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Best Insurance Broker Company India, Reinsurance Agency
Armourr Insurance is one of the market leaders in the insurance sector that offers corporate clients, outstanding insurance and risk management solutions. Our team of specialists from various sections of corporate insurance makes sure that our clients always get the most reliable and competent advice. Each of our dynamic experts continuously keeps on reinventing themselves to keep our clients and their businesses prepared for the unexpected.
Armourr Insurance Brokers is one of the leading insurance service providers, brokers, and risk managers of India. Our company is dedicated to helping you find the finest solutions to protect your business from risk exposures. Our dynamic team of experienced professionals is the driving force of our company. Their rich experience and diverse backgrounds help us to understand the requirements and risks of our clients better.
The combination of our insurance knowledge, understanding the needs of our clients, and the integrity, flexibility, and credibility of each of our team members has led to our success.
We are an insurance broking firm licensed by the Insurance Regulatory and Development Authority (IRDA) vide Licence No. 149 valid up to 04/04/2024. We are one of the leading composite insurance brokerage houses, providing direct and general insurance broking services for business entities and retail insurance services for individuals in India. We act independently from any other insurance entities ensuring focused and impartial advice to clients at all times. We provide cost-effective insurance solutions covering assets, liabilities, and specialty risks of large and medium corporations.
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Standard Fire & Special Perils Policy: A Complete Protection Against Unexpected Risks.
Being your own boss is almost everyone’s dream in India. Congratulations if you can complete that dream. But have you ever thought about how you will protect the dream? There is always a chance that your precious possessions are at risk of damage by unfortunate events like natural calamities, fire, explosions, Etc. What is the best way to protect it? Well, the answer is Standard Fire and Special Perils Policy.
Standard Fire and Special Perils Policy
Standard Fire and Special Perils Policy is an insurance policy that helps to protect against unforeseen events that can cause damage to assets. The policy covers not only fire but various other hazards. Read further to know more about it.
What are the benefits of the Standard Fire and Special Perils Policy?
Protection Against Massive Damage
Fire, earthquake or any mishap to the business can cause massive damage. The Insurance provides coverage against unseen unfortunate events, which helps to reduce mental tension and financial loss.
Coverage is not limited to fire losses.
Another benefit of this policy is that it is not limited to fire peril, as it covers other perils, including pipe bursts, impact damage, aircraft damage, riot, Etc. We suggest this policy for all businesses, especially small businesses.
Protection Against Financial Losses
Mishappenings hinder the growth path of the business. Financial loss sometimes wrecks the business. But thanks to the standard fire and special perils policy as it covers, you can save your business from financial losses.
What does it cover?
The standard covers the following hazards:
Aircraft Damage
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
Explosion / Implosion
Fire
Impact damage by any rail/ road/ vehicle/ animal (other than own)
Leakage from Automatic Sprinkler Installations
Lightning
Missile Testing operations
Riot, Strike, Malicious Damages (RSMD)
Rock slide, Subsidence, Landslide and
Storm, Flood, Cyclone, Typhoon, Hurricane, Tornado, inundation (STFI)
What is excluded from the policy?
There are certain exceptions under the policy; the following are some:
War
Any loss, damage or destruction caused by the war, invasion, act of foreign enemy hostilities or any war-like operations, civil unrest, military uprising, Etc., will not be covered under the policy.
Loss due to volatile markets
The nature of the market is very volatile. The policy does not include any type of financial loss that occurred due to the volatile nature of the market.
Loss due to nuclear
Any losses of property or damage caused due to contamination by radioactivity or ionization radiation from the combustion of nuclear fuel are not covered under the policy.
Intentional damage
Any loss incurred to intention or malpractice is not covered under the policy.
Why choose us?
It is challenging to prevent mishappening; policy coverage helps to reduce the financial and mental stress caused due to mishappening. Time to protect your business with Standard Fire and Special Peril Insurance Policy. Contact Armourr Insurance to buy Standard Fire & Special Perils Policy. We are a reliable name in the insurance industry. Our expert team will help you to clear all your doubts and confusion about the policy. Your business shield is just a call away.
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What Is The Difference Between GMC Insurance Policy And GPA Insurance Policy?
Health insurance is a significant benefit that employers can provide to employees. Buying insurance for them helps to focus on their work, plus it gives them less burden of financial stress. Today will discuss two significant employee policies, i.e., Group Personal Accident and Group Medical Coverage.
Define Group Personal Accident Insurance
Group Personal Accident (GPA) is a group insurance policy that provides financial aid to employees against unforeseen and unexpected circumstances that can cause fatal injury, death, or disability. It covers the cost of an unexpected accident that occurs while an employee is on duty or not, available in the country or not.
The premium is either paid by the employer or employees as a part of their salary deductions.
Benefits Of Group Personal Accident Insurance
Now that you have understood the basic definition of the GPA, let's know more about its benefits:
Ambulance charges are covered under the GPA.
In case of the insured employee's death due to an accident, the deceased family is paid a predetermined amount as a death benefit.
If the employee's accident leads to temporary or permanent injuries, then the employee will be paid a predetermined amount as a benefit.
Some policies cover the transportation cost of carrying deceased individuals and funeral charges.
In some GPA policies, the education cost of up to two dependent children of the deceased employee is covered.
What is Group Medical Coverage Insurance?
Group Medical Coverage insurance is purchased by the employer for the entire staff or selected employees that covers the medical expenses of employees. It can be customized according to the needs of the organization. The premium size of the insurance depends on various factors like income, age, group size, Etc. Many organizations offer to pay solely for GMC insurance, while companies charge a certain amount from employees' salaries.
Benefits of Group Medical Coverage Insurance:
Covers Pre & Post Hospitalization Expenses
It covers the pre and post-hospitalization expenses like doctor consultancy fees, doctor's follow-up, treatments, medicines, and pathological tests. But here is the time boundation that needs to be kept in mind. Talk to an insurance expert, Armourr Insurance, to understand the claim process in a better way.
Maternity Care
Some companies provide additional benefits to their female employees, covering in-patient and out-patient expenses during maternity leave. Depending upon the insurance policy, some policies offer infant health benefits.
Hospital Expenses
The policy covers all expenses incurred during the hospital stay, like medical amenities, hospital stay, and equipment costs. With additional premium, you can cover certain diagnostic procedures like MRI, X-rays, lab reports, Etc.
Reimburse Out-Patient Expenses
Some treatments like dental treatments, pacemaker placement, chemotherapy, ENT, ophthalmological, Etc are not covered under the normal insurance policy but with an additional premium; some companies provide such additional coverage too.
Family Cover
As the name suggests, some organizations provide additional coverage to family members like spouses, kids, parents, and many others. Talk to us to know more about it.
Day Care Procedures
Any medical procedures that are done in the specialized daycare center where employees need not get admitted and are discharged on the same day.
Key Differences between GMC and GPA insurance policy
Point Of Discussion
Scope
People Coverage
Customization
What is it?
GMC
It covers the medical expenses that occur during medical and emergencies faced by employees. It covers pre, post, and daycare hospitalization expenses.
It covers employees and with additional premium, some benefits can be extended to spouses, children, or parents.
Yes, it can be customized based on employees’ needs.
It covers hospitalization expenses and illness for employees and their direct dependents.
GPA
It covers the expenses incurred during the accident of employees, whether they are on duty or off duty.
It is strictly for employees only and not extended to any family members.
No, it can not be customized.
It pays for the loss incurred in terms of injury, disability, or death of employees due to accidents.
Concluding Words
Both group medical coverage and group personal accident coverage are ideal choices for employees as it protects them from the unforeseen financial stress of life with events like accidents or medical expenses. Buying insurance for employees is also a great way to retain top talents in the organization. Contact Armourr Insurance to understand different insurance policies for your employees. Our team of experts will guide you through the right insurance to meet your expectations and requirements.
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What Are Different Fire Insurance Policies Available In India?
On 29 October 2009, at the Indian Oil Corporation depot in Jaipur, a tank holding 8,000 kilolitres of petrol caught fire, claiming 12 lives and leaving hundreds of people injured. Thousands of people were evacuated from the area after the incident made it difficult to breathe. This is not the first case, as fire accidents are very common in India. Fires are the most terrifying and disastrous thing to happen to businesses, especially small businesses. The fire can completely destroy the business as the fires in commercial space can destroy more things as it can affect the career and lives of the staff. But thanks to the Fire Insurance policies availability in India as it protects businesses to a certain extent.
Types of Fire Insurance in India
Valued Policy
Valued policy is especially meant for valuable things like paintings, antiques, jewelry, crafts, art, Etc. The subject matter's value is decided upon, which the insurer has to pay in case it gets damaged or destroyed. The agreed value can be more or less than the market value. In most cases, the market value for such items is not available, so the value of the asset is estimated by the insurer and insured at the time of insurance.
Specific Policy
As the name suggests, the specific policy is the policy where a specific amount of the risk is insured. In the case of loss in a fire, the insurer will pay for the loss of amount. For example, a business insured a property worth Rs. 100,000 for the worth of Rs. 80,000. When the property suffers a Rs 60,000 loss due to fire, the insurer can claim up to Rs 60,000. But if the loss exceeds Rs 80,000, the insurance company will only pay up to Rs 80,000.
Floating Policy
The floating policy is especially meant for business owners involved in import and export business. It is an ideal policy for those business owners whose goods lie in different places, but all goods should belong to one person. The sum insured under the floating policy is the total of the sum insured for all locations. Under this policy, it is not necessary to declare a separate stock value for each location; rather, they can declare a single value for all total stock of all locations.
Consequential Loss Policy
Due to the fire incident, day-to-day work will be put to a halt which causes hefty losses to the business. The major role of the consequential loss policy is to compensate against the loss of profit caused by the interruption in business due to fire. The loss of profit is calculated based on the loss of sale.
Average Policy
In this policy, the average clause is applicable. For instance, if the value of a property is Rs 50,000 and you hold the policy of Rs 30,000. In case of fire, the insurer will get the compensation based on the insured amount instead of the actual amount. It aims to discourage the insured from getting an under-valued policy.
Replacement Policy
In a replacement policy, the insurance company pays for the loss based on the property's market value. The compensated amount can be calculated after considering the depreciation value of the asset or property. The amount of compensation will depend upon the market price of the new asset so that it can be replaced without the additional cost of the insured.
Who Should Buy A Fire Insurance Policy?
Anyone with assets that can be destroyed by fire should purchase a fire insurance policy. Usually, the following parties purchased it:
Schools, restaurants, hostels, hospitals, clubs, and coaching centres.
Commercial buildings and malls.
Factory owners and Godown owners.
Housing societies, manufacturing firms.
Conclusion
Selecting the right fire policy is of utmost importance. It is advisable to take advice from an experienced player like us. Armourr Insurance will guide you to choose the right fire policy for your business that will help you meet your requirements. Our experienced and expert team will help to choose the right policy for your business. Call us now, and we will be happy to help you out.
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Public Liability Insurance Vs. Contractor All Risk Insurance: What Is The Difference?
Insurance is a must needed protection for all businesses, especially when you are MSME. But the problem with insurance is that its jargon, terms, and conditions generally goes above the head. Further, it creates more confusion, and business owners find it challenging to choose the right one. We don't want you to walk on the minefields as we are here to break down details about Public Liability Insurance & Contractor All Risk Insurance and how they are different from each other.
What is Public Liability Insurance?
Public liability insurance covers third parties' liabilities arising on the operation and out of the business premises. It is also known as Commercial General Liability Insurance. For example, you are helping a customer to move his house through your mover service. While shifting the house for the clients, your employee mistakenly damages his car. With the help of public liability insurance, you can pack back for the damage to the vehicle. That is why having your business insured with public liability insurance is necessary.
Coverage under Public Liability Insurance
Buying public liability insurance gives protection to your business against unseen liabilities. If a third party sues your business, the insurance can save the sinking boat. Following are the coverage under the public liability insurance:
Bodily Injury: It covers the damages of the injury caused to the third party visiting the office.
Property Damage: It covers the damages to the property of the others.
Personal Injury: It covers the damages that occur due to the wrong entry, false arrest, negligence, slander, Etc.
Tenant and Contractual Liability: It is for the leased or rented property. It covers any liabilities arising that are mentioned in the leased contract.
Lawsuits and Settlements: It bears the lawsuit and settlement expenses. The insurance company also covers attorney and investigator expenses, medical expenses, Etc.
What is Contractor All Risk Insurance?
Contractor All Risk Insurance (CAR) offers for the damage or loss caused to the equipment, insured property, machinery, contract-based workers, construction plant, and temporary structure.
Coverage under Contractor All Risk Insurance
Contractor All Risk Insurance covers the following:
Material Damage
Cover against machinery, plant, construction material, equipment used in construction, and other material used at the project site
Protection against hazards like explosion, fire, lightning, earthquake, floods, and other natural disasters.
It covers material damage with additional coverage.
Third-Party Coverage
Covers the liability that occurs to the third party property or property held in trust or the property under custody.
It includes fatal and non-fatal bodily injury to the third party.
Offer cross-liability under the coverage.
Add-On Cover
You can get additional coverage for the expenses not covered in the standard contractor all-risk insurance.
Public Liability Insurance Vs Contractor All Risk Insurance
Points of Difference
Damage to client’s property due to contractor’s mistakes/negligence
Coverage for hot works/welding
Damage to
contractor’s machinery and equipment at work site
Public liability insurance
Public liability insurance does not cover third party liabilities under all circumstances.
The standard public liability insurance usually does not include hot works or welding.
Not covered
Contractor All Risk Insurance
CAR will cover for client’s property damage due to contractor’s mistakes.
CAR includes the coverage for hot works and welding.
Covered
Conclusion
We hope the difference between contractor all risk insurance and public liability insurance is pretty clear. To understand more in detail, you can contact us. At Armourr Insurance, we assure to solve all the doubts of the customers with patience. Whatever your business scale, we are happy to help you.
FAQs
Who can buy the contractor all risk insurance?
The contractor, owner, or the companies financing the project can buy the contractor all risk insurance.
Who can buy public liability insurance?
It is designed for the companies or individuals who may be held responsible for third-party injury or damages. It is especially recommended for doctors, BPOs, hospitals, and business owners.
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Why Do Small Businesses Must Buy Fleet Insurance?
No doubt, investing in vehicles for your business can bring multiple benefits. But with numerous benefits comes extra responsibilities and expenses. Now, more companies are buying their own vehicles, and with their own vehicles comes greater responsibilities like renewing the policy on time, understanding new policy coverages, Etc. Since each vehicle is insured separately, one must remember its renewable date. A fleet insurance policy is one of the best ways to save money and time. It is an effective solution because it is administratively simple and cost-effective. Wondering how? Keep reading.
What is Fleet Insurance?
Under the fleet insurance policy, it covers four or more vehicles. The policy includes multiple vehicle types- vans, cars, trucks, Etc. It protects vehicles against liabilities due to accidents, theft, or other incidents. It is an ideal choice for SMEs as they have to pay only a one-time annual premium to insure multiple vehicles.
What are the Benefits of Fleet Insurance Coverage in India?
There are a plethora of advantages of having fleet insurance in India; the following are just some:
Covers all Business Vehicles
An accident proves to be a hefty loss for the business's financial condition, especially when you have a small business. But thanks to fleet insurance, regardless of your vehicle type, you can insure all your company's vehicles under a single policy. All damages like dent, mechanical damage, accessories damage, or any others that occur due to accidents. It also covers the loss of vehicle theft or damages beyond repair because of natural calamities or fire.
Effortless Management
One of the more significant advantages of fleet insurance is that it relieves you from managing different insurance for each vehicle and remembering all renewal dates and everything about it. But under this insurance, all you need to remember is to remember just one insurance and one renewal date.
Cost Effective
When you buy individual insurance for each vehicle, it proves to be a very costly affair. But on the other hand, fleet insurance is very economical in India, plus it helps the business to overcome the bumpy situation.
Legal Coverage
Third parties often claim legal charges against the vehicles involved in accidents. The litigation expenses are very high and can cost the business much money. The fleet insurance offers coverage for third-party liability. In the absence of fleet insurance, the business has to pay compensation to the third party, attorney fees, medical expenses (if any), and a lot more. This sudden accident and liabilities can disturb the entire budget, so fleet insurance is a must for all SMEs.
Conclusion
Fleet insurance is a must-buy for all, especially a small company, as it helps protect the business from uncertain risks involved with commercial vehicles. Our team of experts will guide you with all your insurance requirements; we are just a call away. Contact Armourr Insurance for the fleet insurance query.
FAQs
What is the difference between fleet insurance and commercial vehicle insurance?
Fleet insurance covers more than one vehicle under one policy. In contrast, one needs to buy individual insurance for each vehicle in commercial vehicle insurance.
What factors are to consider while calculating the premium of fleet insurance?
Some key factors that needs to be keep in mind while calculating the premium of fleet insurance include types of vehicles, location, operation radius, the vehicle's value, number of vehicles, Etc.
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Armourrinsurance is a leading Direct Insurance and Reinsurance Broker & Risk Management Advisor providing insurance product and services to corporate customers across varied sectors. Call us Today.
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Why One Should Invest In Contractors All Risk Insurance?
The construction business involves a huge amount of risks. Heavy machinery, loss of materials, and fall hazards are some of the common risks associated with the business. These risks are not only associated with the material but also with the lives of contractors and workers working on the site. Even with thorough planning and precautions, risk can be reduced, but it is almost impossible to mitigate the risk. One of the best ways to secure the business is through Contractors All Risk Insurance.
What is Contractors All Risk Insurance?
Contractors All Risk Insurance (CAR) offers coverage against any damage or loss caused to the machinery, construction plants, equipment, and contract-based workers. It also provides coverage to third-party claims for bodily injuries or body damage. The tradesmen or the contractors generally purchase the policy.
The cost of tools and machinery involved in the construction business is very high as it becomes difficult to replace them in case of theft or damage. In this case scenario, the CAR policy comes handy.
Perils Covered under Contractors All Risk Insurance:
Following are some common coverage under the insurance:
Collapse
Human errors and negligence
Allied and fire hazard
Cyclones, floods, storms, and tempest
Water damage for wet risks, Etc
What is the Need For Contractors All Risk Insurance?
The policy provides stability to carry out the project smoothly; following are some reasons to buy Contractors All Risk Insurance:
Cut Down Construction Risks
Construction is a very risky business; even the slightest negligence can lead to hefty losses. By buying Contractors All Risk Insurance, contractors can save their earnings as the insurance company will pay for loss or damaged due to theft, accident, or other hazards.
Provide Security
Generally, construction projects are large in size, and hence any loss or mishappening results in enormous losses in business. But a good contractor all-risk insurance policy helps maintain financial stability and reduces uncertainty in business and human life.
Helps in Worst-case Scenarios
Countless things can go wrong in the construction business, and the chances of things getting wrong are very high. Even if things go wrong due to theft, breakdown of equipment, or anything else, Contractors All Risk Insurance got your back. The policy will help recover the loss at the earliest possible, which might become very difficult without the insurance.Â
Earn More ProjectsÂ
Everybody wants peace of mind and so do the employers. When the contractor has Contractors All Risk Insurance, employers are likely to give them more work as they know the contractor is backed with financial support even if things do not go as per the plan.
Conclusion
We hope that this writing helps you understand why it is necessary to have Contractors All Risk Insurance for your business. To understand more about the Contractors All Risk Insurance India, policy coverage, and other aspects, contact Armourr Insurance. After studying your business thoroughly, we'll come up with a customized plan to meet your business needs.
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Quick Guide On Engineering Insurance Policy
The engineering sector is the backbone of a developing country like India. It has helped the country to achieve many milestones with its excellence. But the harsh truth about this booming industry is the large number of risks involved. One cannot mitigate the risk but can reduce its effect through preventive measures. You must read the entire blog if your business involves machinery, plant, or equipment. Today we will shed light on engineering insurance and types of engineering insurance.
What is Engineering Insurance?
Engineering insurance is an insurance policy that covers a wide range of risks related to machinery, plant, or equipment. It covers the risks associated with resting, working, and erection of any machinery, plant, or equipment. In simple language, it protects the business against different uncertainties occurring in on-site construction and installation projects, including machinery and plant usage. Out of many engineering insurance companies available in the market, Armourr Insurance is a trusted name.
Types of Engineering Insurance:
Plant All Risk Insurance
Equipment used in operational and constructional machinery is prone to wear and tear plus massive risk due to its extreme environmental conditions at the site. The plant all-risk insurance protects the business against unforeseen loss and damages to operational tools. It is purchased by the machinery owner or the person who uses it.
Erection All Risk Insurance
Erection all risk policy covers risks that occurred during the testing or erection period of manufacturing units or individual machinery. It also covers legal liability to third parties that occurs due to the project activity during the policy period.
Machinery Breakdown Policy
Machinery covers losses of unexpected damage to various equipment when in use. It covers both internal and external damage to some extent. If you own a factory or plant, this proves to be a precious investment in protecting valuable assets.
Electronic Equipment Policy
As the name suggests, the electronic equipment policy covers complete electronic equipment used in business operations. It generally covers equipment that uses very low voltage, for example, x-ray machines, computers, UPS, Etc. The coverage includes physical and internal damage to the data media and electronic devices.
Contractor's All Risk Insurance Policy
The cost of machinery involved in the construction business is very high, and any damage or loss leads to heavy business loss. The contractor's All Risk Insurance Policy covers the various risks involved in civil engineering projects, including construction plants and machinery, contract works, and third-party claims against bodily or property damage.
Boiler Pressure Plant Insurance Policy
Boiler Pressure Plant Insurance Policy basically covers boilers' pressure plant vessels against the risk of explosion, collapse, or implosion. It also gives coverage to damage to surrounding property, third-party liability, and damage to boilers and pressure vessels.
Advance Loss of Profit Insurance Policy
The advance loss of profit insurance policy covers the financial loss that occurs due to delays in construction and infrastructure projects. It is one of the best investments for businesses, especially small and medium-sized businesses.
What is Covered Under Engineering Insurance?
Theft or burglary
Malicious acts, riots, and strike
Fault in an erection
Excess voltage, arcing, short-circuit
Electrical and mechanical breakdown
Flood, storm, inundation, cyclone, or any other hazard
Rockslide, landslide, subsidence
Human errors and negligence
Damage due to collapse, foreign objects, impact damages, Etc.
Why is it Important for a Business to have an Engineering Insurance Policy?
There are plenty of reasons to have an engineering insurance policy for business. Following are some of the reasons:
Protects Business from Unseen Misadventure
Plants and machinery involved in the construction business are very costly, and any damage or mishap can result in a significant loss for the company. But one can avoid such loss by buying the right engineering insurance.
Mistakes can not be avoided.
Mistakes are part of human nature; we cannot avoid them even after great precautions. When a piece of machinery is set wrong, the business can cause substantial financial loss.
Maintenance is not a Guarantee.
The harsh truth about maintenance is that it does not guarantee that damages won't happen and that work will not be at a halt. Despite meticulous inspections and maintenance, the machine can break down. In order to protect the business from loss, engineering insurance is a must.
Get Insured!
Contact Armourr Insurance today to learn more about engineering insurance and what type of insurance is ideal for your business. Our team of experts will assess your business and then guide you through all the required insurance details.
FAQs
What has not been included in the engineering all-risk policy?
War invasion, design defects, terrorism, nuclear reaction and radiation, cessation of work, bad workmanship, Etc. are some things not included in engineering all risk policy.
What is the duration of the contractor's all-risk policy?
The contractor's all-risk policy is issued from the start of the work and ends at work completed.
How much is the premium amount for the engineering insurance policy?
The premium amount depends on the type of insurance you are willing to purchase and the types of machinery you wish to cover. Based on multiple factors, the premium amount is calculated.
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How To Choose The Right Commercial Insurance Policy?
Business is all about taking responsibility and risks. There are small and big risks involved in it. Not all businesses can identify risks on time, which can cause huge financial and reputational losses. Some risks can destroy the entire business, while some can cause serious damages that are costly and time-consuming to recover.
One of the best ways for business risk management is via a commercial insurance policy. If you are a business owner and wish to understand how to find the right commercial insurance, then this piece of writing is for you.
What is Commercial Insurance?
Commercial insurance, also known as business insurance, protects your business against lawsuits, damages, and liabilities that can occur while operating your business. Commercial business insurance helps to manage the risk associated with it. There are different types of commercial insurance available in the market, and by choosing the right type of insurance, you can save your business against many unseen situations.
Discuss The Risk With Your Insurance Consultant
Here are Some Practical Tips for Pick the Right Insurance for Your Business:
1. Understand the Risk Exposure
There are different types of risks associated with different businesses. A particular insurance that has worked well in one business doesn't need to be as effective as in another business. If your business is different and the risks undertaken are different, how can the same commercial insurance help? One of the best ways is to discuss the risk with your insurance consultant before making a final decision.
2. Scope of Coverage
Before buying the insurance, business owners should assess the scope of coverage. Each business has a unique challenge and risk associated with it. For example, if you have a convenience store, there are risks against property loss, like theft and robberies. The industry type is not only a single factor associated with the business; you must consider several other things while choosing insurance. You need to think if the general insurance coverage is enough for your business or not, as you may need special coverage due to the unique nature of your business. Talk to our business insurance consultants to find out the best coverage for your business.
3. Agent who has Knowledge about your Industry
Commercial insurance can be very confusing as you might have certain questions even after understanding the insurance need. Choose a knowledgeable commercial business insurance agent who can answer all your questions and help you find the best plan to meet your business's needs. Interview a few agents before you finalize one. Choose an experienced and expert agent for a smooth process.
4. Please read the Insurance Policy Before Buying it
Before you sign the insurance policy, it is necessary to read the policy paper carefully. Different policies have different limits, deductibles, premiums, exclusions, Etc. Understanding coverage, inclusions, exclusions, and other terms are vital to fully avail of insurance benefits.
5. Factors that Affect the Insurance Cost
There are many points that need to be considered when buying insurance costs. Factors like business size, geographical location, assets, claim history, Etc. The following are factors that can lower your insurance cost:
1. Install fire suppression systems and security alarms to lower the premium cost.
2. Create a safe work environment as it reduces job injury, healthy workers, and few accidental chances.
3. Avoid insurance lapse, as breaks in coverage cost more premium amount.
Conclusion
There are a plethora of options available when it comes to commercial insurance agencies. We hope the article helps you to find the right one for your small business. Whatever the size of your business, Armourr Insurance is a reliable name in the insurance industry. We have a team of experienced and expert insurance consultants to guide you throughout the process. We are just a call away!
FAQs
1. What are the common commercial insurances in India?
The most common types of commercial insurance in India include property, workers' compensation, commercial auto, and liability insurance.
2. Why does my small business need commercial insurance?
Small businesses need insurance to protect against property damage, lawsuits, accidents, and bodily damage. Business insurance helps you protect against these losses and saves you from financial losses.
3. How do you determine the cost of business insurance?
Various factors determine the business insurance cost. Some factors include the financial history of the business, the risk you wish to cover, the number of employees, business location, nature of the business, coverage includes and deductibles, Etc.
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Why Is Risk Management Important For Business?
Entrepreneurs often have numerous responsibilities, from hiring new talents to getting new projects to selling products or services to countless others. As a result, risks always surround business, and with so many tasks on hand, falling for risk is common. Undoubtedly, one can reduce the risk, but it is impossible to mitigate it.
In recent times, we have seen many examples of business failure due to the poor risk management ability of the owner. Insurance is one of the tools that help cut down the risk by providing coverage against harm.
What is Risk Management?
Risk management is a process where risks are studied and analyzed, determining how to handle it in the best possible way. The entire process undertakes the best approach to understand the level of risk, the kind of loss it can cause, and how to eliminate the risk without disturbing the entire process.
Also Read Why One Should Invest In Contractors All Risk Insurance?
Risk Management Process:
There is no doubt that different businesses have different risks. But the risk management process follows the same route to identify the uncertainty and risk involved in the business.
1. Identify the Potential Risk
The first step is to identify the potential risk that the business may likely face in the near future. There are different types of risks like legal, environmental, regulatory, market, Etc.
2. Analyze the Risk
Once risk is identified, the next thing is to analyze it. Under this, the scope of the risk is determined and how much severity it can cause to the business. For example, there are risks in business that can cause a business to stand still, and there are minor risks that cause only minor inconveniences.
3. Evaluate and Prioritize the Risk
There are different degrees of risk. Under this step, risk is prioritized and ranked based on the loss it can cause. The ranking helps the business to gain a holistic view of the risk. For example, middle or low management levels can mitigate certain risks and might not need top management interference. In comparison, the high risk may need the quick intervention of top-level management. There are two ways to evaluate risk: Quantitative risk assessment and Qualitative risk assessment.
4. Treat the Risk
The purpose of identifying and assessing the risk is to eliminate the risk. Based on the risk degree, a thoughtful and logical solution must be provided. One of the best ways is to connect with experts in fields to which risks belong. While treating the risk, ensure that the current projects are not disturbed.
5. Monitor and Review the Risk
With the constant change in environment and process, there might be chances that not every risk is eliminated. Therefore, one needs to make changes in the process constantly. Sometimes if the implemented strategies are not effective, then the team needs to start over the entire process or change the methodology.
Why Armourr For Insurance Risk Management?
Benefits of Insurance to Risk Management
Safeguard from Financial Losses
Business is all about taking risks, and financial loss is a very common outcome with risk. Sometimes the threat stops business owners from taking risks and cuts down chances of growth. But insurance encourages taking risks as it protects the business from financial losses.
Improve Liability
Threats are very common in the business, and sometimes unforeseen threats disturb the entire process. In this, general liability insurance saves entrepreneurs from threats. Many insurances are available in the market to protect against different threats. Make sure to check out book appointments with Armourr Insurance for better business insurance guidance.
Improves Reputation
Whether your business is expanding or planning to diversify product lines, the business also needs financial support. Sometimes financial support comes from venture capital, banks, or other sources. Asking for money is not easy, as investors judge you based on your current position and ability to return their money. However, insured businesses make owners look like responsible and smart decision-makers.
Give Mental Peace
Nothing is worse than worrying about the foreseen incidents and losses that any business can hit. Sometimes fear, anxiety, and frustration weaken a business owner's certain risk-taking decisions for the ultimate business growth. But with the insurance coverage, without the fear of making a loss, owners can take bold decisions and, simultaneously, give them a sense of mental peace.
Final Words
Risk management is a vital process that helps the business to identify the risk and take preventive measures beforehand. At Armourr Insurance, we have an experienced team of professionals that can help your business perform better through our risk management Insurance services.
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A Comprehensive Guide On The Directors & Officers Liability Insurance
After working with a company for two years, a young salesperson was fired on the grounds of non-performance. He then filed a lawsuit against the national head, stating he was harassed by the federal authority and did not get timely feedback. The director and officers' liability insurance helps the company cover the head's legal defense cost.
Today we will guide you through Directors & Officers Liability Insurance and why even small and medium-size businesses should buy it.
What is Directors & Officers Liability Insurance Policy?
D & O liabilities insurance is designed to protect individuals serving as directors, managers, officers, and any decision-making employees in case of any lawsuit against them. It covers the lawsuit defense cost and any financial losses that occur due to the lawsuit.
For several reasons, lawsuits can be filed by employees, vendors, investors, customers, or any regulatory body against the decision making employees and directors. D & O liability insurance also seeks protection for their spouses if they are personally sued for any act done in managing the company.
Following are some commons reasons for the lawsuit:
Breach of trust
Biased practices
Allowing employee harassment
No complying regulations in the organization
Giving misleading or wrong information
Negligence
Fraud
Theft of intellectual properties
Misuse of the company's fund
Why Should one Buy Directors & Officers Liability Insurance Policy?
D&O insurance not only covers the legal battle cost but also offers several additional benefits. Following is a quick glance at its benefits:
1. It Covers the Legal Battle Cost
Directors and managers are at the top level of management. They are responsible for making certain decisions that may affect finance, personnel, operation, and other aspects of the company. Their critical position comes with certain risks. Many people, including employees, vendors, government, and investors, may not like certain actions of the director or manager due to which they file lawsuits against them. The D & O coverage helps cover the lawsuit cost plus the cost of the best defense and guides them throughout the suit.
2. Attract Better Talent
The lack of better talent is a harsh reality of today's corporate world. At the top-level management, better talent won't like to risk their personal assets if something goes wrong with their decision. An investment in good D&O insurance helps attract the best skills for top-level management.
3. Boost Confidence in Decision-making
Another benefit of buying D&O insurance is to boost the confidence of directors and key managers in making bold and important decisions without worrying about personal legal ramifications. The insurance gives the backup in case something goes wrong.
4. Bankruptcy Protections
Even at the time of bankruptcy, the company's directors and officers are subjected to certain risks. In certain bankruptcy cases, directors and officers are blamed for making certain decisions that may or may not have led to a bankruptcy situation. Thanks to D&O insurance for providing good coverage if any case is filed against directors and officers.
What is Covered Under D&O Insurance?
Damages and Settlement costs
Coverage for assets and liberty costs like civil bond expenses, bail bond, Etc
Coverage for retired directors
Coverage for subsidiaries
Emergency expense coverage
Public relations expense to cover the negative publicity
What Claims may not be included in the Policy?
Dishonest and fraudulent conduct
Breach of contract
Defamation and slander claims
Criminal fines and penalties
Intentional wrongdoing
Does your Business Need D&O Insurance?
The common misconception is that D&O insurance is only a good option for public companies. Although, according to the Companies Act 2013, it is not mandatory for the companies to buy D&O insurance. But the recent incidents and lawsuits show that any small, big, public, private or non-profit organization can face litigation risk. It is must-have insurance for any company with an advisory committee or board of directors as it protects the business from any financial and non-financial loss.
In fact, it is one of the smart investments for small companies as the cost of lawsuits and its effect may cost them a fortune. Armourr Insurance is a reliable name in the D&O insurance providers list. We understand your business and its risks, and that is why we offer an unbiased solution that benefits you.
Credit Source: https://www.armourrinsurance.com/blog/guide-on-the-directors-officers-liability-insurance
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