Operating a business is difficult since you need to stay on the top of your game at all times. A million things run through your mind throughout the day, while you are attending meetings and dealing with employees and customers. As a businessman, you already have several things to worry about and do not need any additional pressure or strain.
Thus, buying insurance policies to protect your various valuable assets is a wise move. Doing so should help avoid financial burdens, even when misfortune strikes.
Listed below are some of the essential insurance plans that every entrepreneur should possess.
1.Life Insurance
You can care for your family as long as you are alive. You can maintain a thriving business, deriving considerable profits from your dealings.
But, what happens if you suddenly pass away?
Even though it sounds harsh, your time of death is uncertain. A life insurance policy ensures that your family members continue to thrive even if you are no longer around to provide for them. With the insurance money, your child can afford the best education. With the fund, your spouse can easily provide for the rest of your family without having to worry about the steadily rising cost of living.
2. Health Insurance
Businessmen are under a great deal of mental and physical stress throughout their life. Therefore, you are more likely to suffer from illnesses under such a great deal of strain. Whether it is hypertension or cardiac conditions, one trip to a reputed private healthcare centre can rob you of all your hard-earned money.
Health insurance policies can help you reduce medical liabilities, not just for yourself but also for your spouse and children. With such a plan in place, you would never compromise on the quality of healthcare since you are covered for all the treatment-related financial liabilities.
Some insurance companies offer specialised plans for senior citizens as well, allowing you to safeguard your aged parents’ health as well, without incurring substantial expenses.
3. Shop Insurance
Do you own a shop or showroom? If that is your primary business and source of income, protecting it would be one of your greatest concerns. A shop insurance plan protects you from the financial liability should something go wrong in your shop.
Such a policy will reimburse your loss in case of theft or robberies in the said premises. Further, it can also protect your investment if your shop undergoes severe damage due to fire, natural calamities or terrorist activities.
The money from this policy will go a long way to ensure that your business remains secure from various kinds of unforeseen danger.
As a business owner, make sure you possess at least these five insurance plans in place at all times. Otherwise, you may be unnecessarily exposing yourself to a host of risks.
4. Car Insurance
If you are in a business that requires you to traverse the city several times a day, your car is probably one of the most important parts of the job. It helps you reach client meetings on time, without resorting to public transport.
Have you ever wondered what would happen if your car met with an accident? Apart from the damage to the vehicle, it could also cause injuries to anyone suiting inside. You would need to seek treatment for those injuries and repair the car, leading to significant financial losses.
A car insurance policy can help you avoid such hassle by relieving the financial burden in the event of accidents. You can avail different types of car insurance policies –
- Third-party liability car insurance policy. (Mandatory under the Motor Vehicles Act, 1988)
- Comprehensive car insurance policy.
- Own damage cover (for vehicles purchased after September 2018).
Further, insurers have tie-ups with several garages that can swiftly repair your damaged vehicle, ensuring you can return to operating your business smoothly in no time.
5. Bike Insurance
Are you an avid rider, who prefers to feel the wind while driving their two-wheeler? Premium bikes can be substantially expensive, which means that you would need to spend huge sums in dealing with damages to their parts.
Just as car insurance can help you maintain the integrity of the four-wheeler, as well as, your finances in case of accidents, so will your bike insurance policy for your two-wheeler. Like with the car insurance policy, under the third-party liability clause, your insurer will also bear the expenses when it comes to the damage to other parties involved in the accident with your bike.
Lastly, insurance for a motorised vehicle is compulsory in India. Therefore, failing to opt for it can also embroil you in legal turmoil. As a businessman of some repute, you cannot afford to get involved in such a hassle.
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