SMEs Insurance
To buy marine open policy
SMEs Insurance
Different businesses in various industries service customers as per their needs and preferences. Therefore, customers and their requirements can be met and secured in many ways. However, when it comes to protecting an enterprise, commercial insurance or business insurance is specifically designed to cover the losses that the business may face.
In India, small and medium enterprises, also known as SMEs, are always growing in number. To support their growth and boost their operations, Tata AIG offers flexible business insurance policies so that SMEs and other similar businesses can protect themselves and their capital from major losses!
Types of Commercial Insurance
There are different types of commercial insurance that one can choose to secure their SME against heavy losses and damages caused by unexpected risks and situations:
Marine Cargo Insurance
Many businesses need to transport their cargo/goods from one destination to another, through roadways, railways, airways, by sea or by courier. In case the cargo/goods are damaged while being transported, Marine insurance can cover such losses and damages. This way, the insured need not pay for damaged or lost goods from their pocket.
Group Health Insurance
At Tata AIG, we offer an all-encompassing Group Health Insurance policy for your employees to cover them against accidents, illnesses, and other medical emergencies.
Fire & Burglary Insurance
When operating a business of any kind, getting Fire Insurance and Burglary insurance is crucial to protect against financial losses. With Tata AIG, you can access flexible Fire and Burglary coverage against a wide range of risks and perils.
Public Liability Insurance
This type of coverage comes under liability insurance and covers your business against third-party losses. Hence, if a third-party person is injured or a third-party property is damaged while on your premises, you can be secured against their claims. You can add this coverage to your Tata AIG Package Insurance plan as an add-on cover.
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 claim settlement ratio of -, 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
Do all small businesses need to have insurance
All categories and types of businesses need to have insurance coverage to protect the business and the property from different losses. In the case of small and medium enterprises, which are especially common in India, a business insurance cover can ensure that the interests of small and medium-sized businesses are protected.
How to select the coverage for a business insurance policy?
To understand how much coverage you should opt for under your business insurance policy, calculate the cost of your small or medium business, including the inventory, business property cost, rental costs and any other overhead costs. These estimations can help you select sufficient insurance coverage for your business.
Is it compulsory to have insurance coverage for a small business?
There is no legal mandate in India stating that business insurance is a must for small businesses. However, to secure your own interests and to protect your enterprise against losses and damages, you should have business insurance.
