Group Insurance
- Group insurance is an insurance that covers a defined group of people which can be employees of a particular employer, members of a society etc.
- In such policies, such cover ceases to exist if an individual leaves the group, employer. A great feature of group insurance is the low cost of premium due to less paperwork and other administrative costs, thereby making them a great product for any employer to offer to its employees.
Group Insurance policies can be segmented as follows -
Voluntary
Group Health Insurance | Group Personal Accident | Group Term Insurance | Group Superannuation | Group Pension Plan
Statutory
Group Employee's Deposit Linked Insurance (EDLI) | Group Gratuity | Workmen Compensation
Commercial Insurance
- Commercial Insurance is meant to protect businesses from any financial losses or implications.
- Property Insurance: This policy protects the property of the business from any financial loss due to fire, burglary, storm and other similar causes.
- Marine Insurance: This policy protects the business from any damages to its goods and products in transit. This can be in any mode of transit including road, ships, rail etc.
- Liability Insurance: Businesses face a lot contingencies and risks from various external forces. This policy covers any losses from third party claims, losses due to negligence, or any actions that may lead to a person’s loss or injury.
- Professional Indemnity Insurance: As a professional, you can face legal costs and financial implications due to negligence by you or any of your team members. These can be professional negligence, loss of documents, data theft, breach of confidentiality, defamation etc.
- This policy protects you from such charges and therefore become imperative for any professional to consider.
