General Insurance

Every business has unique insurance needs

Any business you are engaged in comes with embedded risks. You can protect yourself against most of risks by insuring yourself rightly. Generally your insurance needs would be to protect your

  • Physical Assets: building, plant & machinery, stocks, equipment, etc
  • Business from legal liabilities to your employees and third parties
  • Loss of Profits

And to evaluate your insurance requirement you need to know:

  • What are your risks?
  • What insurance options are available for adequate risk coverage?
  • What will be the cost of covering the risks?
  • What should be the right sum to be insured?
  • What other factors should be taken into account?
  • On what criteria you should evaluate various insurance options?
  • Have you bought an insurance policy or a risk coverage solution?

Your evaluation can make the difference between not being ‘truly’ protected and having an appropriate protection.

Your insurance needs are best met by having an appropriate insurance program:

Taking a comprehensive view of your business so that an appropriate insurance program ensures:

  • No shocks and surprises to your business when a risk e.g. fire, earthquake etc materializes
  • ‘Knowledge’ based decision making to transfer or retain a risk
  • Construction of Policy Terms in a manner where the claim becomes your legal right and not an extension of ex-gratia payment by insurer
  • You get the most competitive price from your preferred insurer, without diluting coverage
  • You evaluate your business risks on continuing basis
  • All insurance activities like placement of business, endorsement, declaration, settlement of claims etc happen in a smooth manner.

How do you manage your insurance program:

You have multiple choices

  • By creating and running your dedicated insurance department. This may not be warranted unless your business is large enough and associated risks are complex.
  • By assigning responsibility of managing your insurance program to any employee alongwith his primary jobs. This is the most commonly observed scenario but will have its own limitations.
  • Engaging an insurance advisor from a reliable broking firm (‘broker’)
    • A reliable advisor will always be available at your doorstep on shortest notice and on all critical junctures.
    • The advisor will help you in getting best out of your insurance program with his professional competence and industry expertise without having the hassles of running a dedicated department.
    • By engaging an advisor to capitalize on efficiencies and advantages a broker brings in while ultimate decision making remains your privilege as usual.
    • An Insurance Broker in India is licensed and regulated by the Insurance Regulatory and Development Authority (IRDA) to safeguard the interest of insurance buyers
    • This could be most cost effective method for most of the businesses.

How does your insurance program get enriched with engagement of a Broker rather than going directly to an insurer?

A simple question would arise in almost everyone’s mind except our clients that why to use an Insurance Broker as advisor and why not to go directly to Insurance Company even when there is no dedicated insurance department.

  • A broker as your advisor is licensed to approach all the insurance companies you want.
  • A broker works in your interest as the broker is mandated to represent his clients.
  • With a plethora of options/policies available, riders attached, add on clauses and decisions required to be made at your end, insurance decisions are quite complex for which you will need technical support.
  • Getting the right policy to cover the maximum risks, at the lowest premium, to determining right value to be insured, to receiving hassle free settlement of claims and so on, it’s a cumbersome process everywhere.
  • It does not cost you more to engage a broker as he is remunerated by the insurer.

With the given set of knowledge, expertise and its networking, Insurance Broker can work as your own “Trusted Experts” who can easily take you through. Isn’t having a team of “Trusted Experts” to hand hold you throughout a good idea?

How do we hand hold you?

As a broker we will help you in complete cycle of your insurance program, providing a single window service for all your Insurance requirements.

Understanding your business and risk analysis Analyzing the various products available in the market Monitoring the Insurance Market and sharing development with clients
Valuation of your assets Helping in settling the risk covers required including add on covers Educating concerned employees about risks covered and benefits available.
Reviewing the existing portfolio Selection of “right” Insurer Handholding, should a claim occurs, till final settlement
Finding the gap in existing coverage Bargaining best price for “risk covers” from “preferred insurer” Post insurance services like endorsement, declaration, renewals
Developing an Insurance Program Ensuring that Policy terms and conditions are correct Handholding, should a claim occurs, till final settlement
  • Understanding your Business and Risk Analysis
    • We begin with understanding your business and risk environment
    • Identification & analysis of all the risks that may pose on your business

  • Reviewing the Portfolio
    • We scrutinize & analyze existing Insurance Coverage in detail and will suggest you possible improvement, avoiding overlapping of coverage
    • Arranging need based risk inspection and valuation
    • Mapping your existing coverage on the risks that need to be covered.
    • Identification of any uncovered risk and gap in the insurance cover
    • Developing Comprehensive Insurance Program covering all risks to be transferred with target of optimizing insurance cost

  • Underwriting and Premium Placement
    • Finalising insurance covers to be secured
    • Discussion on sum insured, perils to be covered, deductible/excess, excluded perils, add on covers and taking a final view on each of these issues
    • Selection of the best insurer/s.
    • Draft request for Offer, obtain & evaluate (‘technically and commercially’) Offers received from various Insurers for finding the best solutions.
    • Negotiate with the shortlisted insurer/s to customize the policy cover and to obtain best rates.
    • Placement of insurance business and ensuring that the policies are worded as agreed upon

  • Claims Management and Assistance
    • Develop Standard Operating Procedure/ Manuals to deal with the claims.
    • Educating selected officials on risks covered, benefits available and also “Do and Donot” when a claim occurs, by holding presentation and seminar.
    • Complete hand holding with end-to-end service starting from notification of claim to insurer, survey to negotiations till the final settlement.
    • Fire
    • Burglary
    • Electronic Equipment
    • Cash in Transit/Cash in Safe
    • Boiler Explosion
    • Deterioration of Stock
    • Corporate Fleet/Commercial Vehicles
    • Contractors All Risk
    • Contractors Plant and Machinery
    • Marine cum Erection All Risk
    • Erection All Risk
    • Machinery Breakdown

    • Group Gratuity
    • Group Mediclaim
    • Group Personal Accident
    • Group Term Life
    • Group EDLI
    • Group Superannuation
    • Workmen’s Compensation

    • Directors & Officers Liability
    • Errors & Omissions (Professional Indemnity)
    • Product Liability
    • Public Liability
    • Technology & Media Liability

    • Loss of Profit (Business Interruption)
    • Credit
    • Advance Loss of Profit (Delay in Start up)

    • Vehicle
    • Health /Critical Illness
    • Overseas Medical
    • Home /Other Personal Assets
    • Personal Accident
    • Life Insurance Plans

      • Children Plan
      • Term Plan
      • Pension
      • Single/Regular Premium ULIP
      • Endowment Plan