Taking an insurance policy is a wise decision for any person as it benefits you in every way. In this, you deposit a little money and you get good returns from it. Nowadays, apart from life insurance, Mobile Insurance, Bike Insurance, Car Insurance, Medical Insurance etc. are also done. In such a situation, if you have a business, then you must get business insurance for it.
Business Insurance is helpful in making up for the loss in your business. But there are many types of these which make up for your losses due to different factors. So what is business insurance? It is very important to understand it well.
What is business insurance?
When you do any business, there is a possibility of many losses in it. Sometimes due to some mistake, there is a loss in your business, sometimes you have to bear the loss due to a collision with a vehicle, and sometimes there is a loss due to some defect in the place where your business is located. Business Insurance in India is done to compensate for such unknown losses. In this, you have to pay premium and the kind of loss for which you have got insurance, that loss is compensated.Types of Business Insurance
There are many types of Business Insurance which compensate for different types of losses. You should invest your money in these policies according to yourself.1) What is General Liability Insurance?
This is a basic insurance that helps both small and big businessmen. This insurance helps you financially for small losses in your business like employee's accident, property damage, court expenses etc. Whether you have a big business or a small store (Small Business Insurance), you must get this insurance done.Before buying this type of insurance policy, you should thoroughly read and understand the policy as to what kind of loss is being covered in it and under what circumstances. If you buy the policy after understanding these, then you will not have to worry about the loss.
2) What is Property Damage insurance?
Business may be small or big, space is needed to do business and machinery is needed. A lot of stuff is used in business. If any such incident happens at that place due to which your goods get damaged or become of no use, then you suffer a huge loss.For example, if you have a clothes shop and if there is a fire in that shop due to any reason, then the entire stock will be burnt and then your capital will be destroyed. To cover such damage, there is Property Damage Insurance, which compensates your loss to a large extent in such a situation.
3) What is Vehicle Policy?
There are many businesses in which Vehicle is used. Like bike, loading rickshaw, truck etc. There is always a possibility of an accident with a vehicle. If an accident occurs, the driver of the vehicle may be injured, the person hit by the vehicle may be injured, the goods may be damaged due to the accident of the vehicle.In today's time, it is very important to have insurance for whatever vehicle you use for your business so that the victim can get compensation in case of an accident. That's why you must get the vehicle insured. So that the loss can be compensated.
4) What is the Employee Policy?
Employees are required to run a business. There is also a possibility of any accident with the employee in the business. In such a situation, it is the duty of the company to get them treated and to take care of them. But to cover such losses, you can buy Employee Policy.This policy comes in case of loss of an employee or his death due to any reason, due to which his family members get financial help.
5) What is Legal Liability Insurance?
Sometimes something like this happens in every business, due to which it gets into legal trouble. Sometimes a customer complained against your product, sometimes a business complained against your business. In this way both your time and money are wasted in court cases.You can take Legal Liability Insurance Policy to provide financial assistance in such cases. This includes all the expenses that you or your business have to bear due to legal proceedings.
6) What is Product Liability Insurance?
There are many businesses in which things are produced which are called products. Sometimes your customer may also be harmed due to your product. To avoid such a situation, it is very important to have a Product Liability Insurance Policy. If a person is harmed due to your product, then his expenses are included in this policy.7) Business Interruption Policy
Many times your business is affected due to natural calamities or riots, if your business is also financially damaged, then the Business Interruption Policy compensates for such losses. This includes all the expenses that are due to natural calamities.You can buy all these Business Insurance policies for your business. But while buying each policy, read and understand its terms and conditions carefully. In the insurance policy, it is very important to understand that in which situation the insurance company will compensate for your losses.