Loss prevention with insurance
Corporate companies have recognized insurance will be a good opportunity to cover the unforeseen losses. They are considering insurance as inevitable expenses. But many small and medium enterprises are neglecting the importance of insurance. they don’t have enough funds as with the big companies. So they think it is a wastage. But when a calamity occurs, they are facing a huge loss.
* There is a need for SMEs to know what are the problems and risks, what to do for preventing them, what are the best policies available.
Let us know the commonly faced losses, and the policies to cover them.
This policy is for the business company that has national and international customers. This protects the company from the dues regarding sales. This policy can cover the loss when the customer is not in a position to pay for the products he has taken or in the case of bankruptcy of the customer.
Workmen compensation insurance
Management has to pay the compensation amount if any of its workers meets with an accident when on duty. Workmen compensation Act, 1923 confirms the same. Insurance company will pay if insured. Because of this policy, company can face the unforeseen accidents without financial loss.
In some accidents, not only property loss occurs, but also there may be a loss to human resources also. Partner who plays important role in the company activities may suddenly die, or the dependable employee may die. This shows its impact on the business. With this insurance policy, loses which occur due to the sudden demise of such important persons can be claimed.
Business Assets insurance
This is the important package which gives protection for the business assets. There will be vast insurance coverage. This will cover the fire accidents, thunderbolts, floods, agitations and robberies. Insurance companies are selling these policies with other benefits also.
Choosing the right insurance
Almost all the banks are offering different types of insurance policies for SMEs. They are in agreement with the insurance service providers and establishing policy distribution wings for selling these policies. Rules and regulations are separate for each insurance provider. Take the policy only after understanding the policy aspects. Select the policy that suits SME requirements. Follow the terms and conditions perfectly while taking the policy.