Who is Eligible to Buy the Policy?

The Business Insurance Policy offered by India Advocacy in collaboration with Godigit is designed to cater to a diverse range of businesses, making it highly accessible and inclusive.

Sole Proprietorships: If you're a sole proprietor running a small business on your own, this insurance is a valuable tool to protect your personal assets and business operations.

Partnerships: Businesses with multiple partners or co-owners can utilize this policy to ensure that the interests of all stakeholders are safeguarded.

Limited Liability Companies (LLCs): LLCs, which offer liability protection to their owners, can benefit from the added financial security and risk management provided by a Business Insurance Policy.

Corporations: Both small and large corporations can find value in this insurance. It helps protect the investments and assets of shareholders and the continuity of business operations.

Small, Medium, and Large Enterprises: The policy caters to businesses of varying sizes, from small startups to established large enterprises. It's adaptable to the scale and needs of your business.

A Wide Range of Industries and Sectors: Regardless of the industry or sector in which your business operates—be it retail, manufacturing, technology, healthcare, or any other domain—this policy is versatile enough to offer protection across diverse business types and areas of expertise.

What is Covered under the Business Insurance Policy?

The Business Insurance Policy typically offers coverage for various aspects of your business, including:

1. Property Insurance: Protection against damage or loss to your business property, including buildings and equipment.

2. Liability Insurance: Coverage for legal liabilities arising from injuries or property damage to third parties.

3. Business Interruption: Compensation for lost income during disruptions caused by insured events.

4. Professional Liability: Protection against errors or omissions in professional services.

5. Workers' Compensation: Coverage for employee injuries on the job.

6. Cyber Insurance: Safeguarding against data breaches and cyber threats.

7. Commercial Auto Insurance: Coverage for company-owned vehicles.

8. Key Person Insurance: Protection for crucial employees or owners.

What is Not Covered under the Business Insurance Policy?

While a Business Insurance Policy offers extensive coverage, there are certain exclusions to be aware of. Common exclusions may include:

1. Acts of War: Typically, damage or losses resulting from acts of war or warlike operations are not covered by standard business insurance.

2. Intentional Misconduct: Deliberate acts of misconduct or fraud by the business owner or employees are generally not covered.

3. Employee Dishonesty: Losses caused by dishonest acts of employees, such as theft or embezzlement, may be excluded.

4. Environmental Pollution: Environmental pollution, including contamination of soil, air, or water, often requires separate coverage. Specialized policies, like environmental liability insurance, are available for businesses that may encounter environmental risks.

5. Employee Injuries Covered by Workers' Compensation: Injuries to employees while on the job are typically covered by workers' compensation insurance, a separate policy. The Business Insurance Policy primarily focuses on property and liability coverage rather than employee injuries.

Overview

Running a business involves a multitude of risks, and safeguarding your enterprise is a top priority. The "Business Insurance Policy" offered by India Advocacy in partnership with Godigit is a comprehensive insurance solution tailored to protect businesses from unforeseen challenges. It is a vital tool for ensuring the stability and resilience of your business. It's essential to consider your specific business needs, evaluate coverage options, and consult with an insurance expert to secure the right policy for your enterprise.

Why Business Insurance Policy?

Running a business involves a multitude of complexities and uncertainties. A Business Insurance Policy serves as a critical safeguard for enterprises, whether they are small startups or large corporations. Here are the key reasons why every business, regardless of size or industry, should consider having comprehensive business insurance:

• Protection of Business Assets: Your business assets, including equipment, inventory, and physical premises, are often substantial investments. A Business Insurance Policy protects against damage, loss, or theft of these assets. This ensures that you can recover or replace essential resources in the event of unexpected disasters, such as fires, natural calamities, or vandalism.


• Liability Coverage: In the course of doing business, accidents and incidents can happen. When they do, legal liabilities can arise. This is where liability coverage within the policy becomes invaluable. It shields your business against potential lawsuits and the financial repercussions of injuries or property damage to third parties. This includes covering legal defense costs and potential settlements or judgments.


• Business Continuity: Unexpected disruptions, like fires, floods, or other disasters, can halt your operations. This can result in significant financial losses. A Business Insurance Policy can help in maintaining business continuity during these challenging times. It provides compensation for lost income, allowing your business to continue functioning even in adverse circumstances. This continuity is critical for maintaining cash flow and retaining customers.


• Peace of Mind: Knowing that your business is insured provides a profound sense of security and peace of mind. With the right coverage in place, you can focus on your business's growth and success without being constantly preoccupied by the "what-ifs." It allows you to navigate the challenges and uncertainties of entrepreneurship with greater confidence.


• Compliance and Contract Requirements: In some cases, business insurance may be a legal or contractual requirement. Certain industries, clients, or partners may demand proof of insurance before entering into agreements. Having a Business Insurance Policy ensures that you meet these obligations and can participate in a broader range of business opportunities.

Follow the general instructions listed below while furnishing the digital signature application form:

• The signature of the applicant should be in blue ink only
• The signature of the applicant should be as it is in the Identity Proof
• A photo of the applicant in the application form should be signed by the applicant
• All supporting documents should be attested by either Gazetted Officer / Bank Manager / Post Master
• For proof of attesting officer, either one of the below is mandatory –
• Contact Details of Attesting Officer including the name, designation, office address, and contact number. This should be part of the attestation. If provided separately, it should be attested either by the Applicant or Attesting Officer
• Self-Attested copy of the Organizational Identity card of the Attesting Officer
• Organizational Documents can also be attested by Authorized Signatory. However, if the taxpayer fails to get the Organizational Documents attested by the authorized signatory, an attested copy of the organizational ID card of the authorized signatory is mandatory.

How Digital Signature work

Like handwritten signatures, digital signatures are unique to each signer. The providers of digital signing solutions, such as DocuSign, follow a specific protocol called Public Key Infrastructure (PKI). PKI requires the provider to use a mathematical algorithm to generate two long numbers called keys. One key is public, and one key is private.
When someone electronically signs a document, the signature is created using the signer’s private key, which is always securely kept by the signer. The mathematical algorithm acts as a cypher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated.
For instance, suppose that Jane signs a timeshare sale agreement with her private key. The buyer receives the document. A copy of Jane's public key is also sent to the document's purchaser. If the signature is not Jane's or the document has changed since it was signed, the public key will be unable to decrypt it using the cypher that produced the keys. The signature is then invalid. To ensure the integrity of the signature, PKI mandates that keys be generated, carried out, and stored securely. As a result, a reliable Certificate Authority (CA) is typically required. Companies that provide digital signatures, like DocuSign, address the PKI criteria for secure digital signatures.

Factors Affecting the Premium of Business Insurance:

Business Size and Type:

• Larger businesses: The size of your business is a significant determinant of your insurance premium. Larger businesses typically have more assets, employees, and operations to protect. Therefore, they may face higher premiums to cover the increased exposure to risk.


• High-risk industries: The nature of your business and the industry it operates in also plays a critical role. Businesses in high-risk industries, such as construction or healthcare, often face higher premiums due to the elevated likelihood of accidents or claims.

Location:

• The geographical location of your business can impact your insurance premium. If your business is situated in an area prone to natural disasters like earthquakes, floods, or hurricanes, your premium may be higher to account for the increased risk of property damage.

Coverage Limits:

• The coverage limits you choose for your policy directly influence the premium. Higher coverage limits result in higher premiums because the insurance company is taking on more financial responsibility to cover potential losses.

Business History:

• Your business's claims history can affect your premium. If you have a track record of frequent claims, particularly large ones, insurers may view your business as a higher risk. This may lead to increased premiums as the insurer anticipates a greater likelihood of future claims.

Security Measures:

• Implementing safety and security measures within your business can have a positive impact on your premium. Insurers often reward businesses that take steps to reduce risks. This can include measures like installing security systems, fire alarms, safety protocols, or employee training. These efforts can result in lower premiums as they demonstrate a commitment to risk mitigation.

Deductibles:

• The deductible you choose—the amount you're willing to pay out of pocket before the insurance coverage kicks in—can also impact your premium. Higher deductibles typically result in lower premiums, as you are assuming more of the financial risk in the event of a claim.

Business Revenue and Assets:

• Your business's annual revenue and the value of its assets are often used to determine the appropriate coverage and, consequently, the premium. Businesses with higher revenues and valuable assets may have higher premiums due to the potential for larger claims.

Type of Coverage:

• The specific type of coverage you choose, such as property, liability, or a combination of coverages, affects the premium. Additional coverage options, like cyber insurance or business interruption insurance, also influence the overall cost.