"Company insurance" typically refers to the various types of insurance coverage that a business or company may purchase to protect itself from financial losses or liabilities. The various facets of a business's activities, assets, and personnel are covered by these insurance plans. The specific types of insurance a company may need can vary depending on its size, industry, and specific risks involved. Typical business insurance products include the following:
General Liability Insurance: Protects the business from claims related to bodily injury, property damage, and personal injury that may occur on the business premises or as a result of business operations.
Property Insurance: Covers damage or loss of the physical assets of the company, such as buildings, equipment, inventory, and furniture, due to events like fire, theft, or natural disasters.
Business Interruption Insurance: Provides coverage for loss of income and additional expenses that result from a covered peril, such as a fire or natural disaster, that disrupts normal business operations.
Workers' Compensation Insurance: Covers medical expenses and lost wages for employees who are injured or become ill while on the job. Additionally, it precludes the wounded worker from suing the company.
Commercial Auto Insurance: Covers vehicles used for business purposes, including company cars and trucks, in case of accidents, theft, or damage.
Professional Liability Insurance (Errors and Omissions Insurance): Protects professionals (such as doctors, lawyers, consultants) against claims of negligence or inadequate work.
Cyber Liability Insurance: Shields businesses from the financial impact of data breaches and cyberattacks by covering the costs associated with notifying affected parties, restoring data, and legal expenses.
Directors and Officers (D&O) Insurance: Protects the personal assets of company directors and officers in the event they are personally sued for alleged wrongful acts in managing the company.
Employment Practices Liability Insurance (EPLI): Covers the company against claims by employees for issues such as discrimination, harassment, or wrongful termination.
Product Liability Insurance: Protects against claims related to product defects that cause injury or damage.
KEY ADVANTAGES
SCOPE OF COVER
FIRE & ALLIED PERILS
Covers the building (i.e., the structure wherein the industrial / manufacturing unit is situated) as well as plant and machinery, furniture, fixtures and fittings, electrical installations and stock and stock-in-trade in the business premises against fire and allied perils.
FIRE LOSS OF PROFIT
Covers loss due to interruption or interference with the business carried on in the premises specified in consequence of loss, destruction or damage indemnifiable under Fire & Allied Perils, subject to the limits of sum insured. The cover under this section is limited to loss of
For a production unit, every operational minute is precious. However, despite the best safety efforts, accidents do happen. Moreover, these mishaps can result in a large loss of priceless production time and/or company assets. At such times, what you need is a Policy
that offers you prompt and vital service. Reliance General Insurance is pleased to offer you such a policy, which provides you the financial support that gets your business up and running as soon as possible after almost any emergency. This is available to small and medium size industrial houses having manufacturing or industrial risks for a sum insured up to Rs. 100 Crores in a single location.
GROSS PROFIT DUE TO:
There is an option available for terrorism cover extension.
MACHINERY BREAKDOWN
Covers all electrical & mechanical appliances, apparatus, gadgets and/or any electrical or mechanical installation pertaining to the business while contained or fixed in the business premises, against loss or damage due to unforeseen and sudden accidental physical damage caused by and solely due to mechanical or electrical breakdown.
ELECTRONIC EQUIPMENTS / APPLIANCES
Covers electronic appliances, apparatus, gadgets, electronic medical equipment and/or any electronic installation owned and contained in the premises or portable computers belonging to the business and in the personal custody of the principal officers or employees when carried anywhere in the world as accompanied baggage against all risks. Computer software and programs (other than those developed in-house), data & data carrying devices, can also be covered under the policy.
BURGLARY & HOUSEBREAKING
Covers contents in the business premises being plant and machinery, furniture, fixtures and fittings, electrical installations and stock and stock-in-trade including items held in trust against burglary and housebreaking. Damage to the business premises and/or safety resulting from burglary and/or housebreaking is also covered.
MONEY INSURANCE
Covers loss of money relating to business due to accident or misfortune
GOODS IN TRANSIT
Covers all transit of goods consisting of raw material, finished goods, semi-finished goods, spares, consumables etc. into the premises and transit of finished goods out of the premises i.e. inland transits (inward and outward), imports and exports.
PERSONAL ACCIDENT
Provides compensation for accidental death or bodily injury of the principal officers, employees of the business. It also covers expenditures for transfer of the deceased to their place of abode. Compensation towards Education Fund for dependent children in the event of death or permanent total disablement is also available. The cover can be extended for the benefit of reimbursement of medical expenses following an accident.
Infidelity/Dishonesty of employees Provides cover against direct pecuniary loss caused by dishonest acts/ infidelity of employees.
LEGAL LIABILITY
EXCLUSIONS
At Reliance General Insurance, we would like things to be as transparent as possible. To ensure that you do not face any misunderstandings when you make a claim, we would like you to know some of the major exclusion under the Policy:
