Corporate insurance is a type of insurance that covers your business from operational risks. These risks include financial loss, theft, employee health issues, etc. Large-scale companies generally buy a corporate insurance policy. A comprehensive business insurance policy is one of the best life insurances that covers your company and lets you do business with a worry-free mind.

However, any corporate insurance policy has its limitations. The personal activities of any company employee do not come under corporate insurance benefits. The employees themselves are liable for any misdoings done at the individual level.

Benefits of Corporate Insurance

Here are the benefits of corporate insurance:

• Added health cover: Your employees are the building blocks of your business. They are the assets of any successful business. Corporate health insurance plans cover your employees and their families.
  Regular health check-ups, health camps and compensation in case of disability or death makes employees rely on their employers. Health cover helps to retain your best employees.
• Credibility: A corporate insurance plan increases the credibility of your business. Your clients and employees feel secure when they know that a corporate policy covers the business they are associated with. Furthermore, effective corporate insurance enables you to attract and keep valuable employees and top-notch customers.
  For certain business industries, it is mandatory to show proof of insurance before signing a contract. Also having your business covered by corporate insurance gives you an upper hand in negotiations.
• Protecting physical assets: It is impossible to foresee damage to property or incidents such as theft. Several corporate insurance policies cover a company’s physical assets like furniture, stock, computers etc.
• Protect your business from the ‘Act of Nature’: Natural disasters are unpredictable and can cause a lot of damage to property. If the case is so, you would need to repair the property to normal to conduct business as usual.
  During the period of repairs, it may be necessary to close down your business. Corporate insurance can provide assistance by compensating for lost income when your business is closed, covering expenses such as rent, loan payments, ongoing bills, and payroll.
• Reduce your financial losses: Any business can encounter challenges that can jeopardize its years of hard work. Corporate insurance can protect your business in various ways. All corporate insurance policies can help your business navigate unforeseen circumstances. Corporate insurance provides coverage in the event of a lawsuit, physical damage to property, or an employee’s health crisis. Without investing in corporate health insurance plans, you could be responsible for covering legal fees, medical expenses, repair costs, and more. Such financial burdens can pose a risk to your business.

Corporate Insurance

Companies have access to various corporate insurance that protects them from potential risks and dangers. Below are the types of corporate insurance that you can avail of.

• Property Insurance – Property insurance covers your company’s physical assets in case of any natural disaster, vandalism etc. Some corporate insurances cover most of the incidents except a few.
• Professional Liability Insurance (Errors and omissions (E&O) insurance) – Professional liability insurance protects your business from negligence mistakes and claims. It’s an industry-specific policy and needs customization from business to business. Corporate insurance is mandatory for industries like finance, law, healthcare, accounting etc.
• Workers’ Compensation Insurance – Workers’ compensation insurance covers your employees’ medical expenses. It also compensates them in case of disability or death. It also compensates them in case of disability or death.
• Group Health Insurance – Group health insurance offers health and fitness benefits to a group of people in a company. This corporate insurance is same for all company employees and provides same benefits to all. Moreover, health insurance helps you get tax* benefits.
• Product Liability Insurance – If you have a manufacturing business that produces products for consumption, you must invest in product liability insurance. Even if your production is perfect, it might harm a consumer. In such a scenario, product liability insurance would be your savior.
• Business Interruption Insurance – Businesses run on risks and uncertainties. There can be instances and events where your business might go off track of its normal business conduct. As a result you might face loss. Business interruption insurance would cover business losses during the interruption period.

Corporate Insurance Features

• In some cases, the insurance company can appoint a lawyer to defend your business against the claims. So you can be free from the charges of a legal professional which would cost you heavily.
• Corporate insurance gives you a complete lawsuit protection cover even if there are mistakes on the company’s behalf. A corporate insurance policy will defend your business and you will face minimal losses.
• Group health insurance is a financial relief to the employees and workers of the company. This insurance covers if the employees face health issues, disabilities or even death.
• Corporate insurance is a wise and necessary option. Every small or big business must invest in a corporate insurance policy to run their business and avoid legal consequences.

Conclusion

Invest in the right corporate insurance policy and avoid big financial losses. Your business will run smoothly with no interruptions. Plus you will have peace of mind while heading a venture and responsible for valuable assets and people. Research well before investing in a corporate insurance plan. Also, invest in a life insurance plan from Tata AIA Life Insurance so that you can secure yourself and your family for the years to come. Life insurance cover is a must as it will keep your loved ones financially secure when you are beneficial.