We bring you the best possible solutions for your company.

1) TWO-WHEELER INSURANCE

◼️ Why do I need a Two Wheeler Insurance?

Even though about 10 million new two-wheelers are bought every year in India, the development in roads and other transport infrastructures are still insufficient to accommodate all vehicles. With poorly implemented traffic rules and roads with bumps and potholes, even a skilled two-wheeler driver will struggle. In case of any unprecedented mishap like road accident, theft of vehicle or damage to third-party property, a two-wheeler insurance will help you to cover the costs.

Also, it is compulsory by law to have an insurance to drive your vehicle on Indian roads.

◼️ Types of Two-Wheeler Insurance in India

A third party two wheeler insurance policy or liability only policy is a basic policy required by the law. This policy covers the death, bodily injury and damage to property caused to a third-party.

A comprehensive policy or package policy covers loss or damage to the two-wheeler by natural or man-made causes and theft in addition to what is covered by a third-party policy. A comprehensive cover offers protection against natural calamities including floods, storms etc. and man-made calamities including riots, strikes and vandalism.

2) CAR INSURANCE

No matter where you live in India, if you have bought a car or bike and plan to hit the roads with it, getting motor insurance is essential. While a third-party liability policy is mandatory as per law, a comprehensive one can protect you financially in case of multiple emergencies like accidents, theft, natural or manmade calamities and so on. To know more about how motor insurance works and benefits you, read on.

◼️ What do you get from motor insurance?

Whether it is a two-wheeler insurance or car insurance, the policy is meant to offer financial protection in case of any accident or theft. The insurance is a way to create a common risk pool by getting small contributions from all vehicle owners in the form of premiums. In case of accident or theft of the vehicle, you can make a claim for repair cost or compensation to reimburse the value of the stolen car or bike. This creates a risk sharing model where many people help each other when needed.

◼️ Motor Insurance Types in India

There are two main kinds of motor insurance policies available in the country. These are the third-party policy and comprehensive motor insurance policy. The third-party policy is meant to cover the risk and cost in case any third-party is affected in an accident involving your vehicle. It does not cover any damage done to your own vehicle though. On the other hand, a comprehensive policy combines third-party cover with protection for your own vehicle. So, if your vehicle is damaged or stolen, you can register a claim under a comprehensive policy.

◼️ What kind of damage coverage is available?

Any comprehensive insurance for vehicle allows you to get protection for different kinds of damages. With a comprehensive policy, you will be compensated in case of an accident, if your vehicle is stolen, in case of fire damage or any kind of explosion. Further, any damage caused by a natural calamity is also covered. In addition to this, your insurance policy will cover expenses arising out of personal accident or any third-party liability arising from motor accident claims tribunal.

3) COMMERCIAL VEHICLE INSURANCE

◼️ Commercial Vehicle Insurance Overview:

If you own a commercial vehicle, it’s imperative that you have insurance for it in order to protect you and your business in the event of your vehicle being lost/ damaged/ in an accident. Commercial Vehicle Insurance covers not only your vehicle against physical damage, but also provides cover against third-party liability and bodily injury/ death. Which means that when you have a hundred business related things on your mind, your vehicle’s security will not be one of them.

◼️ Why is Commercial Vehicle Insurance required?

Commercial Vehicle Insurance is a practical solution to the very real possibility of your precious vehicle being damaged on the road. If your vehicle gets into an accident, it doesn’t matter whether you were driving it or someone else is, you will be completely responsible for the expenses. A Commercial Vehicle Insurance will protect you financially from the third-party liability, bodily injury/ death as well as physical damage to your own vehicle.

◼️ Commercial Vehicle Insurance Policy Features and Benefits:

Commercial Vehicle Insurance provides coverage for a variety of situations
Claims can be made quickly and simply.
Various classes of commercial vehicles can be insured including trailers, goods carrying vehicles (both private and public carrier), passenger carrying vehicles and special types of vehicles (excavators, shovels, mobile rigs, grabs, tractors etc.)

4) HOME/OFFICE & SHOP INSURANCE

◼️ What is Office Insurance?

Office Insurance offers comprehensive coverage for the risks associated with threats which can impact office operations.

It covers not only the office property, but also the loss of money or any cheating done by employees. The insurance is usually offered as office package policy to cover the risks arising from various untoward incidents.

◼️ What all Office Insurance Covers?

It is available as a package policy which includes protection against:

Damage to insured property, including shop front like windows, awnings, etc.
Misuse of office data
3rd party legal liabilities
Fixed items like sales counters, kitchen units, shelves, carpets, etc.
Financial risks caused by fire, burglary, machine breakdown, etc.
Loss of baggage of the partner, proprietor, principal officer, an employee when he/she is on office tour
Explosions and lightning damage caused to sanitary items, safety appliances, housekeeping services, publicity tools like neon lights
Owner’s personal accidents, which include temporary total disability, permanent partial disability and permanent, total and absolute disability

◼️ Eligibility Criteria

Office Insurance policy is eligible for small, medium and large-scale business owners who have:

Commercial offices
Government offices
ITES and BPO call centers
Software development offices
Warehouses and manufacturing units

◼️ Advantages of Buying Office Insurance

An office insurance ensures that business owners get sustainable growth in their business amidst risks and uncertainties. This protection plan comes with the following benefits:

Coverage for damage to loss of machines, bulldozers, compressors and cranes.
Coverage for damage irrespective of the fact that the machinery is working or is at rest.
Secures the business owner from the legal liabilities of Fatal Accidents’ Act 1855/Workmen’s Compensation Act 1923.

5) TRAVEL INSURANCE

With the increase in travel, one of the important things that travellers need to know about is Travel Insurance. This form of insurance helps cover a whole range of uncertainties and scenarios that can drain out a traveller’s finances. Most countries require mandatory Travel Insurance while applying for a visa. But choosing the right Travel Insurance which covers all the risks of travel is important.

◼️ What is Travel Insurance meaning?

Travel Insurance is a type of insurance that covers different risks while travelling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling.

Travel Insurance is usually taken from the day of travel till the time the traveller reaches back to India. Taking Travel Insurance ensures a comprehensive coverage in case of any emergency in another country. Travel Insurance is also available for trips taken in the home country of the traveller like Bharat Bhraman & E Travel, but it is a more popular option for travel abroad.

◼️ Some of the risks covered under Travel Insurance are:

Personal Accident Cover, which covers:
Insured’s Death
Permanent Total Disability
Accident & sickness medical expense reimbursement
Dental treatment relief
Emergency evacuation
Repatriation of remains in case of death
Baggage delay
Loss of checked baggage
Loss of passport
Flight delay
Hijack
Home burglary
Trip curtailment
Trip cancellation
Missed connection/missed departure
Bounced hotel/airline booking

There may be more risks covered under individual policies depending on the requirements of the traveller. The amounts to which these risks are covered depends on the policy & plan that the traveller opts for. Travel Insurance also covers additional risks at an additional premium. Some of these risks are specific to the traveller or the place the person is travelling to.

6) WORKMEN COMPENSATION INSURANCE

In an increasingly global work environment, employee rights have rapidly moved forward. To protect organizations from the threat of expensive lawsuits and large compensation pay-outs, HDFC ERGO has the Employee Compensation.

The employee compensation insurance is the primary method by which an employer can demonstrate the ability to satisfy the obligations imposed by the employee’s compensation statutes. It is compensation payable under a scheme set out in the Employee Compensation Act of India, monitored by the Ministry of Labour.

◼️ Coverage

Coverage under the following laws:

Employee Compensation Act, 1923
Common Law
Fatal Accidents Act, 1855

Provides coverage to all the employees of an organization against the following:

Death
Permanent Total Disablement
Permanent Partial Disablement
Temporary Total Disablement
Legal expenses and cost incurred with the company’s consent

The death or injury should arise out of and in the course of employment. However, the policy also covers employees under the Doctrine of Notional Extension.

7) FACTORY/INDUSTRY INSURANCE

This is a Comprehensive Package Policy which provides cover against unforeseen circumstances including accidental damage to the property, which a large industry may face during its operation.

Minor accidents and breakdowns (or theft) may lead to major shutdown or huge expenses. Electronic equipment and machineries are expensive and often involve large sums invested in and across vast areas. Any major shutdown may lead to potential loss of Market Share and this would have long term percussions.

In such a scenario the all encompassing cover provided by HDFC ERGO’s Industrial All Risk Insurance, gives your industry the reassurance it needs. A timely help by paying claim would help to resume business at the earliest.

◼️ What’s Covered?

The policy covers all risks/perils other than those which are specifically excluded.

◼️ Section I (Material Damage)

Fire and all special perils
Burglary
Machinery Breakdown/Boiler Explosion/Electronic Equipment Insurance

◼️ Section II (Business Interruption)

FLOP (Fire Loss of Profit): Business interruption due to fire and all special perils
MLOP (Machinery Loss of Profit): Business interruption due to machinery breakdown
MLOP is an optional cover.

8) MARINE & MARINE OPEN INSURANCE

1) The policy provides automatic and continuous insurance cover to a regular Exporter / Importer.

2) The traders’ deals with regular domestic despatches are also benefited by the open policy.

3) The premium under the open policy should be paid in advance on projected Sum Insured.

4) The projected sum insured should be at least 4 (four) times of the Single carrying Limit / Per Bottom Limit.

5) As per the terms of the policy, Insured is bound to declare each and every shipment without any exceptions.

6) The adjustment of premium and sum insured are done based on the submission of each declaration.

7) The Sum Insured under the open policy can be enhanced 4 (four) times in a year.

8) Omissions or incorrect declarations may be rectified even after the loss or arrival provided such omissions or errors were genuine.

9) Refund of premium on unadjusted Sum Insured is allowed to the insured after expiry of the policy.

◼️ Covered

All Risk as per ICC (A) / ITC (A) Basic Cover as per ICC (B) / ITC (B) – damage due to accident of carrying truck/conveyance & Fire during the course of journey. Rate of premium depends on the proposed Terms of Cover viz. Basic Cover would be cheaper than All Risks cover. The following risks are covered on paying additional premium.

1) War & SRCC (Import & Export)

2) SRCC (Inland Transit)

3) Theft, pilferage & Non-delivery (TPND) in case of Basic Cover only

◼️ Exclusions

Applicable to all policies.

1) Wilful misconduct of the assured

2) Ordinary leakage in case of liquid cargo

3) Ordinary loss in weight

4) Ordinary wear & tear

5) Improper packing

6) Inherent vice

7) Insolvency of carrier

8) Deliberate damages

9) Nuclear weapons

9) FIRE INSURANCE

Fire insurance is a contract of insurance against the loss/damage by accidental fire or other occurrences customarily included under a fire policy.

◼️ Types of Fire Policies

◼️ 1.Standard Fire and Allied Perils Policy

The “Standard Fire and Allied Perils Policy” popularly known as SFSP, covers the following perils:

1. Fire

2. Lightning:

3. Explosion / Implosion:

4. Aircraft Damage:

5. Riot, Strike and Malicious Damage (RSMD):

6. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation (STFI):

7. Impact Damage:

8. Subsidence and Landslide including Rockslide

9. Bursting and/or overflowing of Water Tanks, Apparatus and Pipes

10. Missile Testing Operations:

11. Leakage from Automatic Sprinkler Installations

12. Bush Fire: It means fire spread from the bushes.

More covers can be added( Add-on Covers) by endorsement and by paying additional premium under SFSP policy in addition to the above covers.

◼️ 2.Special Policies:

1) Floater Policy: This policy is issued only for the stocks stored in warehouses/godowns at various places but belonging to the policy holder. This policy issued to stocks in godowns where inter godown movement of stocks is very frequent and where it is not possible to record each and every inward and outward movement of stocks cannot be monitored. Policy holder can take the policy for one sum insured which is floated over all the godowns.

2) Declaration Policy: This type of policy is useful where there are frequent fluctuations in stocks / stock values and to avoid the under insurance (insurance of lower value) of the stock. Based on the pre-agreed terms the stock value to be declared periodically say monthly and the premium at the year-end (Policy year) is worked out on the average of the stock value declared and excess premium if any will be refunded to the policy holder.

3) Floater Declaration Policy It is combination of the above-mentioned policies i.e. stock lying at various locations and the value of stock fluctuating.

ADD ON COVERS:

Normally, depending upon the need and risk exposure following additional covers are given.

1.Combustion (by Fire Only)

2.Earthquake (Fire and Shock)

3.Forest Fire

4.Impact damage due to Insured’s Own Vehicle and the articles dropped from them.

5.Deterioration of Stocks in Cold Storage premises due to accidental power failure consequent to damage at the premises of Power Station due to an insured Peril. (Applicable only when stock is covered)

6. Deterioration of Stocks in Cold Storage premises due change in temperature arising out of loss or damage to the cold storage machinery (ies)in the Insured’s premises due to operation of an insured Peril. (Applicable only when stock is covered)

7.Architects etc. fees (more than 3%)

8.Debris Removal (more than 1%)

9.Omission to Insure, Additions, Alterations, Extensions Clause

10.Spoilage Material Damage Cover (applicable to stock and machinery containers only)

11.Leakage and Contamination Cover

12.Temporary Removal of Stocks Clause

13.Loss of Rent Clause

14.Insurance of Additional Expenses of Rent for An Alternate Accommodation

15.Start Up Expenses.

10) BURGLARY INSURANCE

◼️ What is burglary insurance?

Burglary insurance is an insurance policy which covers the financial loss that you suffer in case of a burglary or attempted burglary into your home or business premises. Burglary is defined as an act of forceful entry into the house or business premises with an illegal intention of theft.

◼️ Features of burglary insurance

Burglary insurance policies have the following salient features –

They can be bought by homeowners, tenants as well as business organisations to cover the financial loss suffered due to burglary
A burglary insurance policy can also cover theft and robbery. That is why the plans are also called burglary and theft insurance plans
There are different types of burglary insurance plans available in the market
You can avail different types of burglary insurance policies for covering different types of assets which are exposed to the risk of theft
A standard burglary insurance policy can be extended to cover losses suffered due to burglaries committed during riots, strikes, fire, etc.

◼️ What is covered under burglary insurance?

Burglary insurance covers the following losses which you might face in case of a burglary or attempted burglary –
Damage to the home or business premises due to forceful and unlawful entry
Loss of assets or property due to theft and burglary

◼️ Coverage under burglary insurance policies can be taken for the following types of assets –

Cash and valuables
Home appliances
Electronic gadgets
Money in transit
Cash stored in safe
Stock in trade
Business assets
Plants and equipment used in the factory or business premises
Jewellery, etc.

◼️ Types of burglary insurance policies

Burglary insurance policies can be of different types based on the type of coverage as well as the assets that they cover. Here are some of the commonly found burglary insurance policies in India –

1. Stock Declaration Policy

This policy is for businesses which cannot estimate the exact value of their stock in trade. In such cases, the highest possible value of the stock is taken to be the sum insured so that the losses can be sufficiently covered.

2. First Loss Policy

Under this policy, a portion of the stock is insured which is likely to be burgled. This type of policy is relevant when the total loss cannot be plausibly estimated.

3. Full Value Policy

This policy covers the asset for its full value so that in case of loss the full value can be claimed.

4. Money in Transit Insurance

This policy covers the risk of theft or burglary on an amount of money which is in transit. The policy is relevant for businesses where the movement of physical cash is involved.

5. Business Premises Insurance

This policy covers the risk of burglary and theft in the place of business.

6. Dwelling Insurance

Under this policy, your residential house is covered against burglary and theft.

7. Jewellery and Valuable Policy

This policy specifically covers precious jewellery, valuable, works of art and other valuables against burglary.

8. Cash in Safe Policy

This burglary insurance policy covers the risk of theft of the cash which is kept in a safe at the house or at the business premises.

11) LIABILITY INSURANCE

◼️ What Is Liability Insurance?

The term liability insurance refers to an insurance product that provides an insured party with protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable. Intentional damage and contractual liabilities are generally not covered in liability insurance policies. Unlike other types of insurance, liability insurance policies pay third parties—not policyholders.

◼️ KEY TAKEAWAY

Liability insurance provides protection against claims resulting from injuries and damage to people and/or property.
Liability insurance covers legal costs and payouts for which the insured party would be found liable.
Provisions not covered include Intentional damage, contractual liabilities, and criminal prosecution.
Liability insurance is often required for automotive insurance policies, product manufacturers, and anyone who practices medicine or law.
Personal liability, workers’ compensation, and commercial liability are types of liability insurance.

◼️ How Liability Insurance Works

Liability insurance is critical for those who are liable and at fault for injuries sustained by other people or in the event that the insured party damages someone else’s property. As such, liability insurance is also called third-party insurance. Liability insurance does not cover intentional or criminal acts even if the insured party is found legally responsible. Policies are taken out by anyone who owns a business, drives a car, practices medicine or law—basically anyone who can be sued for damages and/or injuries. Policies protect both the insured and third parties who may be injured as a result of the policyholder’s unintentional negligence.