SMEs Insurance
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SMEs Insurance
SME Insurance is a type of commercial or business insurance that protects small and medium enterprises (SMEs) from financial losses caused by unexpected events. These events include business risks, such as fire, theft, loss of cargo, workplace accidents leading to employee injuries, and more.
For example, if a fire breaks out in a small garment manufacturing unit and damages its machinery, SME insurance can help cover the repair and replacement costs. Similarly, if a bakery faces a burglary incident and valuable equipment is stolen, the policy helps cover the loss, ensuring business continuity.
In India, small and medium enterprises are steadily growing in number. According to a Press Information Bureau Report, in 2020-21, 714 micro and 3,701 small enterprises scaled up to medium enterprises. By 2023-24, these numbers increased to 2,372 micro and 17,745 small businesses, highlighting the significant growth in the MSME sector.
To support their growth and boost their operations, TATA AIG offers flexible business insurance policies that help SMEs protect themselves and their capital from major financial losses.
Types of Business Insurance
Marine Cargo Insurance
Logistics companies, importers and exporters often transport goods by sea, air, land or inland waterways. These goods are exposed to risks like damage or theft during transit.
With TATA AIG Marine insurance, you can cover such cargo losses or damages.
Group Health Insurance
Corporates, small businesses, associations and societies offer health insurance coverage to their members or employees to ensure their financial security.
At TATA AIG, we offer a Group Health Insurance policy to cover your group against accidents, illnesses, and medical emergencies.
Fire & Burglary Insurance
From small businesses like retail shops and restaurants to medium-sized businesses like IT startups, every business faces the risk of fire, theft or burglary.
With TATA AIG Fire Insurance and Burglary, you can protect your business against a financial loss arising from such events.
Workmen’s Compensation Insurance
Employees in labour-intensive industries and high-risk environments like construction sites and factories face the risk of workplace injuries or death.
With TATA AIG Workmen’s Compensation Insurance, employers can meet legal obligations by providing financial compensation for their loss of income and covering medical expenses.
Why Choose Tata AIG?
Tata AIG offers a range of features and benefits in business insurance when it comes to securing small or medium enterprises. These are some of the reasons why a Tata AIG business insurance policy should be your choice:
Plan Options
We offer a range of SME insurance policies that our customers can choose from and pay reasonable premiums as per their needs.
Claim Settlement Ratio
Tata AIG has recorded a high claim settlement ratio, proving our steadfast commitment to our customers.
Trust and Reliability
With over 20 years in the insurance industry, Tata AIG is a trustworthy brand offering quality products and services to its customers.
Customer Service
With a family of over 5 crore customers, we are keen to serve everyone’s SME insurance needs with customised solutions.
Swift Processes
Starting from the policy purchase to the claim settlement, we offer a quick and easy online process for all your needs.
Why Do You Need Commercial Insurance?
Commercial insurance is an essential requirement for small and medium businesses operating in India. Here are some reasons why SMEs need commercial insurance in India:
Security against Financial Losses
Business insurance offers protection against risks such as thefts, fires, accidents, and also natural disasters. A small business can handle these financial risks and protect all its assets with sufficient insurance coverage. The Tata AIG Shop Insurance policy covers a number of damages under the Standard Fire and Special Perils coverage.
Legal Compliance
Though business insurance itself is not a legal mandate, employee compensation insurance is mandatory in India. If you own an SME, you can consider getting employee compensation insurance. You can also add a workmen’s compensation or a personal accident add-on to your Tata AIG policy to ensure your employees’ safety.
Business Steadiness
The coverage of a commercial insurance policy secures a company’s losses, enabling them to move forward without any major roadblocks. In case of major losses, small businesses can resume their operation rapidly after recovering the losses.
Business Credibility
Partners, vendors, investors, and any other company stakeholders can trust your business better when they know it is protected against losses. This increases the business’s credibility.
Commercial insurance may not be a compulsory requirement; however, without adequate insurance coverage, your business becomes susceptible to a range of unexpected risks and hazards. Hence, business insurance that meets your company’s or enterprise’s needs is essential for its growth.
Benefits of Commercial Insurance
When an insurance policy protects your SME against different risks and hazards, it helps you focus on growing your business. Below are some of the important benefits of having business insurance:
Secures Your Enterprise
Business insurance covers losses to your company arising from thefts, any employee’s sickness, death or injuries, legal liabilities, and other situations that may cause a major loss.
Third-Party Liability
In case a third-party person is injured during your business hours on your premises, third-party liability insurance can protect you from the losses incurred in compensating for their damage.
Risk Management
With business insurance coverage, it becomes easy to manage the impact of certain risks and unforeseen events that may cause losses to your business property and its assets.
Secures Your Employees
A business insurance cover can also offer your employees health benefits and related coverage in the form of health plans. This way, they can look after your business better while you look after their well-being.
Lawsuit Cover
In the event that your insured business needs to undergo some legal proceedings due to a dispute or allegation, the business insurance coverage can cover the losses caused by the claims filed.
Protection from Natural Disasters
If a fire or any other natural disaster like an earthquake causes damage to your small or medium business property, your business insurance policy will secure you against these losses.
Increases Credibility
Though this is not a direct benefit of business insurance, having such a policy is the mark of a safe and responsible business. Therefore, various stakeholders are more likely to trust your enterprise.
For additional coverage, you can also choose from the following optional covers available on the Tata AIG Package Insurance policy:
Burglary Cover
Money in Safe Cover
Money in Transit
Electronic Equipment
Portable Equipment
Machinery Breakdown
Plate Glass Cover
Neon Sign
Workmen's Compensation
Personal Accident
Public Liability
Fidelity Guarantee
Who Should Buy Commercial Insurance?
Small to medium businesses
If a small or medium enterprise suffers losses due to unexpected risks, covering these costs can be quite a hassle. Therefore, SMEs should opt for commercial insurance.
Startups
New companies and startups have limited assets and resources and may not be able to tackle damages and losses to the company. With business insurance, a startup can protect itself financially.
Contractors
During a construction project, contractors are mainly responsible for injuries or bodily harm to employees. Hence, they need commercial insurance to protect themselves against these liability claims.
Service Providers
Businesses that offer marketing services, consultancy, and other similar services should secure themselves with commercial insurance coverage to protect their businesses.
Why is it Important to Buy Commercial Insurance?
Commercial insurance protects your business in a number of ways. Here are some of the important reasons why you should buy commercial insurance for a small-and-medium business:
Smooth Business Operations
Any loss or damage can majorly disrupt the daily operations of small businesses. However, with adequate insurance coverage, these damages can be properly compensated, which allows your business to run smoothly.
Security Against Uncertainties
Small and medium businesses are known to grow rapidly. However, some unforeseen risks and situations can slow down the potential of your business. Commercial insurance for SMEs is meant to secure this risk.
Cost-effective Options
Commercial insurance policies are designed to suit the needs of different small businesses across various industries. You can pay very reasonable premiums to secure your small or medium enterprise.
Peace of Mind
Commercial insurance to protect your small or medium business ensures that you can focus on the operations and growth of the business. Once you determine the coverage needed for your small business, you can be at peace knowing that it is secured by insurance.
Frequently Asked Question
