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Types Of Small Business Insurances In India

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Neha Deshpande

Story By: Writer, Blogger

"It is better to take many small steps in the right direction than to make a great leap forward only to stumble backward."

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According to the services and products provided by the small business different insurances are required to have financial and business security. Business insurance is also known as commercial insurance. Commercial insurance implies that it is a package or a combination of insurance plans which suffice multiple business needs of the organization.  

 

What is insurance for a small business? 

 

Insurance is like a seat belt for your speeding organization. It secures your finances and business. Making sure your entrepreneurial journey is smooth in spite of small hurdles. Stability is very important in case of mishaps. Insurance gives you this stability according to the business insurance plan you choose for your organization. There are many types of insurances a few basic types of insurances for small business are listed below:-

 

  • Property and Casualty Insurance

  • Liability Insurance

  • Stocks or Goods Insurance

  • Cyber Insurance

  • Burglary Insurance

Types of insurance for small businesses in India.

 

  • Property and casualty Insurance

 

Property insurance | Bulb And Key

 

Property and casualty Insurance gives protection to the owners property. Property insurance covers losses to your land, buildings, and belongings, and it is sometimes combined with casualty insurance such as in case of a disaster or a catastrophic event. There are three basic types of property insurance, namely :-

 

  1. replacement cost it replaces the damaged property
  2. actual cash value gives you the cash value for the damage occurred to your property
  3. extended replacement costs provide a benefit over and above the limits specified by the policy for replacing a damaged property

 

Read:- What Does A Small Business Owner Do?

 

  • Liability Insurance 

 

Liability insurance | Bulb And Key

 

Liability insurance covers the costs of any third party damages. The policy provides you, your employees, your products or services defense and compensate damages if there is any bodily injury or property damage to a third party. This insurance refers to the rest of the public, that is everyone and everything that is not related to your business, hence it is also called public liability insurance as well.

 

  • Stocks or Goods Insurance 

 

Goods insurance | Bulb And Key

 

To keep your goods and stocks safe in case of a lawsuit filed against you or your business, the product liability insurance or goods insurance comes handy. This is a backup for all the products and services in case of any damage or threat to your business.

 

Read:- Everything You Need To Know About Small Business.

 

  • Cyber Insurance

 

Cyber insurance | Bulb And Key

 

In case of delivering products or providing services we store sensitive customers information. If there is a breach of this contract of confidentiality with the customer the insurance makes up for the financial loss that occurred to the small business at the time. Cyber insurance for small businesses is crucial as in case of cyber breach it takes a big toll on the financial front of your business.

 

  • Burglary Insurance

 

Burglary insurance | Bulb And Key

 

There is an amount agreed to be paid in case of a fire or burglary. Burglary is always a shock for the business as it causes a loss of product and property. That is why burglary insurance for business is a prime requirement for the safety of your enterprise. The insurance compensates for the loss or damage caused to the business and their property during the burglary. 

 

Read:- How To Register Your Small Business In India.

 

Neha Deshpande

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