Business insurance

CHENNAI
3rd Floor, ‘Creative Enclave’,
148-150, Luz Church Road,
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Bangalore - 560 001.
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
# 48, Race Course Road,
Coimbatore - 641018.
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Business Insurance
Valli
Accounts Department

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Insurance Definition
• Insurance is A promise of compensation for specific
potential future losses in exchange for a periodic
payment.
• Insurance is designed to protect the financial well-being
of an individual, company or other entity in the case of
unexpected loss.
• Some forms of insurance are required by law, while
others are optional.
• Agreeing to the terms of an insurance policy creates a
contract between the insured and the insurer. In exchange
for payments from the insured (called premiums), the
insurer agrees to pay the policy holder a sum of money
upon the occurrence of a specific event.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
What is Insurance, why we opt
Insurance
• Insurance is a contract between the insurer and the
insured wherein against receipt of certain amount, called
premium, the insurer agrees to make good any financial
loss that may be suffered by the insured, due to the
operation of an insured peril on the subject matter of
insurance.
• The Life is full of uncertainties. People opt for insurance
purely for the reasons of uncertainties in life. Insurance
gives the insured a kind of peace of mind as he is assured
to making up the loss in the event of such uncertainities
in life happen

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
How Insurance works
• Insurance is a technique wherein a number of people,
who are exposed to similar risk, participate in the scheme
and contribute in the shape of periodic premiums.
• Such premiums are received by the insurer who is able to
pay out of the premiums received by him, for the losses
of some of those who have participated in the scheme.
• Thus it is wonderful technique of spreading and transfer
or risks.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Kinds of Insurance
• Insurance Business divided into four classes:
– Life Insurance
– Fire Insurance
– Marine Insurance
– Miscellaneous Insurance

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Business Insurance
• It is the equitable transfer of the risk of a loss, from one
entity to another in exchange for payment. It is a form of
risk management primarily used to hedge against the risk of
a contingent, uncertain loss.
• In simple term Business insurance pertains to protecting
against operational losses by a business.
• Business insurance policies have been developed to cover
virtually any risk that a business could possibly face.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Types of Business insurance
General Liability Insurance
• No business should go one day without general liability
coverage. This type of policy covers the business in the case
of a claim or lawsuit that arises from injuries, accidents, or
negligence. Covered claims may include bodily injury,
personal injury, property damage, slander, or false
advertisement. The insurance provider covers all covered
expenses including legal representation except for punitive
damages.
Product Liability Insurance
• If a company makes, sells, or distributes a product, they can
be held liable for its safety. Product liability insurance covers
claims that arise from defective products that cause injury or
harm. Coverage should vary with the type of product that is
made.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Contn..
Professional Liability Insurance
• This type of liability policy is also known as errors and
omissions insurance and is most often purchased by
businesses that provide professional services. It covers the
professional business owner from malpractice, errors, or
negligence in the services provided to customers. Some
states require certain professions, such as doctors, to carry
this type of policy.
Property Insurance
• Commercial property insurance polices are available for
businesses that operate out of standard commercial
buildings.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Contn..
• These policies cover loss and damage to company property
because of theft, fire, smoke, wind, hail, vandalism, and
other covered events. Company property is usually defined
as buildings, equipment, documents, business
interruptions, lost income, and money. A home-based
business can purchase similar coverage in addition to their
home owner’s policy.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Contn..
Workman’s Compensation Insurance
 Any business that hires employees outside of the owner’s
immediate family should purchase a workman’s
compensation policy.
 In fact, most states require this coverage. If an employee
is injured on the job, this policy covers their medical
expenses and loss of income.
 In the case of permanent disability, a workman’s
compensation policy can provide benefits until the
employee reaches retirement age.
 Most business owners aren’t required to cover themselves
or any workers in their immediate family. If they opt-out
of coverage for themselves, they should look into
personal disability insurance.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Contn..
Commercial Auto Insurance
• If a business uses vehicles in the normal course of
business, they will require commercial auto insurance. In
addition to covering personal injury and property damage,
commercial auto insurance covers the business for loss of
use in case of an accident.
Umbrella Policies
• An umbrella policy is a catch-all for anything that slips
through or exceeds the limits of any other policy. These
policies are relatively inexpensive, but often require
business owners to purchase the maximum limits on all
other policies.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Advantages of Business
Insurance
Business insurance is considered as a fundamental part of business.
Business insurance has many benefits that include protecting business
property against unexpected occurrences like fire, theft, or injury to an
employee or customer.
• Commercial insurance helps to protect many of the risks a business can
face, involving damage or destruction to business vehicles, certain
liability hazards resulting from the working of business vehicles,
damage or destruction to office equipment or inventory, loss of income
in case the business is closed temporarily.
• Business insurance also helps in protecting owner against certain
business related liability hazards like, wrongful entry or search, libel
(purposefully lie), slander (damage) and even crimes arising out of
business’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 in
business

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
LIMITATIONS
• Commercial insurance, like all forms of insurance, comes with
limitations and exclusions.
• If your business is exposed to greater-than-average risks, any
insurance you buy will include a list of exclusions.
• Sometimes these exclusions rule out the very things you
wanted 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, your
insurance policy might cover only a portion of your losses.
• If you have a claim, you must also be careful to comply with
reporting requirements. Some insurance companies are
notoriously slow to respond to claims, citing incorrect
reporting as the reason.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Legislations for Insurance in
India:
The primary legislations that deals with insurance business in
India are:
• Insurance Act, 1938
• Insurance Regulatory & Development Authority Act, 1999.
Consumer Protections Available in India
Insurance Industry has Ombudsmen in 12 cities. Each
Ombudsman is empowered to redress customer grievances
in respect of insurance contracts on personal lines where the
insured amount is less than Rs. 20 lakhs, in accordance with
the Ombudsman Scheme.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
Conclusion
• For protecting Business as well as Health, Insurance
always helps us to compensate the unexpected loss or
damages.
• So, Always better to have an insurance for every
individual and for every business to lead a peaceful and
happy life.

CHENNAI
Mylapore,
Chennai - 600 004.
Tel: +91 - 44 - 2498 4821
BANGALORE
Suite 920, Level 9,
Raheja Towers,
26-27, M G Road,
Tel: +91 - 80 - 6546 2400
COIMBATORE
BB1, Park Avenue,
Tel: +91 - 422 – 6552921
EMAIL
info@altacit.com
WEBSITE
www.altacit.com
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Business insurance

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