Must-Have Insurance Offerings For Startups

Here are five best unique insurance options for you...

The social environment is rapidly changing and so are the business needs. The development of insurance covers happen out of needs that are not met by the conventional policies.

Here’s a quick look at some unique covers in India for businesses

Pollution Legal Liability Insurance

This is a useful cover for companies in the segment of chemicals, petrochemicals, energy and construction. As these segments are challenged by regulators, NGOs, and media for environment pollutions, there are increasing chances of law suits against them. As traditional insurance policies does not cover such risks, this policy helps in such situations.

It covers the company’s liabilities in sudden or gradual pollution, third party coverage for personal injury and property damages and first party coverage for on-site cleaning costs after an event.

Contaminated Product Insurance

This policy is designed for companies working with food, beverages, cosmetics, pharmaceuticals and tobacco products. This can cause immense financial loss to the company as multiple law suits can be filed against them by the public.

The policy covers crisis management costs, loss in profits, recall and rehabilitation costs and prevention services.

Trade Protector Policy

This is a package policy for businesses which has different sections to choose from. The policy has 12 sections are offers various coverages under each from which customers can choose the required coverage. It offers cover for Fire and Allied Perils, Burglary, Money and Fidelity Guarantee, Fixed Glass and Sanitary Fittings, Electronic Equipment, All Risks, Breakdown of Electrical/Mechanical Appliances, Deterioration of Refrigerated Goods, Personal Accident, Business interruption, Employee Baggage, General Liability and Goods in Transit.

Venture Capital Asset Protection

This policy safeguards the reputations and investment returns of Venture capital firms and their partners.  It addresses the multi-sided exposures a VC firm faces as an investor in developing companies. This is a combination product covering Management Liability, Management Indemnification, Outside Directorship and Professional Services Liability.

Office Package Policy for IT / ITES Companies

Designed for office establishments including IT & ITES Sector with a flexibility of coverage. It offers coverage of all assets, possible liabilities and employees.

Customers can choose the covers from Standard Fire and Perils, All Risk Insurance Covers, Plate Glass Covers, Burglary, Fidelity Guarantee, Money Insurance, Public Liability ( including legal liability ), Workmen’s Compensations, Group Health Covers and Personal Accident Covers for Employees, Critical Illness Covers for employees.

Does your startup cover these insurance policies? Please share with us.