Corporate Insurance

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.

img Marine (Transit) Insurance

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: –

  1. The Forwarding Agent
  2. The Exporter
  3. The Importer

Types of Marine Insurance:

  • Freight Insurance
  • Liability Insurance
  • Hull Insurance
  • Marine Cargo Insurance

img Fire 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

  • Building
  • Contents of Buildings such as machinery, plant & equipment, accessories, furniture fixtures, etc.
  • Goods (raw materials, in process, semi-finished, finished, packing materials, etc.) in factories, warehouses, and in the open
  • Contents in dwellings, shops, hotels, etc.

Loss or Damage can be caused through:

  1. Fire
  2. Lightning
  3. Aircraft Damage
  4. Terrorism Damage
  5. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, and Inundation
  6. Earthquake
  7. Impact by Rail/ Road Vehicle or animal by direct contact not belonging.
  8. Others

img Workmen’s Compensation

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.

img Burglary Insurance

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:

  • Travel insurance
  • Home insurance
  • Commercial property insurance

The coverage under burglary insurance typically includes the following:

  • Loss or damage to personal property: This coverage typically reimburses you for the loss or damage to your personal property that was stolen during a burglary.
  • Damage to the property: This coverage typically pays for the damage caused to your property because of the burglary. This can include damage to doors, windows, locks, or any other part of your property that was damaged during the burglary.
  • Replacement cost coverage: This coverage provides you with the full replacement cost of the stolen or damaged property without any deduction for depreciation.
  • Deductibles: The policy may have a deductible, which is the amount you are responsible for paying before the insurance coverage kicks in.
  • Limits: The policy may have limits on the amount of coverage provided for certain types of property, such as jewellery or electronics.

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.

img Property Insurance

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

  • Homeowners Insurance
  • Renters Insurance
  • Condo/Townhouse Insurance
  • Mobile Home Insurance
  • Flood Insurance
  • Earthquake Insurance
  • Shopkeeper’s Insurance
  • Office Package Insurance


  • Fire
  • Burglary & Theft
  • Electrical Breakdown
  • Natural Calamities & Manmade Hazards
  • Alternate Accommodation
  • Accidental Damage
  • Cover your pedal cycle up to Rs. 5 lacs
  • precious jewellery is protected against any risk of theft.
  • Secure your electronic gadgets even when you are on the move.
  • Covers damage caused due to terrorism.


  • Flood or earthquake damage
  • Employees or business partner theft
  • Damaged or stolen company vehicles
  • Theft of cash from your site
  • Losses affecting the movable property (inventory, tools, or other equipment in transit)
  • Environmental damage relating to chemical pollution, oil spills, etc.
  • Equipment breakdowns from power surges, operator mistakes, or wear and tear
  • Loss of income due to not being able to operate from your building or plant.
  • Product defects resulting from faulty design or manufacturing.

img Package Insurance

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.”


  • Fire
  • Lightning Explosion / Implosion
  • Aircraft damage
  • Riot strike and malicious damage
  • Storm, cyclone, typhoon, tempest hurricane, tornado, flood, and inundation
  • Impact damage due to railroad vehicle or animal not belonging to insured, Subsidence and landslide including rockslide.
  • Bursting and/or overflowing of water tanks apparatus and pipes
  • Missile testing operations.
  • Leakage from automatic sprinkler installations &
  • Bush fire

Types of Package Insurance

  1. Shopkeepers insurance policy
  2. Householders’ insurance policy

img Engineering 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:

  1. Contractors’ All Risks (C.A.R.) Policy
  2. Erection of All Risks (EAR) Insurance Policy
  3. Marine – Cum- Erection (MCE) Policy
  4. Advance Loss of Profits (ALOP) Policy
  5. Machinery Breakdown (Also known as Machinery Insurance) Policy
  6. Contractors Plant & Machinery (CPM) Policy
  7. Boiler & Pressure Plant Insurance Policy
  8. Machinery Loss of Profits (MLOP) Insurance Policy
  9. Deterioration of Stock (DOS) Insurance Policy
  10. Electronic Equipment Insurance (EEI) Policy

Engineering Insurance Inclusions:

This is an ‘all-risk’ insurance policy that particularly includes:

  1. Strike, riot, and malicious act
  2. Lightning, fire, aircraft damage, explosion
  3. Inundation, flood, cyclone, storm, and allied perils
  4. Subsidence, landslide, and rockslide
  5. Faults in an erection
  6. Theft and burglary
  7. Negligence and human errors
  8. Excess voltage, short-circuiting, arcing.
  9. Mechanical and electrical breakdown
  10. Damage because of foreign objects, impact damages, collapse
  11. Any other sudden, unforeseen, accidental damages are not excluded explicitly.

Engineering Insurance Exclusions:

Some of the exclusions of the Engineering Insurance Policy are:

  1. War Invasion
  2. Contribution of the insured-deductibles
  3. Radioactive contamination, Nuclear Radiation, and Nuclear Reaction
  4. Wilful negligence and wilful act of the insured
  5. Bad workmanship and defective material
  6. Cessation of work
  7. Oxidation deterioration and wear tear corrosion
  8. Glass breakage
  9. Shortage or disappearance
  10. Defects of design
  11. Loss of drawings, files, cheques, cash, etc.
  12. Terrorism
  13. Consequential Loss

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.

  1. Cross liability
  2. Third-party liability
  3. Earthquake
  4. Express freight, charges of overtime
  5. Debris removal cost
  6. Airfreight
  7. Escalation
  8. Additional custom duty
  9. Surrounding property of the owner
  10. Dismantling
  11. Storage risk at the premises of fabricators
  12. Extended maintenance and Maintenance cover-visit

img Liability Insurance

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:

  1. Compulsory Public Liability Policy
  2. Public Liability Policy (Industrial/ non-industrial risks)
  3. Product Liability
  4. Employers Liability
  5. Third-Party Liability
  6. Directors’ and Officers’ Liability Policy
  7. Environmental Impairment Liability (E.I.L.)

Features & Benefits of Liability Insurance:

Here are some of the features and benefits of a Liability insurance policy.

  1. Provides financial coverage to individuals and companies.
  2. You can get protection against property damage.
  3. Bodily injury of third person and personal injuries coverage.
  4. Provides coverage for legal liabilities towards third-party.
  5. This insurance is often required for product manufacturers, automotive insurance policies or whoever practices law or medicine.
  6. Intentional damages, criminal prosecution and contractual liabilities are not covered.
  7. Commercial liability, personal liability or workers’ compensation are different types of liability insurance.

Liability Insurance: Inclusions

The liability insurance policy provides coverage for the following.

  1. The liability insurance policy provides coverage against lawsuits filed against the insured.
  2. It also provides coverage for the expenses coming out of investigations and settlements.
  3. Financial coverage for the fees of investigating officer or lawyer you must hire after being sued by a third party.
  4. Medical expenses caused due to an accident on the insured person’s premises that leads to a third-party claim are covered.
  5. Medical expenses caused due to an accident from any of the insured person’s products, promotional advertisements or during official operations are covered.
  6. Damaged caused to the third party while visiting the office of the insured person is also covered.

Liability Insurance: Exclusions

The liability insurance does not provide coverage for the expenses arising out of the following:

  1. Wilful misconduct and intentional damages are not covered.
  2. Any damage or loss caused due to natural calamities such as volcanic eruption, earth-tremor, typhoons, floods, storms, or tornados is not covered.
  3. Loss in the market and goodwill are not covered.
  4. Libel and slander are not covered.
  5. Expenses coming out of Wrongful eviction, defamation and false arrest are not covered.
  6. Infringement of patents, copyright, trademark, trade name, etc. are not covered.
  7. Fines and penalties are not covered.
  8. Transportation of dangerous substances and materials is not covered unless opting for separate coverage.
  9. Loss or damage caused due to war, nuclear war or acts of God are not covered.

img Group Health Insurance/ Group Mediclaim (GMC)

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:

  1. Improves Employee Retention
  2. Tax Benefit
  3. Motivated Employees
  4. Wide Coverage & Better benefits at low-cost
  5. Options to get customized cover.
  6. Affordable Premiums
  7. Group discount in the premium is available.
  8. Renewal premium is subject to claims made during the previous policy.
  9. Maternity benefit extension is available at extra premium.

Benefits of Group Health Insurance for Employees:

  1. Pre-existing disease is covered from Day 1
  2. An extensive range of coverage with no Limit on diseases
  3. Maternity coverage
  4. Group insurance provides standard coverage to a group of people at competitive premium rates.
  5. Irrespective of the number of people, group insurance provides coverage to all members under the same plan.
  6. The admin of the group gets the master policy in the name of the group.
  7. A member of the group is covered if he/she is a part of the group.
  8. An employer that provides group health insurance to employees also gets tax benefits.

img Group Personal Accident Policy (GPA)

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:

  1. Employer-employee relationship including dependants of the employee.
  2. Pre-identified segments/groups where the premium is to be paid by the State / Central Governments.
  3. Members of a registered cooperative society.
  4. Members of Registered Service Clubs.
  5. Holders of credit cards of Banks / Diners / Master / Visa
  6. Holders of Deposit Certificates issued by Banks / NBFCs
  7. Shareholders of Banks / Public Limited Companies.

Benefits of Group Personal Accident Insurance for Employees:

The coverage is the same as under individual P.A. policy except that.

  1. Cumulative bonus and education grant do not apply.
  2. The sum insured is fixed separately for each insured person.
  3. Rates of the premium applicable to named employees as per the classification of risks.
  4. Group insurance provides standard coverage to a group of people at competitive premium rates.
  5. Irrespective of the number of people, group insurance provides coverage to all members under the same plan.
  6. The admin of the group gets the master policy in the name of the group.
  7. A member of the group is covered if he/she is a part of the group.

img Group Travel Insurance

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:

  • Large groups with the same itinerary
  • Travelers looking for basic coverage.
  • Groups who want the convenience of buying one plan

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.

  • Emergency Medical Expenses
  • Covers Trip Cancellation Expenses
  • Baggage Loss or Delay
  • Covers the expenses incurred due to the loss of Key Documents
  • Covers Emergency Medical Deportation Expenses
  • Covers Trip Interruption Costs
  • Expenses incurred due to Natural Calamities
  • Covers Hijacking Disasters Expenses
  • Expenses incurred due to flight delay.

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.

  • Cancellation via a tour operator
  • War-like situation / local strike
  • Pre-existing illness
  • Baggage delayed for fewer hours.
  • Loss or damage to keys, credit cards, documents, money, tickets, etc.
  • Sports Injuries
  • Maternity and Childbirth
  • Mental disorder or self-initiated injuries
  • Divorce as a reason to cancel a trip.
  • Group Travel Insurance policy claim process

Types of Corporate Insurance
Frequently Asked Questions

You have Questions?

  • Q.1. Why do we need to buy Vehicle Insurance?

    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.

  • Q.2. What is IDV?

    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.

  • Q.3. What is Third Party Insurance?

    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.

  • Q.4. Will I require car insurance for an electric / CNG / LPG vehicle?

    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.

  • Q.5. What is comprehensive car insurance?

    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.

  • Q.6 For what period is the NCB on a policy valid?

    NCB will be allowed, if, the policy is renewed within 90 days of the expiry of the previous policy.

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