Article

Commercial Insurance
September 12 , 2012

Commercial insurance is meant for businesses. A business runs a lot of risks whose costs can be very heavy to bear with in an unsuspecting hour. Classic cases are that of a factory catching fire or business getting caught in legal battles due to negligence or fraud by an employee. A business owner might also cover all his employees for life and health. Through insurance a business shares its risk among many businesses that are exposed to the same risk for a relatively small cost.

In India business insurance is provided by the general insurance companies. There are 22 of them registered with IRDA, of which 4 are nationalized companies and the rest are private players. The most common types of commercial insurance are liability insurance, industrial insurance and workers' compensation insurance.

Insurance companies often offer commercial insurance as a package. There are corporate plans whose scope of coverage includes fire, burglary, professional indemnity, mediclaim, personal accident and so on.

Some business owners might be inclined to think of insuring their business as an unnecessary expense, if they believe that most risks are very unlikely to happen. Yet if those risks were to realize, the costs, time and efforts required in fixing them can disrupt normal working, interrupting business for prolonged periods. Having adequate business insurance can save a lot of money, anxiety and time.

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