Insurance For Small Business In India
Though having your business insured is not mandatory in india but it is necessary.
Insurance for small business in india. Features of business insurance. Business insurance india comes with certain features that make the policy worth your money. Plan well for success. This insurance protects the business owner against the most commonly occurring risks and offers financial assistance in case of a mishap loss.
Almost all health insurance companies offer flexible covers at affordable premium rates which depend on conglomeration of factors like size of the group profile of members etc. Damage to the property due to fire or natural disasters such as flood earthquake storm etc. In india a host of general insurance products are available for business owners operating in the sme small and medium enterprises space. Generally small businesses begin with whatever little capital you may have.
This monsoon for instance some 25 000 people bought cover against the risk of dengue from toffee insurance a startup backed by funders such as. If any miserable incident. Whether you are a small group or a company you can easily retain best talent in the industry by offering comprehensive health insurance coverage. You may consider procuring a loan to fund your small business idea.
In the event when the business causes harm or any physical injuries to the third party this insurance will help to cover those expenses. India s insurance regulator irda has specified in a draft dated january 19 2016 that the minimum number of employees in a company should be at least 20 for the purpose of a group health. Loans on very soft terms are also offered by community organizations and cooperative credit societies. Insurance policies for small business plays an active role in covering the success or failure of a business venture undertaken on a small scale.
Small business insurance plans have gained importance in the last few years triggered by an increase in cutthroat competition among big organizations and the need for survival of small businesses. Business owners and startup founders are still largely unaware of the types of business insurance policies and packages available for smes and startups in india. Often working with larger insurers they try to sell to a small demographic segment of affluent digitally savvy customers in india where insurance penetration is among the lowest in the world. What s worrying is that a business owner in india typically has no time to spend on managing risks so you re walking on a high wire without a net.
Business insurance provides cover against damage and losses to your business properties and assets due to many possible reasons. This website is designed to help you to make an informed decision about the insurance coverage you choose for your business and your employees. Benefits of business insurance. Remember failing to plan is planning to fail.
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