CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALOR...
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  • © Altacit Global 2009 Email: info@altacit.com
  • Business insurance

    1. 1. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comBusiness InsuranceValliAccounts Department
    2. 2. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comInsurance Definition• Insurance is A promise of compensation for specificpotential future losses in exchange for a periodicpayment.• Insurance is designed to protect the financial well-beingof an individual, company or other entity in the case ofunexpected loss.• Some forms of insurance are required by law, whileothers are optional.• Agreeing to the terms of an insurance policy creates acontract between the insured and the insurer. In exchangefor payments from the insured (called premiums), theinsurer agrees to pay the policy holder a sum of moneyupon the occurrence of a specific event.
    3. 3. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comWhat is Insurance, why we optInsurance• Insurance is a contract between the insurer and theinsured wherein against receipt of certain amount, calledpremium, the insurer agrees to make good any financialloss that may be suffered by the insured, due to theoperation of an insured peril on the subject matter ofinsurance.• The Life is full of uncertainties. People opt for insurancepurely for the reasons of uncertainties in life.  Insurancegives the insured a kind of  peace of mind as he is assuredto making up the loss in the event of such uncertainitiesin life happen
    4. 4. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comHow Insurance works• Insurance is a technique wherein a number of people,who are exposed to similar risk, participate in the schemeand contribute in the shape of periodic premiums.• Such premiums are received by the insurer who is able topay out of the premiums received by him, for the lossesof some of those who have participated in the scheme.• Thus it is wonderful technique of spreading and transferor risks.
    5. 5. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comKinds of Insurance• Insurance Business divided into four classes:– Life Insurance– Fire Insurance– Marine Insurance– Miscellaneous Insurance
    6. 6. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comBusiness Insurance• It is the equitable transfer of the risk of a loss, from oneentity to another in exchange for payment. It is a form ofrisk management primarily used to hedge against the risk ofa contingent, uncertain loss.• In simple term Business insurance pertains to protectingagainst operational losses by a business.• Business insurance policies have been developed to covervirtually any risk that a business could possibly face.
    7. 7. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comTypes of Business insuranceGeneral Liability Insurance• No business should go one day without general liabilitycoverage. This type of policy covers the business in the caseof a claim or lawsuit that arises from injuries, accidents, ornegligence. Covered claims may include bodily injury,personal injury, property damage, slander, or falseadvertisement. The insurance provider covers all coveredexpenses including legal representation except for punitivedamages.Product Liability Insurance• If a company makes, sells, or distributes a product, they canbe held liable for its safety. Product liability insurance coversclaims that arise from defective products that cause injury orharm. Coverage should vary with the type of product that ismade.
    8. 8. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comContn..Professional Liability Insurance• This type of liability policy is also known as errors andomissions insurance and is most often purchased bybusinesses that provide professional services. It covers theprofessional business owner from malpractice, errors, ornegligence in the services provided to customers. Somestates require certain professions, such as doctors, to carrythis type of policy.Property Insurance• Commercial property insurance polices are available forbusinesses that operate out of standard commercialbuildings.
    9. 9. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comContn..• These policies cover loss and damage to company propertybecause of theft, fire, smoke, wind, hail, vandalism, andother covered events. Company property is usually definedas buildings, equipment, documents, businessinterruptions, lost income, and money. A home-basedbusiness can purchase similar coverage in addition to theirhome owner’s policy.
    10. 10. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comContn..Workman’s Compensation Insurance Any business that hires employees outside of the owner’simmediate family should purchase a workman’scompensation policy. In fact, most states require this coverage. If an employeeis injured on the job, this policy covers their medicalexpenses and loss of income. In the case of permanent disability, a workman’scompensation policy can provide benefits until theemployee reaches retirement age. Most business owners aren’t required to cover themselvesor any workers in their immediate family. If they opt-outof coverage for themselves, they should look intopersonal disability insurance.
    11. 11. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comContn..Commercial Auto Insurance• If a business uses vehicles in the normal course ofbusiness, they will require commercial auto insurance. Inaddition to covering personal injury and property damage,commercial auto insurance covers the business for loss ofuse in case of an accident.Umbrella Policies• An umbrella policy is a catch-all for anything that slipsthrough or exceeds the limits of any other policy. Thesepolicies are relatively inexpensive, but often requirebusiness owners to purchase the maximum limits on allother policies.
    12. 12. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comAdvantages of BusinessInsuranceBusiness insurance is considered as a fundamental part of business.Business insurance has many benefits that include protecting businessproperty against unexpected occurrences like fire, theft, or injury to anemployee or customer.• Commercial insurance helps to protect many of the risks a business canface, involving damage or destruction to business vehicles, certainliability hazards resulting from the working of business vehicles,damage or destruction to office equipment or inventory, loss of incomein case the business is closed temporarily.• Business insurance also helps in protecting owner against certainbusiness related liability hazards like, wrongful entry or search, libel(purposefully lie), slander (damage) and even crimes arising out ofbusiness’s advertising, risks to cargo while in transportation or storage,theft or loss of tools and equipment, crime coverage involving robbery,burglary, even employee dishonesty.• In the event of a loss, insurance helps to recover the costs and keep inbusiness
    13. 13. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comLIMITATIONS• Commercial insurance, like all forms of insurance, comes withlimitations and exclusions.• If your business is exposed to greater-than-average risks, anyinsurance you buy will include a list of exclusions.• Sometimes these exclusions rule out the very things youwanted insurance for in the first place.• There may also be an annual dollar cap on paid losses,effectively cutting off your coverage at a certain threshold.• In the event of a massive disaster or a huge lawsuit, yourinsurance policy might cover only a portion of your losses.• If you have a claim, you must also be careful to comply withreporting requirements. Some insurance companies arenotoriously slow to respond to claims, citing incorrectreporting as the reason.
    14. 14. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comLegislations for Insurance inIndia:The primary legislations that deals with insurance business inIndia are:• Insurance Act, 1938• Insurance Regulatory & Development Authority Act, 1999.Consumer Protections Available in IndiaInsurance Industry has Ombudsmen in 12 cities. EachOmbudsman is empowered to redress customer grievancesin respect of insurance contracts on personal lines where theinsured amount is less than Rs. 20 lakhs, in accordance withthe Ombudsman Scheme.
    15. 15. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comConclusion• For protecting Business as well as Health, Insurancealways helps us to compensate the unexpected loss ordamages.• So, Always better to have an insurance for everyindividual and for every business to lead a peaceful andhappy life.
    16. 16. CHENNAI3rd Floor, ‘Creative Enclave’,148-150, Luz Church Road,Mylapore,Chennai - 600 004.Tel: +91 - 44 - 2498 4821BANGALORESuite 920, Level 9,Raheja Towers,26-27, M G Road,Bangalore - 560 001.Tel: +91 - 80 - 6546 2400COIMBATOREBB1, Park Avenue,# 48, Race Course Road,Coimbatore - 641018.Tel: +91 - 422 – 6552921EMAILinfo@altacit.comWEBSITEwww.altacit.comThank you for your patience to hearmy presentation
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