1. Filing A Claim: The business or company will file a claim at the time of loss or damage. For instance, if a natural calamity destroys a portion of the company’s premises, then the company will file a claim to the property insurance provider.

2. Submitting Documents: The company has to submit all the essential documents, such as property insurance copy, original death certificate (in case of group health insurance), etc.

3. Assessing The Damage: The insurance company will assess the damage or loss accordingly.

4. Settling The Claim: The insurance company will then provide an appropriate amount of compensation for the damage or loss caused to the person or material things registered under the policy

What To Consider Before Buying A Corporate Insurance Plan?

1. How Much Risk Can You Take? Before purchasing any corporate insurance plan, it is very important to assess your risk appetite or the level of risk to which your business is exposed. It is only on the basis of your risk factor the insurer will determine whether or not to cover your business.

Beware Of Forthcoming Issues Whatever is the extent of coverage, you should always be cognizant of the potential challenges. While buying any corporate insurance policy, one can take the help of insurance experts to know about the issues that may arise in the future.

2. What Are Your Insurance Needs? With the growth and expansion of your business, liabilities also rise. In case you are met with an unexpected disaster, you certainly do not wish to be uncovered. Thus, it is extremely important to not only determine but also to review your insurance needs.

3. A Proper Research Is The Key One should not just buy a random plan for the business or the company. Although insurance experts can suggest you many plans, proper research should be done by the company owner.

o Which plan is most suitable for your company?

o Who will be your agents? Are they reputed or not?

o How much will be the sum insured?

o What will be the extent of coverage?