General Insurance for Individuals & Businesses by Bajaj Allianz
Dec 2, 2021

General Insurance Policies Available for Individuals & Businesses

Insurance in today’s day and age is no less than a must have requirement – be it for life, health, or even your business. Tackling life without any backup plan is like throwing caution to the wind – definitely doesn’t end well. Thus, insurance is one thing that must be a part of not only your personal financial planning, but also for business organisations. The insurance industry is broadly divided in two types – life and general insurance. While life insurance deals with compensation for dependents in the event of a death, general insurance plans include coverage for all other perils. This article elaborates on the various general insurance plans that are available not for personal safeguard, but also to ensure protection for your business organisation. Let’s have a look:

Health Insurance

The most sought after insurance coverage after life insurance are health insurance plans. These insurance plans help mitigate the risk associated with ailments covered under the policy terms. While hospitalisation expenses can be financially draining, a health insurance policy ensures adequate financial assistance is available to seek the right treatment. There is not just one insurance cover that you can buy, but instead a various policies that can be bought depending on the medical coverage requirements. *

Motor Insurance

The only insurance cover that is mandatory in nature is the motor insurance policy. These motor insurance policies offer coverage for damages to your vehicle as well as any legal liabilities arising due to an accident to third person or their property. All bike owners are compulsorily required to purchase bike insurance similar to all car owners requiring to have car insurance cover. Based on your requirement of coverage, you can either select from a liability-only policy or a comprehensive one. *

Travel Insurance

Travels are inevitable part of life, be it for work or leisure. At these times, a minor inconvenience in your travel itinerary can cause inconvenience and stress. With a travel insurance policy, events like loss of baggage, trip cancellation, flight delay, loss of documents, emergency hospitalisation in foreign land and many more can all be taken care. *

Home Insurance

Homes are single largest investment for most buyers. With that being said, any damage to them, either due to natural perils or human induced factors are financially stressful, as well as cause mental stress. A home insurance policy helps to mitigate these damages that cover not only the structure of the house, but also its contents depending on your insurance policy. * While the above plans are best for individual use, commercial insurance plans are those that are used to safeguard the finances for a business entity. Losses arising out of damage to property, third-party liabilities and other stakeholders is covered under these plans. They are classified as follows:

Liability Insurance

Since businesses deal with customers, a product or service offering might have the remote possibility of resulting in a damage or injury to a third person. With a liability insurance cover, the legal costs associated with these damages against the organisation are covered by the insurer. *

Marine Insurance

Manufacturing units that deal with exporting their products across international boundaries more often than not rely on marine shipping. This marine insurance policy covers the damages to the consignment during transportation, loading and unloading and other perils. *

Workmen’s Compensation Insurance

Liabilities arising on the business organisation due to death or injury to its labour force during the routine course of its operation are insured under the workmen’s compensation insurance. It generally covers death, disability, be of temporary or permanent nature and any legal costs associated with it. * * Standard T&C Apply These are some of the essential insurance plans that you must consider to safeguard your finances and ensure protection against uncertain events. So, if you are an individual or a business entity, take a note of the plans that offer coverage and pick one. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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