COVID-19: Absence of Legislative Intervention may impact Commercial  Insurance Claims | India Corporate Law

Businesses are protected by commercial insurance from any unanticipated problems. Shopkeepers’ insurance, warehouse insurance, transit insurance, product and public liability insurance, employee liability insurance, marine insurance, property insurance, and many more are among the most popular insurance plans.

 

Several commercial insurance products provide coverage for different situations and cases. Let’s examine some of the coverage options offered by various insurance providers.

 

  • Home insurance protects both the building’s structure and its contents.
  • Medical expenses incurred while hospitalised are covered by group health insurance.
  • Liability insurance pays for court fees and other expenses if your business, profession, or vehicle results in damage to people or property.
  • Transit insurance provides coverage for any cargo loss or damage while it is being transported.

 

Claims Procedure

You must promptly notify the insurance provider of any unforeseen damage by calling the company’s 24-hour insurance hotline. In order to prevent any claim rejections, you should be informed of the claim process and adhere to it strictly. However, for various insurance companies and plans, the claim procedure and the paperwork needed are different. This is a general overview of the claim filing procedure.

  • If a claim is necessary, notify the insurance provider.
  • Give information such as the policy number and supporting documentation, such as a properly completed claim form.
  • According to the specifications of your insurance plan’s type, provide the necessary witnesses, evidence, a copy of the FIR, medical records, etc.
  • An insurance company surveyor will check all the information after getting the documents.
  • The claim is processed within the allotted time if approved; else, it could be rejected.

 

Exclusions

Insurance companies do not cover every scenario when providing coverage. Exclusions are harm and loss that insurance companies do not cover. Exclusions vary depending on the type of insurance and the plan.

  • Regular wear and tear or willful neglect are not covered by any insurance policy.
  • War-related losses or risks that resemble war are not covered.

 

Make sure to carefully review all of the terms and conditions of the insurance policy that best satisfies your unique business requirements. Among the things to take into account are:

  • Be careful not to undervalue the insured value of the property. You might save a few hundred rupees, but if something unfavourable happens, you could lose a lot more money. ##
  • Declare in detail the type of your company, the risk you perceive, and the likely reasons for losses. If important information was omitted from your disclosures or was misrepresented when you purchased the policy, the insurance company may deny your claim.
  • Avoid making inflated or misleading claims since they may cause your insurance to be denied. Serious deceptive claims are deemed fraud, and the insurance provider may report the incident to the authorities.

 

Commercial Insurance Benefits

It makes sense to choose commercial insurance to protect your company and property from any unforeseen events and to manage the associated financial risks. Among the benefits are:

  • You would need insurance if you owned a business or an office to safeguard your property and staff. You can choose the right kind of business insurance for yourself in this situation. This safeguards you from all potential financial threats.
  • You cannot disregard commercial vehicle insurance if your firm involves in using commercial vehicles. This enables you to control the significant expenses incurred in the event of any accidents or unforeseen circumstances.
  • A liability insurance policy under commercial insurance is essential if your profession or business deals with clients or third parties in order to control losses and any associated expenditures for legal concerns.

 

An insurance premium calculator for commercial vehicles is a tool you may use online to determine the amount of coverage required based on your needs.

 

 

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.