicle and pays for any Third-Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory requirement. The owner of the vehicle is legally liable for any injury or damage to third-party life or property caused by or arising out of the use of the vehicle in a public place. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Vehicle Vehicles Act, of 1988.
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the SUM INSURED and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the side car(s) and/or Electrical/Non-Electrical accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed.
Vehicle Third Party insurance is also known as a Liability Only policy, which is mandatory for all Vehicles. It provides coverage for the insured’s liability against death or injury to a Third Party and damage to Third Party property.
Yes, owners of electric cars or cars fitted with CNG / LPG are also required to carry a valid car insurance policy. However, the premium charged can be slightly higher.
Comprehensive car insurance is a premium car insurance policy that offers complete protection to the parties involved in an accident including damages sustained by the insured car. The plan also covers damages sustained by the insured car due to natural/man-made risks such as earthquakes, cyclones, floods, fire breakouts, vandalism, riots, etc.
NCB will be allowed, if, the policy is renewed within 90 days of the expiry of the previous policy.