What comes to your mind when you come to the term ‘corporate’? A big, sprawling office, spanning multiple floors, located in a tall building, employees dressed sharply, and everyone moving to and fro very busily? That is just about right. The corporate industry is not the place for a small business. Companies that deal with large-scale transactions every day and show huge turnovers every quarter belong to the corporate world. Beneath all their success, lies a protection that assures them to go the extra mile and take risks along the way. That protection is called Corporate Insurance.
About Corporate Insurance
Corporate Insurance is the cover that a company buys for its members, against its liabilities and every other risk that it goes through in its operations. Big companies are not immune to losses and therefore they need something to cushion their fall just in case. That’s where they need to insure themselves and everything linked with them. Even if an unforeseen event befalls them their operations do not stop because they have a good Corporate Insurance that covers them.
Importance of Corporate Insurance
Corporate Insurance is important for any company that deals in huge numbers. Even if it seems that there is no chance of a big risk anytime soon it does not harm to insure the company for emergency situations. Having insurance also keeps the employees safe from harm and they feel more confident of working with there. Especially when the workers have to work in perilous conditions, Corporate Insurance makes sure that in case something happens, the families of the employees are provided for.
Best Corporate Insurance Policies in India by Top Insurance Companies
The top insurance companies in India offer very competitive policies relating to Corporate Insurance. Have a look below to know more.
ICICI Lombard Corporate Insurance
- Premium: Depends on the assets construction, number of employees and the accident prevention measures that the office employs. The premium can appreciate or discount based on the history of the company’s past claims.
- What it Covers:This policy covers losses that occur in the office due to fire, lightning, riot, strike, storm, cyclone, flood, terrorism. The terrorism cover is an add-on. It also covers losses due to burglary, damage to the equipment and cost of recovering data lost because of an accident that the policy covers.
Reliance General Corporate Insurance
- Benefits: This policy provides benefits under a single plan to increase convenience. Its structure is designed to meet the specific insurance needs of a company.
- What it Covers: This plan provides coverage against fire damages and other accidental and natural disasters. It protects the company against theft as well. Machinery breakdown, electrical damages, and electronic malfunctions are also covered by this plan. Other aspects that it covers include loss of money during business, baggage loss, damage to fixtures and fittings, hoardings and other similar advertisement mediums, accidental cover to the insured person’s family members, fraud committed by employees, legal liabilities, and additional rent when moving the offices to a new place due to damages in the existing premises.
- Exclusions from the Cover: The policy does not cover damage or losses incurred due to war and nuclear attacks, wear and tear and depreciation of machinery assets, avoidable losses, losses due to action by a legal authority and mysterious disappearances or any kind of unexplainable losses.
- Criteria for Application: This insurance can be applied for by Commercial offices, Government offices, BPO and ITES Call Centres, Software Development Offices and offices located away from the premises of the company.
Bajaj Allianz Corporate Insurance
- Death: The nominee of the insured can get the insurance money mentioned in the Schedule within 12 months if the insured person dies due to an accident.
- Total Permanent Disability: If an accident causes permanent and total disability to the insured, they can claim up to 125% of the total sum insured within 12 months from the date of the accident.
- Total Temporary Disability: In the case of a temporary but total disability, the insured is liable to receive weekly benefits as mentioned in the Schedule within 12 months from the date of the accident.
- Partial Permanent Disability: The insured will get paid a proportion of the insured amount according to the scale of benefits if the person gets into an accident that causes permanent but partial disability.
- Children’s Education: If the insured person dies or gets permanently and totally disabled, the policy arranges for a payment to support their children’s education.
- Medical Expenses: The hospital bills and other medical expenses get partial cover as the policy allows for a percentage to be paid to the insured due to a serious injury. The treatment must be provided by a registered and qualified medical practitioner.
- Allowance for Hospital Confinement: The insured person can get a daily allowance benefit in case of getting confined to a hospital for a maximum period of 30 days.
- Risk Classification: This plan divides occupations into three risk categories. Risk Class 1 is for those who are involved in managing and administrative occupations such as accountants, doctors, lawyers, teachers, etc. Risk Class 2 includes people engaged in manual labour such as mechanics, drivers, builders, contractors, engineers, etc. Risk Class 3 involves people who work under dangerous and life-threatening conditions like miners, electricians, circus, professional racers, mountaineers, etc.
- Eligibility:People between the ages of 18 and 65 can purchase this policy. Children have to be within the age group of 5 to 19 to gain coverage.
- Sum Insured:The total sum insured is usually restricted to 70 times of the monthly earnings of the insured person. The minimum premium is Rs. 500.
TATA AIG Corporate Insurance
- Group Personal Accident: The policy can be tailor-made according to the requirements of the clients.
- Unique Policy: Every policy relates to the specific needs of the client. The company that is getting insured gets a customised Group Personal Accident for its varying needs and limitations.
- Benefits Offered:This policy offers benefits relating to accidental death, dismemberment, total permanent disability, medical expenses up to Rs. 5,000, permanent partial disability, accidental medical reimbursement, and weekly benefits in case of temporary total disability.
- Traditional Segments: Companies that follow the traditional method of insurance that provides a personal accident cover to its employees can take this policy.
- Non-Traditional Segments: Private and public companies that extend a cover to its customers also gain from this policy. For example, a motorbike company selling its vehicles with insurance included in the package.
- Exclusions from the Cover: The policy does not cover suicide, military operation, war, illegal acts, terrorism, bacterial infections, dangerous sports, etc.
The owners of a company should make a well-informed decision when buying Corporate Insurance for their company.
Types of Corporate Policies
Corporate Policies are available in many different types, each of them reflecting the kind of coverage it provides.
Group Policies:
- Group Life Insurance
- Group Critical Illness
- Group Medical/ Health Insurance
- Group Travel Insurance
- Group Accident Insurance
- Group Gratuity Insurance
Liability Policies
- Public Liability Policy
- Professional Indemnity Policy
- Errors & Omissions Liability Policy
- Lift (Third Party) Insurance
- Carrier's Liability Insurance
- Liability Insurance Act Policy
- Workmen's Compensation Insurance
- Products Liability Policy
- Directors and Officers Liability Policy
- Employers' Liability Policy
Commercial and Industrial Policies
- Fire Policy
- Burglary Policy
- Marine Cargo Policy
- Marine Hull Insurance
- Office Umbrella Policy
- Shopkeeper's Insurance Policy
- Plate Glass Insurance
- Special Contingency Policy
- Neon Sign Insurance
- Fidelity Guarantee Insurance Policy
- Aviation Insurance
- Project Insurance
- Money Insurance
- Jewellers Block Policy
- Bankers Indemnity Policy
- Electronic Equipment Insurance Policy
- Machinery Breakdown Policy
- Consequential Loss Policy
- Contractors All Risk Policy
- Marine cum Erection/ Storage cum Erection Policy
- Advanced Loss of Profit/ Delay in Start-up Policy
- Contractors Plant and Machinery Policy
- Business Interruption policy
- Mega Package Policies
A businessman must identify the risks his business faces on a regular basis and invest more in buying a good insurance cover for that. However, it is also good for the company to have an insurance policy ready for those cases that do not occur regularly but can happen anytime.
Which Corporate Insurance You Should Buy?
Your company has stood tall through many challenges and you would hate to see it go down just because you did not have it insured against a certain risk. When buying Corporate Insurance keep the following points in mind to determine which one is best for your company.
- Coverage: The policy should cover all the essential aspects of your business.
- Benefits: Check the benefits that it would provide under different circumstances.
- Premium: The premium should be reasonable and a clear reflection of the sum assured.
- Add-ons: Ask the insurance company what add-ons can be applied to your insurance plan to make it cover some distinct aspects.
- Additional Benefits: Some policies also provide additional benefits that can prove useful in some situations.
- Chances of Claiming: Some insurance companies have a better percentage of granting claims than others. Go for the company that offers more chances of claims getting granted.
Key Advantages and Features of Corporate Insurance
- Getting a Corporate Insurance helps a company to retain employees as they feel secure working for you.
- The employees also enjoy a boost in their morale as they have the backing of getting the coverage if something bad were to occur to them while working.
- The investment in Corporate Insurance is low as it ensures a group rather than an individual.
- It also helps company owners to get tax benefits and thus reducing their liability towards tax payments.
- Premium payments are easily done and according to the convenience of the employer.