Commercial Insurance is a type of business insurance that provides financial security to the industrial sector of our economy. It is extended from a small shopkeeper to big industrialists of the town.... It is like a safety net to protect your assets, physical location and intellectual property of the businesses from any unforeseen circumstances covered under the terms and conditions of the commercial insurance policy. It could be coverage for an office, shop, mall, factory or even a commercial vehicle. Being a business owner one should understand the value of commercial insurance and the benefits that they can have if they possess it.
After understanding the need of buying a commercial insurance policy, one should keep certain considerations in mind.
Once all the important points are in your mind for buying an insurance policy, let’s have a look at the different types of policies that are available and you can choose the best or a combination that serves all your needs.
According to the nature of your business, you can opt for any of the above mentioned types of commercial insurance for saving your business from fraud, theft, damage or any kind of loss. As the post-pandemic period has become very difficult for businesses, the owners should start planning so that the future of their businesses can be secured without creating a big whole in the pocket. There are various top brands offering a comprehensive policy. Before thinking twice, quickly research the best-suited plans for your business and invest in one with just one click at okbims.com. We are there to assist you 24*7*365 days to help you in solving all your queries related to commercial insurance.
The IDV of a commercial vehicle is frequently insured. IDV is the ex-showroom price of the automobile, excluding depreciation. If the car is stolen or otherwise damaged, we shall give the insured with vehicle's IDV. Keep in mind that depreciation can drastically affect the vehicle's IDV. You can choose the return to invoice add-on if you want to exclude depreciation from the calculation. This ensures that your vehicle is insured up to the current listing price in the event of theft or damage resulting in total loss.
This Third-Party policy covers the following risks:
A third-party death or injury.
Third-party property damage
Yes, we provide the option to renew the commercial p=vehicle policy either online or offline.
If you do not file a claim against your insurance policy throughout the period of coverage, you will be eligible for a discount when it comes time to renew your policy. No Claim Bonus, or NCB, is the name for this reduction.
Every claim-free year after that, your NCB discount grows. As a result, NCB discounts might range anywhere from 20% to 50%. This NCB discount, however, may be totally reversed after you file a claim. The policyholder, not the vehicle, is normally the recipient of the NCB. As a result, when you buy a new automobile, your NCB will be transferred to the new vehicle's insurance policy.
Prior to the insurance company providing compensation for a claim, the insured must pay a portion of the claim out of pocket. The deductible or excess amount is determined by the type of vehicle you own. The deductible amount for two-wheeler owners starts at Rs. 50, while the base deductible for private cars and commercial vehicles is Rs. 500. The deductible amount is determined by the vehicle's cubic capacity/carrying capacity. The greater the vehicle's cubic capacity, the higher the deductible amount. It may also occur if the car is too old or the policyholder's claim frequency is excessive.
The service tax that applies to business vehicle insurance is determined by existing law.
If any of the policyholder's personal information changes, the policyholder must notify us. They can do this by sending us a letter that includes proof of the changes. We will take the necessary steps to implement the adjustments after checking the proof. We may also ask you to pay an additional premium to upgrade your policy in specific situations.
Yes, you can transfer your commercial insurance policy. You must notifyus in writing to do so. We will request that you fill out a new proposal form and charge a fee to complete the move. The no-claim bonus from the date of transfer to the policy expiry date is carried forward with the vehicle insurance transfer. However, you must transfer your insurance within 14 days after transferring your vehicle registration, otherwise you will be unable to make any claims.
The following two conditions allow you to cancel your auto insurance before it expires:
The insured has switched insurance firms.
The insured's automobile has been sold.
No, a commercial vehicle owner can claim tax relief for the time his or her vehicle was off the road. For this, he or she must contact the transportation department to learn more about the process, as each state has its own procedure for obtaining tax exemption.
The policyholder should first notify the police and the RTO where the car was registered. The policyholder must next notify us and request a duplicate copy of the insurance policy.
After that, the policyholder can start the claim filing process. An FIR and a letter from the RTO acknowledging the theft will be required. After the claim is filed, an investigator will be assigned to track for the missing car. We will provide the insured a claim payment based on the findings of the investigations. During the claim settlement procedure, more papers may be required.