The best preventive measure of facing this situation is to be insured beforehand with an optimal business insurance plan.

The reason behind opting for this plan is that it keeps you financially equipped under unpredictable circumstances like fire, natural/man-made perils. By insuring your business with this plan, you need not worry about the financial losses your company would face as a result of the disaster.

However, with the increasing number of insurers in the market, one must be careful enough to find the best fit for your company’s requirement.

Moreover, the business insurance plan not only offers coverage to big companies but also have distinct plans for small scale industries.

Business Owners having their own premises – Business owners having their own premises are highly suggested to go with a business insurance plan. The reason behind this is that if there is a massive loss or income resulting from the fire or other catastrophe which disrupts the normal functioning of the business then this plan will save your boat from sinking. The plan will cover the damage caused to your premises in event of unfortunate situations.

Business Owners running business on rented premises – Talking for the business owners who run their business on rented premises, this plan is a wise pick for them as well. For instance, a business owner runs a metal production factory on a rented premises. The workers fail to fix the leaking machine and leave for the day locking up the premise. After some time, the leakage ignites and spreads to the floor and walls of the premises. Here, the business owner has to pay for the loss/ damage caused to the premise. The liability cover will help the business owner pay the losses caused to the rented premises.

Group Mediclaim –Also known as the group health insurance plan, this plan insures all the employees and their immediate family members (parents might not be covered depending upon the insurer and the plan) against medical expenses.

Group Term Insurance – A Group Life Insurance policy is a single contract for a large or small group. In general terms, the employer opts for such a policy for his/her organization which provides coverage to its employees.

Group Personal Accident – This is one of the types of Mediclaim policy under business insurance. Under this policy, the expenses for unpredicted situations such as accidents are covered.

Workmen Compensation – This plan covers bodily injury caused by accident during the course and scope of employment. It also covers death or temporary disablement, permanent or partial disablement, legal costs/expenses incurred with the company’s consent.

Fire & Burglary – Expenses incurred due to loss or damage of property because of fire breakdowns are covered under this plan. There are few plans which also cover loss or damage caused to property owing to natural perils such as floods, storms and earthquakes.

Marine – Loss or damage of goods incurred during the transit is covered under this plan. It generally covers transit damage caused due through the post, courier and railways.

It is the responsibility of the insured to notify the insurance company if any accidents or any events occur which requires a claim at the earliest. In case of crime such as vandalism, the insured must reach out to the law enforcement team. Once the necessary teams are contacted, It is the sole responsibility of the insured to take regular follow-ups from the insurer to know the status of the process.

Once the above process is done (as per the situation), an adjuster from the insurer examines the claim. If the adjuster finds that the case is genuine, then he checks for the policy terms and conditions. Once the insured is proved to be eligible for the claim process, the amount is paid to the insured.