In today’s time, getting your insurance or taking an insurance policy is a wise decision for everyone. And when it comes to a person doing business and a small business in that too, then it is even more important. Now whether the business is big or small, everyone has to take risks.
To increase your business, you make different types of strategies and apply them on the ground, then there is always a risk in this kind of work. And the one thing that all business men should not forget during this time is to get life insurance for him and his company.
If a business man has not got his insurance done, then he and his family may have to suffer the most due to any kind of accident in himself and his business. Now in today’s time no one can tell when to whom, what will happen?
But if you and your family get financial help, then everyone’s life becomes easier. In this work, the insurance done by you plays a very important role. And for those doing small business in this, it becomes even more important to get their insurance done. If you think that it is not necessary to have insurance and in this money is wasted by filling it unnecessarily.
So you should think that who will look after his business or family after any sudden accident or accident. But if you have insured yourself then you can claim for the money directly. So that your family or your life can get further financial help. That is why it is very important for you to know why insurance is important and beneficial for you.
In this article, along with talking to you about why insurance is necessary for your business today, I will give some more important information with the help of which you can insure yourself and your company.
Benefits of having life insurance
There are many benefits of having insurance. If you go, you can insure yourself, your family or if you have any business then it can also be insured. Insuring your business is very important in today’s time. And many small and big businessmen have insured their business.
The advantage of this is that if God forbids an accident happens to you, then the insurance company gives the money for the business loan. Due to this, there is no burden of less money on your family in future. There are many benefits of having insurance. For example
- This helps your family financially
- It becomes easy for you to repay the loan taken for your business at your doorstep.
- You can take a business loan based on your insurance.
- Business or any sudden trouble on you can be handled easily.
- You also get tax exemption by showing the insurance done by you.
- In the future, your family gets financial help due to absence of you or business.
Along with this, having insurance helps in meeting your children’s education and other important things. The best part of insurance is that small savings made by you in this can be taken over a period of time into a large amount. You can use this money to meet the needs of your family.
Insurance is helpful for your loan repayments and future
Many small business people often need a business loan. If the business loan is not given back on time, then you have to face many problems, but in insurance you do not have to deposit a lot of money, rather a small amount of your money is deposited in it, which becomes a big amount in the future.
With this money, if you go, you can repay your borrowed money. Or you can save for the future of yourself and your family. You can also do it for children’s education, marriage or to increase business.
You can apply for loan against insurance
In today’s time, insurance companies have designed many types of insurance policies for the people doing small and big business. On the basis of which you can insure your company. In the insurance of this, if the trader dies at any time, then the nominee made by the trader gets the insurance money later. With this, you can ask for a loan if you want. Or you can save it for future also.
It is necessary to get insurance for small and sudden troubles
With the help of an insurance policy, you can deal with minor troubles and needs that may come upon you and your family in the future. If you want to lend someone Or to expand business. Or if suddenly there is any kind of loss or accident in your business or if any trouble comes with you, then you can deal with it with insurance money.
Helpful in saving your tax
You heard right, tax can also be saved through an insurance policy. If you do not know, then know that on the basis of insurance, everyone can get tax benefits up to 1.5 lakh in insurance policies. You will have to contact the tax department to know more about this. Here you can get more information about them.
9 types of insurance policies for small businessmen, on the basis of which you can insure your company.
General Liability Insurance
This is a basic insurance that all traders, big and small, should have. This is the best insurance for small damages to your business such as accident of one of your employees, property damage, court expenses, whether you are running a business from your home or by taking a shop or store. You must have this insurance.
What is included in this?
In this, it helps in damage to the property in your business, injury or illness caused to an employee, cost of medicines, to lawyer’s fees etc. That’s why if you are doing some small work then you will definitely need it.
Property Damage Insurance
As the name suggests, this insurance is to protect and compensate for the damage caused to your property. As if you have kept any of your business goods in a store or shop. But there may be an accident or a short circuit can cause damage to your goods due to fire.
This will do you a lot of damage. And if in such a situation you have not insured your property. So you will have to bear the brunt due to the loss. That’s why you should get this insurance to protect your property.
What is included in this?
With this insurance, you can cover all damages caused to your property such as damage to appliances, property or furniture. Which happened due to natural calamity, sudden fire, or theft.
Vehicle Policy
According to the rules and guidelines of the Government of India, you should get the vehicle policy insured for the vehicles used in your business. That is, you or any of your employees use the vehicle. So along with them it is necessary to have insurance of your vehicle so that you can easily get damages after any accident or accident.
What is included in this?
The best thing about this policy is that in this, along with the vehicle, the driver and a third person also get damages. Who is present in the vehicle at the time of the accident or has suffered any injury. This includes all situations like fire, accident, theft.
Employee policy
If there is any loss or damage to the workers working with you or he dies due to any reason then it will be very bad for your business. It is not just about paying damages to his employee or his family. If the family members of the employee working near you want, they can file a legal case against you. For this reason, it has become necessary to have employee insurance in India as well as abroad.
What is included in this?
In this, insurance companies cover the cost of death or illness of a worker working in a business or shop. It also includes all the legal expenses that have to be incurred by filing a lawsuit on behalf of the family members or family members of the workers.
Legal Liability Insurance
In any work or business, it is common to have a dispute or a dispute with the seller or any customer. And sometimes this quarrel becomes such that you have to take the help of the court. Because of this insurance, all your court expenses are taken care of. And if you do not have this insurance, then you may have to bear all the expenses yourself.
What is included in this?
It covers all the expenses that you or your business may have to bear due to legal proceedings.
Product Liability Insurance
If your business is to produce something, then you should also get this insurance done. Your products may cause harm to your customers. In such a situation, it is very important to have this insurance with you to avoid these situations. And it can help you a lot in future.
What is included in this?
This includes all expenses incurred by your customer or any other person due to the use of your products or product. That is why it is necessary for you to have this insurance.
Business Interruption Policy
This insurance is best for those businessmen who need to be permanent. Like a grocery store or a small fat shop. Sometimes due to natural calamities or due to riots in your area, your workers are not able to come to the shop. This interferes with your business. And your day’s income suffers. This insurance helps you the most in protecting you from such financial losses.
What is included in this?
Natural calamities such as fire. Or you can compensate for the loss caused to you due to interference in your business due to any reason. It will help you immensely.
Errors and Omissions Insurance
If you fail to provide the right kind of service to the customers who come to you, then you may have to face hatred from those people. Which can also refuse you to pay you for your goods. This causes a lot of damage to your business.
What is included in this?
This policy covers all the damages that you may have to suffer due to your negligence.
Customized Insurance
Different types of business require different types of insurance. In such a situation, insurance companies prepare insurance for them according to their capability.
What is included in this?
For example, restaurant owners can take restaurant insurance. Petrol pump owners can take the insurance of the petrol pump or the people of the warehouse can take the insurance of the meaning of that. According to you, your business will benefit from this in future.
Conclusion
All insurance policies have to pay premium and deductible. Premium is called that which you have to pay in return for financial benefits from the insurance company. And that is called deductible. Which you have to pay at the time of claim.
In simple words, the more work your deductible is, the more premium you have to pay. It all depends on you now that you decide completely after thinking carefully. Which insurance to take and from which you or your business will benefit the most.
These can be taken based on your area and your business, for example, how much risk you may have to bear in your business or how much financial cost you may have to bear.
