Finding the best small business insurance requires a bit of research work. You need to check out a wide range of insurance policies available in the market. Also, it is important to select a reliable insurance provider. Buying a policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More from a top-notch insurance broker is fine, too.
Table of Contents
IRDAI certification
The first thing to check out is the validation of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More you intend to buy. The insurance seller must have the relevant certification from the IRDAI. It is a trademark of authentication. Do not buy any insurance that does not have the certification from IRDAI.
Be certain about the welfare policies of your company
It is essential to be sure about the welfare policies you want to provide to your employees as an owner of a small business company. When you have clear objectives on this matter, it becomes easier to choose a suitable insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More.
Make a shortlist of top insurance companies
You can make a shortlist of insurance companies that are renowned to deliver a trusted insurance to small businesses. The list helps you to remain organized in your search. You can further dig the list to find an appropriate service provider.
Comparing different policies
An essential step to begin with is comparing the various features of different policies available in the market. There is no need to rush. Take your time to know details about the service features of the insurance policies. Compare them to make a final decision.
Check out the coverage
It is obvious to check out the coverage that the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More provides. The document of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More will mention it. Moreover, enquire it from the service provider. Your aim is to maximize the amount of the coverage offered by the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More, to secure a protective net.
Deciding on the type of insurance
You have to be clear on the type of insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More your small business requires. It can be a D & O policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. On the other hand, it can also be a group health insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. So, it is better to be confident about the kind of insurance you need.
Check out the amount of premium
As a person responsible to buy or recommend the insurance, it is your duty to know the premium amount complying with the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. The document will have the information. You also need to ask about it to the service provider.
A broker provides you more options
Keep in mind that when you try to avail the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More from an insurance broker, there is more flexibility. You can enjoy more choices that are standard and certified. It becomes simpler for you to quickly gather information and compare different policies.
Check out the frequency of premium
You have to sure about the frequency at which you need to pay the premium amount to the insurer. In several cases, the insurer takes the amount annually. In some cases, the amount is paid six-monthly or even quarterly. Get more details from the insurer.
Go through the terms of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More
It is hugely important to thoroughly read the various terms of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More before you finally decide to buy it. Double-check the clauses and sub-clauses in its policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More document. Do not miss any point. Seek help from experts, if possible.
Question the insurer
There can be some definitions and explanations in the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More document that are difficult to understand. Do not hesitate to ask the insurer relevant questions. Clearing your doubts should be a priority. If you have any confusion in understanding the applicability of the insurance, ask questions to the insurer.
Check out the network of hospitals
Never miss checking out the network of hospitals where the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More is applicable. The document will have the hospital names. Check out whether the list contains names of popular and reputed hospitals or not. The list may also include names of some medical clinics.
Know about the current/previous clients
You have the right to know about the current/previous clients of the insurer. Query about the information. If you find that the names include renowned companies, including you competitors, in the small business sector, you can be more confident in buying the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More from the insurer.
It is important to know the exclusionsExclusions in insurance refer to specific conditions, treatments, or circumstances that are not covered under a policy. These exclusions define More
One of the most essential things is checking out the exclusionsExclusions in insurance refer to specific conditions, treatments, or circumstances that are not covered under a policy. These exclusions define More. The details will be on the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More document. You should have clear ideas about the cases when the insurance is not applicable. It will provide an overview of the applicability of the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More.
There can be sub-limits
A sub-limit is a limit on the amount of money dispersed by the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More after which the insured has to take care of the costs. There can be such features in the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. So, it is better to know about them before buying the insurance.
Check out different categories of medical/legal expenses
There are usually various categories of medical/legal expenses. Your priority should be to know about those by reading the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. The information will provide you a better picture of the applicability of the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More. There will be no difficulty in buying the insurance.
Check out the ‘add-ons’
There are many insurance policies that have the flexibility of including ‘add-ons’ when you pay an extra amount in premium. The ‘add-ons’ can make the policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More more robust and expand its applicability. So, it is important to check out such provisions within the framework of the insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More.
Consult with an expert insurance broker
You can discuss the issues of buying an insurance policyAn insurance policy is a legally binding contract between an insurance company (insurer) and an individual or business (policyholder). It More for your small business with a reputable insurance broker like PlanCover. It has several clients in the small business sector, located in different parts of India. You can directly call them or writeTo insure, underwrite, or accept an application for insurance. an email, placing your queries.
