| Date post: | 15-Jul-2015 |
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Economy & Finance |
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CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Business Insurance
ValliAccounts Department
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Insurance Definition
• Insurance is A promise of compensation for specific potential future losses in exchange for a periodic payment.
• Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss.
• Some forms of insurance are required by law, while others are optional.
• Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
What is Insurance, why we opt Insurance
• Insurance is a contract between the insurer and the insured wherein against receipt of certain amount, called premium, the insurer agrees to make good any financial loss that may be suffered by the insured, due to the operation of an insured peril on the subject matter of insurance.
• The Life is full of uncertainties. People opt for insurance purely for the reasons of uncertainties in life. Insurance gives the insured a kind of peace of mind as he is assured to making up the loss in the event of such uncertainities in life happen
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
How Insurance works
• Insurance is a technique wherein a number of people, who are exposed to similar risk, participate in the scheme and contribute in the shape of periodic premiums.
• Such premiums are received by the insurer who is able to pay out of the premiums received by him, for the losses of some of those who have participated in the scheme.
• Thus it is wonderful technique of spreading and transfer or risks.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Kinds of Insurance
• Insurance Business divided into four classes:
– Life Insurance
– Fire Insurance
– Marine Insurance
– Miscellaneous Insurance
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Business Insurance
• It is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
• In simple term Business insurance pertains to protecting against operational losses by a business.
• Business insurance policies have been developed to cover virtually any risk that a business could possibly face.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Types of Business insurance
General Liability Insurance• No business should go one day without general liability
coverage. This type of policy covers the business in the case of a claim or lawsuit that arises from injuries, accidents, or negligence. Covered claims may include bodily injury, personal injury, property damage, slander, or false advertisement. The insurance provider covers all covered expenses including legal representation except for punitive damages.
Product Liability Insurance• If a company makes, sells, or distributes a product, they can
be held liable for its safety. Product liability insurance covers claims that arise from defective products that cause injury or harm. Coverage should vary with the type of product that is made.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Contn..
Professional Liability Insurance• This type of liability policy is also known as errors and
omissions insurance and is most often purchased by businesses that provide professional services. It covers the professional business owner from malpractice, errors, or negligence in the services provided to customers. Some states require certain professions, such as doctors, to carry this type of policy.
Property Insurance• Commercial property insurance polices are available for
businesses that operate out of standard commercial buildings.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Contn..
• These policies cover loss and damage to company property because of theft, fire, smoke, wind, hail, vandalism, and other covered events. Company property is usually defined as buildings, equipment, documents, business interruptions, lost income, and money. A home-based business can purchase similar coverage in addition to their home owner’s policy.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Contn..
Workman’s Compensation Insurance Any business that hires employees outside of the owner’s
immediate family should purchase a workman’s compensation policy.
In fact, most states require this coverage. If an employee is injured on the job, this policy covers their medical expenses and loss of income.
In the case of permanent disability, a workman’s compensation policy can provide benefits until the employee reaches retirement age.
Most business owners aren’t required to cover themselves or any workers in their immediate family. If they opt-out of coverage for themselves, they should look into personal disability insurance.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Contn..
Commercial Auto Insurance• If a business uses vehicles in the normal course of
business, they will require commercial auto insurance. In addition to covering personal injury and property damage, commercial auto insurance covers the business for loss of use in case of an accident.
Umbrella Policies• An umbrella policy is a catch-all for anything that slips
through or exceeds the limits of any other policy. These policies are relatively inexpensive, but often require business owners to purchase the maximum limits on all other policies.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Advantages of Business Insurance
Business insurance is considered as a fundamental part of business. Business insurance has many benefits that include protecting business property against unexpected occurrences like fire, theft, or injury to an employee or customer.
• Commercial insurance helps to protect many of the risks a business can face, involving damage or destruction to business vehicles, certain liability hazards resulting from the working of business vehicles, damage or destruction to office equipment or inventory, loss of income in case the business is closed temporarily.
• Business insurance also helps in protecting owner against certain business related liability hazards like, wrongful entry or search, libel (purposefully lie), slander (damage) and even crimes arising out of business’s advertising, risks to cargo while in transportation or storage, theft or loss of tools and equipment, crime coverage involving robbery, burglary, even employee dishonesty.
• In the event of a loss, insurance helps to recover the costs and keep in business
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
LIMITATIONS
• Commercial insurance, like all forms of insurance, comes with limitations and exclusions.
• If your business is exposed to greater-than-average risks, any insurance you buy will include a list of exclusions.
• Sometimes these exclusions rule out the very things you wanted insurance for in the first place.
• There may also be an annual dollar cap on paid losses, effectively cutting off your coverage at a certain threshold.
• In the event of a massive disaster or a huge lawsuit, your insurance policy might cover only a portion of your losses.
• If you have a claim, you must also be careful to comply with reporting requirements. Some insurance companies are notoriously slow to respond to claims, citing incorrect reporting as the reason.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Legislations for Insurance in India:
The primary legislations that deals with insurance business in India are:
• Insurance Act, 1938• Insurance Regulatory & Development Authority Act, 1999.
Consumer Protections Available in India
Insurance Industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakhs, in accordance with the Ombudsman Scheme.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
Conclusion
• For protecting Business as well as Health, Insurance always helps us to compensate the unexpected loss or damages.
• So, Always better to have an insurance for every individual and for every business to lead a peaceful and happy life.
CHENNAI3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,Mylapore,
Chennai - 600 004.Tel: +91 - 44 - 2498 4821
BANGALORE Suite 920, Level 9,
Raheja Towers,26-27, M G Road,
Bangalore - 560 001.Tel: +91 - 80 - 6546 2400
COIMBATOREBB1, Park Avenue,
# 48, Race Course Road,Coimbatore - 641018.
Tel: +91 - 422 – 6552921
WEBSITE
www.altacit.com
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