Find the best solution for your commercial entities
Protecting your business is our business at Prominent insurance and investment consultancy. We understand that your company's success is built on hard work and dedication, and we are here to provide you with expert guidance and comprehensive commercial insurance solutions to safeguard your assets and operations.
General Liability Insurance
This coverage protects your business from third-party claims for bodily injury, property damage, and advertising injury. It provides financial support for legal defense costs and potential settlements or judgments.
Commercial Property Insurance
Commercial property insurance safeguards your business property, including buildings, equipment, inventory, and assets, from damage or loss due to covered perils such as fire, theft, vandalism, and natural disasters.
Why Choose Prominent insurance?
Industry Expertise: Our team of experienced commercial insurance advisors specializes in understanding the unique risks and challenges faced by businesses across various industries. Whether you operate a small startup or a large corporation, our expertise allows us to tailor insurance solutions to meet the specific needs of your business.
Customized Coverage: We recognize that each business has its own set of risks and vulnerabilities. Our advisors take the time to assess your operations, assets, and potential liabilities. With this understanding, we create a customized insurance portfolio that addresses your unique requirements, ensuring you have the right coverage for your business.
Comprehensive Insurance Products: At Prominent insurance, we offer a wide range of commercial insurance products to protect your business from potential financial losses. Our policies include general liability insurance, commercial property insurance, business interruption insurance, workers’ compensation, professional liability, cyber liability, and more.
Risk Management Strategies: We believe in proactive risk management to prevent and minimize potential losses. Our advisors provide risk assessment services to identify vulnerabilities in your business. We then recommend risk management strategies and insurance coverages that align with your risk tolerance and business objectives.
Competitive Premiums: We understand that managing business expenses is crucial for success. As independent advisors, we work with multiple reputable insurance providers, allowing us to compare rates and find the most competitive premiums without compromising on coverage quality.
Types of Corporate Insurance Commercial Lines Policies
Fire Insurance
Fire Insurance is governed by All India Fire Tariff issued by Tariff Advisory Committee. Popularly known as Fire Insurance, the Standard Fire & Special Perils (SFSP) Policy has evolved over many years and now covers 11 Allied Perils as well. The fire insurance policy offers protection against any unforeseen or unexpected loss or damage to destruction of property due to fire or other perils covered under the policy.
Policies relating to Fire Insurance include:
- Standard Fire & Special Perils
- Burglary
- Money Insurance
- Machinery Breakdown
- Fire Loss of Profit (FLOP)
- All Risk (portable equipment)
- Plate Glass
- CAR / EAR – Project Insurance
The following are the Perils typically covered under a SFSP policy:
- Fire
- Lightning
- Explosion / Implosion
- Aircraft damage
- Riot, strike and malicious damage, (RSMD)
- Storm , cyclone, typhoon, hurricane, flood and inundation (STFI)
- Impact damage
- Subsidence and landslide including rockslide
- Bursting and/or overflowing of water tanks, apparatus & pipes
- Missile testing operations
- Accidental leakage from automatic sprinkler installations
- Bush fire
Fire Insurance – Add-on Covers
Below are some of the add-on covers/extensions that can be opted under the policy:
- Architects, Surveyors and Consulting Engineers fees (in excess of 3% of claim amount)
- Debris Removal (in excess of 1% of claim amount)
- Deterioration of Stock in Cold Storage
- Forest Fire
- Impact Damage by insured’s own vehicles etc.
- Spontaneous combustion
- Additional expenses on rent for Alternative Accommodation
- Omission to insure Additions, Alterations or Extensions
- Earthquake (Fire and Shock)
- Spoilage Material Damage Cover
- Leakage and Contamination Cover
- Loss of Rent
- Start Up Expenses
- Terrorism Cover
Liability Insurance
Liability insurance is like a protective shield for individuals and businesses, guarding against financial loss resulting from lawsuits and legal claims. It provides coverage for legal expenses, settlements, and judgments that may arise if you are held responsible for causing injury, property damage, or other harm to another party.
Directors & Officers Liability (D&O)
The D&O policy provides cover for the personal liability of directors and officers arising due to wrongful acts in their managerial capacity. Defense costs are also covered and are payable in advance of final judgment. This policy provides protection for claims brought against directors, officers and employees for :
- Actual Or Alleged Breach Of Duty
- Neglect
- Misstatements Or Errors In Their Managerial Capacity.
Risks faced by Company Directors/Employees:
- Vulnerability to shareholder/stakeholder claims
- Sexual harassment, discrimination allegations and other employment practice violations
- Regulatory investigations
- Accounting irregularities
- Exposures relating to mergers and acquisitions
- Corporate Governance requirements
- Compliance with various legal statutes
Professional Indemnity / Errors & Omissions (E&O)
Professional Indemnity/ Errors And Omissions Insurance Cover Provides Protection For The Company And Its Subsidiaries For Claims Brought In Respect Of Negligent Acts, Errors Or Omissions In The Performance Of Professional Services. The Policy Is Meant To Pay For Defence Expenses And Damages And Includes Amounts That The Insured Is Legally Required To Pay Because Of Judgments, Arbitration Awards Or The Like Rendered Against The Insured, Or For Settlements Negotiated In Accordance With The Coverage Afforded By The Policy. Some of the Companies/Industries in requirement of this policy include:
- Information Technology Companies
- Call Centre / Business Process Outsourcing Companies
- Financial Institutions
- Media Companies
- Consultants
- Law Firms
- Other Professionals
Cyber Liability
Cyber-insurance is a specialty insurance product intended to protect businesses from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
First-party Coverage
This coverage pays for immediate expenses that a company incurs after a cyber breach. This includes:
- Cost of notifying employees and the public
- Repairing any damaged software or hardware
- Protecting the company’s reputation with a marketing and public relations response
- Business interruption costs and missed income while business operations are suspended
- Extortion money (used to appease a hacker who threatens your data or systems unless you pay them a ransom)
- Other ancillary costs, such as paying for credit monitoring for customers
Third-party Coverage
This coverage helps the company defend against lawsuits and legal claims. This includes:
- Privacy lawsuits claiming that you breached the privacy of customers or employees
- Fines from regulatory bodies
- Media liability claims, such as copyright infringement, libel, or slander.
- Breach of contract or negligence claims
On top of first- and third-party coverage, some insurance companies also provide risk mitigation services to help you identify and avoid cyber threats before they happen. After a breach has occurred, some insurers will set up a hotline that customers and members of the public can call to get more information.
Cyber liability insurance commonly excludes all of the following:
- Bodily injury or property damage claims: Cyber liability insurance won’t protect claims of bodily injury or property damage. That’s where a general liability policy comes in.
- Loss of property: Losing a piece of property, like a phone or computer, is generally covered by commercial property insurance, not a cyber policy.
- Criminal activity: Typically, a cyber liability policy won’t insure against fraud, robbery, employee theft, or other crimes. Commercial crime insurance can offer this coverage separately.
Workmen’s Compensation Policy
In an unfortunate event of an employee suffering a bodily injury (temporary or permanent), or death during the course of employment, the employer is legally liable to pay compensation to the employee under the Employee’s Compensation Act 1923 (and subsequent amendments of the same), The Fatal Accidents act 1855, and according to Common Law.
Key Features
The policy covers statutory liability of an Employer for Death or Bodily Injuries caused to employees due to accidents arising out of and in the course of employment. Coverage is for:
- Death
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Additionally, legal costs and expenses incurred with our consent
- Policy can also be extended to include medical expenditure for necessary treatment
Commercial General Liability
In view of new dimensions of legal liability exposures any business can fall victim to the high cost of liability from a simple Slip and Fall Accidents to Personal Injury and Reputation Damage claims, every business needs this type of coverage which is the company’s first line of defence against liability arising out of its operations. Commercial general liability (CGL) policy covers third party liabilities arising from various business operations, be it Premises, Products, Completed operations and/or Advertising and Personal Injury.
Exposures Covered :
- Premises Liability
- Operations Liability
- Products Liability
- Completed Operations Liability
- Coverage for defence costs apart from damages
- Medical Expenses
Product Liability Insurance
What is product liability insurance?
Product liability insurance provides your business with coverage against expenses that arise when a person claims a product your business sold, made or distributed caused bodily injury, unlawful death or property damage. This type of insurance policy can provide financial assistance to cover legal fees, judgments against you, settlements, compensatory damages, punitive damages, and economic or business damages that result from the lawsuit. It will also cover the injured party’s medical costs that arise from the use of the product.
What does product liability insurance cover?
Product liability insurance provides coverage if your product or completed service does one or more of the following:
- Damages another person’s property
- Causes bodily injury
- Makes another person ill
- Causes a person’s wrongful death (i.e., through the use or misuse of the product, lack of safety warnings or improper instructions)
Group Health Insurance (GHI) Group Mediclaim
A Group Health Insurance (GMC) plan is a health insurance plan that provides coverage to members of a group of employees of a company. The advantage of a Group Health Insurance policy is that it can be customized to each specific group depending on what extent (Sum Insured) and how comprehensive they want the coverage to be. Some organizations look to not only cover their employees, but their dependent family as well.
What are some of the Key Components of Group Health Insurance? The policy offers:
- Offers Cashless Coverage across Network Hospitals in India – Direct settlement of hospital bills between Insurer/TPA and Hospital post 24 hr hospitalisation
- Cover for Pre Existing Medical conditions (unlike Individual Health policies) from the inception of the policy.
- Maternity Benefits (for both normal and caesarean deliveries) are covered.
- Infants born under the policy are covered from Day 1 (unlike Individual policies, which cover new born babies from Day 91)
- Day care procedures like Cataract surgery, Nasal Sinus Aspiration, Stapedectomy of the Ear , Chemotherapy / Radiation etc are covered under most policies – these procedures do not require 24 hour hospitalization
- Domiciliary Expenses are covered in most policies.
- Most policies have an Annual Health Check up available for each member under the policy.
Group Personal Accident
Group Personal Accident (GPA) Insurance policies are the policies suitable for organizations/companies, who wish to ensure their employees against possible perils like Accidental Death & Dismemberment, Permanent Total Disability (PTD), Permanent Partial Disability (PPD) etc.
What are the benefits under a typical GPA policy?
Most GPA policies cover the following benefits:
Capital Benefits: Accidental Death / Accidental Dismemberment . Permanent Total Disability and Permanent Partial Disability.
Regular Benefits: Accidental Medical Expenses (Fixed or Variable) / Weekly Indemnity (Temporary Total Disability)
Add Ons: Educational Allowance / Repatriation of Remains / Home & Vehicle Modification / Family Transportation, Burns, Broken Bones etc