Corporate Insurance or SME Insurance is specially designed for companies, which ensure optimum protection to the most valuable assets. Whether it is fire insurance, liability against property damage or services offered, group policies to the employees or insuring other valuable machinery in the organization, Corporate insurance plays an imperative role. It is important to identify the insurance needs of a large entity or small start-up that prevents the business from coming to a halt.
From the very beginning, a business is exposed to certain risks such as the risk of breakdown, damage or theft. One lawsuit is enough to tear down a small business even before it has got off the grounds. Fortunately, business has access to certain types of insurance that ensure its safety. For example, employees are the most valuable asset of a business entity that needs to be retained for the progressive growth of the company. This policy with its life and health coverage feature is a great moral booster and works as an employee retention factor.
The types of coverage offered under Corporate Insurance, are designed keeping the various insurance needs of a company. So, it is the responsibility of every employer to identify the needs of its various asset and cover them accordingly.
This insurance is designed for commercial entities such as industries, businessmen, start-ups to cover the associated risks. It is a type of business insurance that offers financial solutions to various unforeseen events that can hold the growth of a business.
Group insurance is designed for a group of people from the same business entity, association or organisation. It is especially for the large corporate or business groups with considerable employees. Under this policy, the employers insure its employees in terms of health, travel, life, liability, personal accident etc. However, this policy covers the insured until he/she is in the organisation. The policy ceases straight away if the insured resigns from his duty.
Though corporate insurance can be multiple in types and each one has come with different features, the most common features include:
In order to ensure a smooth claim process with the insurer, the following steps are to be ensured:
In case of an incident due to which a claim can arise, immediately inform the insurer at their helpline number. The following information will be required while registering a claim:
Upon intimation, the customer care executive will register the claim. The company will appoint a surveyor to investigate the damages. Try to provide him with the best possible information regarding the incident.
Claim Assessment and Documentation
The surveyor after estimating the damage will seek the requisite documents.
Settlement and Treatment of Salvage
If the claim fulfils the terms and conditions of corporate insurance policy, the same will be considered for settlement. The payment will be disbursed with the consent of the insured accordingly.
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