Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. If there's a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to remedy the damage.
An Engineering risk insurance is a policy that covers the loss arising out of the erection and installation of machinery, plant and steel structures. It protects coverage against physical damage to the contract works, equipment, and machinery. This policy also covers the liability for third-party bodily injury or property damage.
It protects coverage against physical damage to the contract works, equipment, and machinery. This policy also covers the liability for third-party bodily injury or property damage. It helps the insured to recover a sum of money as compensation.
Most businesses have business property and inventory. If there is a fire, robbery or another type of accident leading to damage or property loss of business assets, a general liability policy covers the business to the policy limits. It also protects the building the business leases for operations.
Businesses are sued for a lot of different things. Business insurance protects against many types of lawsuits. Workers' compensation covers employees from injury or illness at work. Business liability insurance protects the business if a consumer trips and falls in the office or otherwise is hurt. Insurance policies pay not just the settlement to the injured party but also cover legal fees incurred by the company when battling a lawsuit.
There are times when business operations must halt because of a break-in, fire, flood or another disaster. Some business policies cover revenues based on historical information. So if you average $10,000 a month in revenues, your policy would pay that to you up to the policy limits during the time your business is closed.
Physical damage to machinery from accidents or unforeseen circumstances can slow down or even halt production, and can majorly affect your business. This policy provides coverage for the heavy additional costs that have to be paid for repairing or replacing affected machinery. The sum insured under this policy is the replacement value of the equipment, duties paid, freight charges, and erection costs.
Complete cover is provided to electronic equipment in case of breakdown or damage. Being an ‘All Risk Insurance’, this provides complete cover except for the perils specifically excluded from the policy. The policy covers the high costs of repair or restoration of the damaged equipment, or its replacement thereof to ensure business continuity at a marginal cost.
1. Carefully Assess your Insurance Needs and Risks
2. Know your Policy in Detail
3. Check Deductible Limit
4. Understand your legal obligations
5. Check what your insurance policy doesn’t cover
6. Sum insured should represent Present Day Replacement Value.
7. Claim settlement is done once the expenses are incurred.