Insurance

Calamity can strike any time. To safeguard against any unexpected and undesirable disaster, the company should take precautions to cover all its assets through proper insurance.

• Proper insurance cover can minimize the risk to a great extent.
• Today, a variety of insurance products are available to cover almost all types of risks a business may face.
• All the physical assets, stocks, cash or goods in transit must be covered through proper insurance against fire, natural calamities, loss, theft etc.
• The business leaders or key persons in the business must be covered by an appropriate insurance policy.
• The employees, who travel frequently for work, should be provided accident insurance.
• Those traveling out of the country, should be covered by a suitable overseas travel insurance policy to take care of medical and other emergencies, while on foreign tour.
• If the company policy and budget allows, all or selected employees of the company should be given health (or medi-claim) insurance. This is a very good motivation for employees, increasing their loyalty towards the company. Some companies also include the employees and some or all of their family members in such health insurances.
• There are many group insurance policy schemes which should be checked for this purpose.
• In recent times, the need for cyber liability insurance policy is increasing due to the proliferation of commercial and business activities on the Internet. We must explore the risks involved and take the necessary policy cover, if required.
• Insurance companies regularly come out with many innovative schemes for companies. An experienced and knowledgeable insurance advisor should be consulted to find out the most suitable insurance products for the company.
• All the conditions related to the insurance policy must be understood and complied with to ensure proper assessment and claim in case of such a need.
• All the documents related to various insurance policies must be maintained properly.
• A person should be assigned the responsibility to keep track of various due dates for premiums, renewals, paper work etc. to ensure proper continuity of the insurance policies.
• Top management must review insurance status report regularly.

(Expert advice to GROW your business wherever you are, whenever you want.

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