Frequently
asked questions

It is a form of insurance designed to protect businesses from potential significant financial losses caused by unforeseen events such as natural disasters, fires, legal liabilities, and others. An insured business can claim compensation for any losses resulting from covered causes.

To make a claim, you can contact our claims department through our 24/7 hotline, submit a claim online through your customer portal, or visit any of our branch offices. You'll need to provide relevant documentation and details about the incident that led to your claim.

Required documents typically include your insurance policy number, proof of loss or damage (photos, receipts), police reports (if applicable), medical reports (for injury claims), and any other relevant supporting documentation specific to your claim type.

The claim process typically takes 5-15 business days from the time we receive all required documentation. Simple claims may be processed faster, while complex claims requiring investigation may take longer. We'll keep you updated throughout the process.

First-party coverage protects your own organization's direct financial losses resulting from a cyber incident (e.g., data recovery, business interruption). Third-party insurance protects you against claims made by others due to a cyber incident involving your business (e.g., privacy lawsuits, regulatory fines).

The cost of cyber insurance varies depending on several factors, including the size of your business, the industry you operate in, the types of coverage you need, and the limits of your policy. Contact us to get a quote.

Cyber insurance is a type of insurance policy that protects businesses from financial losses caused by cyber attacks and data breaches.

In insurance, a 'third party' refers to any person or entity other than the insured (the business owner) and the insurer (the insurance company). In CGL insurance, third-party liability coverage protects the insured business from claims made by third parties for bodily injury, property damage, or personal and advertising injury caused by the business's operations.

No, CGL insurance typically doesn't cover theft of your business's property. It primarily focuses on third-party liability, meaning it protects your business from claims made by others for bodily injury or property damage caused by your operations, products, or services.

The right CGL coverage depends on factors like your industry, business size, customer interactions, location, and potential risks. Consult with a Covrzy insurance expert so that you can get an appropriate coverage for your business.

Standard Fire & Special Perils (SFSP): Designed for large businesses with SI exceeding ₹50 Crores, offering extensive coverage for buildings, machinery, stock, and more. Bharat Sookshma Udyam Suraksha (BSUS): This policy caters to micro-enterprises with SI valued up to ₹5 Crores, providing essential protection at an affordable rate. Bharat Laghu Udyam Suraksha (BLUS): Targeted at small businesses with SI between ₹5 Crores and ₹50 Crores, offering a balance of comprehensive coverage and cost-effectiveness.

Premiums are calculated based on factors such as the property's value, construction type, location, and the nature of the business conducted on the premises.

Reinstatement value is the cost to rebuild or replace your damaged property with new materials of the same kind and quality, without deducting for depreciation. This ensures you can fully restore your property after a fire.

In the unfortunate event of a burglary or theft, here's a quick guide on how to file a claim: Report the crime, Notify your insurer, Submit documentation, Await assessment, Receive compensation.

First Loss Insurance is a type of Burglary & Theft Insurance where the insurer agrees to pay only a specified amount (the "first loss") in the event of a claim, regardless of the total value of the loss.

Value of insured items: Higher value = Higher premium, Security measures: Stronger security (alarms, CCTV) = Lower premium, Location: High-crime areas = Higher premium, Claims history: Past claims may increase the premium, Coverage type and limits: Broader coverage and higher limits = Higher premium.

Marine Cargo Insurance insures your shipment for transportation of goods between one nation to another by land, sea, water, etc.; whereas Inland Marine Insurance insures your goods when being transported domestically mostly by land.

All Risk: This is the broadest form of coverage, insuring against all risks of loss or damage except those specifically excluded in the policy. Named Perils: This covers only the perils specifically named in the policy, such as fire, theft, or collision. Total Loss Only (TLO): This covers only the total loss of the entire shipment, not partial losses.

Anyone with a financial interest in the cargo being transported, such as the owner, seller, buyer, or even a bank financing the shipment, can purchase marine/transit cargo insurance.

Directors and officers liability insurance is a shield for the personal assets of directors and officers. It covers legal costs and settlements for alleged wrongful acts in their leadership roles. Secure Company Leadership with Covrzy today!

While not always legally required, D&O insurance is highly recommended for companies of all sizes. Insuring decision-makers is important as it mitigates risk and demonstrates a commitment to protecting company leadership. Additionally, the Securities and Exchange Board of India (SEBI) advises all public companies to have D&O insurance, as it helps attract the right talent when hiring CXOs.

Several factors affect Directors and officers (D&O) insurance premiums, including company size, industry, financial performance, claims history, and the chosen coverage limits.

The cost of asset insurance varies depending on several factors, including: type of assets, coverage limits, industry and location, deductibles, additional coverage options, etc. To get an accurate estimate for your specific needs, it's best to request a quote from Covrzy. We can assess your business and assets to provide you with a personalized quote that reflects your unique risk profile.

Asset insurance safeguards your financial investment in your business's physical assets. If something happens to your equipment or inventory and stock, the insurance can help cover the cost of repair or replacement, allowing your business to continue operating.

In case of a loss, you need to inform Covrzy on our 24/7 hotline or through our online portal. Provide all necessary documentation including photos, receipts, and police reports if applicable.

Contractors All Risk (CAR) Insurance: Comprehensive coverage for construction projects, including property damage, third-party liability, and equipment breakdown. Erection All Risk (EAR) Insurance: Covers risks during the installation and testing of machinery and equipment. Machinery Breakdown Insurance: Protects against financial losses due to unexpected breakdowns of machinery and equipment. Boiler and Pressure Plant Insurance: Covers boilers, pressure vessels, and associated equipment from explosions or other damage. Electronic Equipment Insurance: Protects sensitive electronic equipment like computers, servers, and control systems from damage or breakdown. Contact Us for a free consultation to choose the appropriate insurance for you!

Engineering projects are complex and inherently risky. Comprehensive engineering insurance offers financial protection against a wide array of unforeseen events, ensuring project continuity and safeguarding your investment.

Yes, theft and burglary is covered under this policy.

Employment Practices Liability Insurance (EPLI) safeguards businesses against claims made by employees (current, former, or potential) alleging wrongful acts related to their employment. This coverage typically includes legal defense costs, settlements, and judgments arising from claims of: Wrongful termination, Discrimination, Harassment, Retaliation, Other employment-related claims.

No, employment practices liability insurance (EPLI) covers claims like wrongful termination and discrimination, while workers compensation covers medical expenses and lost wages for work-related injuries or illnesses. They serve different purposes and protect against different risks.

No, EPLI is not mandatory in India. However, given the increasing frequency of employment-related lawsuits, it is highly recommended for businesses of all sizes to consider this coverage.

Errors & Omissions (E&O) insurance, also known as professional indemnity insurance, is a type of liability coverage that protects businesses and individuals against claims of negligence, mistakes, or failure to perform professional services. It covers legal costs, settlements, and damages awarded to claimants who have suffered financial losses due to these errors or omissions.

The cost of Errors and Omissions (E&O) insurance, also known as Errors & Omissions (E&O), varies significantly depending on several factors. These include the specific profession or industry, the size of the business, the desired coverage limits, and the claims history. For a custom E&O insurance quote please contact us!

Per Occurrence Limit: The maximum amount the insurer will pay for a single claim or incident. Aggregate Limit: The total amount the insurer will pay for all claims within the policy period (usually one year).

GPA insurance is a type of insurance policy that provides financial protection to a group of individuals, typically employees, in the event of an accident leading to injury, disability, or death. It offers a safety net for employees and their families during difficult times.

GPA insurance offers a range of benefits to employees, including coverage of medical expenses, disability benefits, and accidental death benefits, reducing the financial burden on employees and their families in case of an accident. For more information on the benefits of group accident insurance policy Contact Us.

Generally, no. Accidents arising from pre-existing conditions are usually excluded.

Traditionally, product liability insurance focused on physical products. However, with the rise of software and technology, some insurers now offer coverage for software-related claims.

Product liability insurance is essential for any business that manufactures, distributes, or sells products. It protects you from the financial burden of claims arising from injuries or damages caused by your products/services.

The cost of Product Liability Insurance varies depending on several factors, such as the type of product, industry, annual turnover, claims history, and desired coverage limits.

Employee's compensation insurance, also known as workers' compensation insurance, is a type of insurance that provides financial protection to employers against their legal liability for injuries or illnesses sustained by their employees during the course of their employment.

It is mandatory for all employers (and manufacturing units) that have more than 20 employees, to have a Workmen's Compensation Insurance so that they have insurance benefits for workers or employees as per the Employees' State Insurance Act, 1948. Employers and companies with fewer than 20 employees will still need to have this insurance to comply with the Workmen's Compensation Insurance Act, 1923 and the Indian Fatal Accidents Act, 1855.

The Workmen's Compensation Act of 1923 covers most employees working in factories, mines, plantations, construction sites, transportation, and other hazardous occupations. It also extends coverage to certain categories of workers in shops, hotels, restaurants, and other establishments. The definition of "workman" under the Act is quite broad and includes both manual and clerical workers.

Building coverage protects the structure while contents coverage protects movable items.

Coverage varies by policy - some include natural disasters while others require separate coverage.

Many policies include business interruption coverage for lost income during repairs.

Stock insurance, also known as inventory insurance, is a type of business insurance that protects your inventory or stock from loss or damage. This includes physical goods held for sale, raw materials, work-in-progress, and finished goods. It typically covers perils like fire, theft, natural disasters, and other unforeseen events.

To choose the best stock insurance policy for small businesses, consider factors such as the value of your inventory, specific risks in your industry, coverage limits, deductibles, and additional benefits offered by the insurer.

Stock insurance is not legally required, but highly recommended for businesses to minimize losses during an unfortunate event.

Commercial risk covers buyer default while political risk covers government actions and instability.

Most policies exclude exchange rate changes but cover currency transfer restrictions.

Yes, many policies cover risks during manufacturing and shipping phases.

Consider factors like the size of your workforce, budget, desired coverage levels, and the specific healthcare needs of your employees. Compare different plans and providers to find the best fit for your company and your team.

In most cases, the employer covers the entire premium cost for the basic GMC policy as part of their employee benefits package. This is a significant advantage for employees, as they receive comprehensive health and accident coverage without any out-of-pocket expenses. However, there are some scenarios where employees might contribute to the premium.

It's a health insurance policy that covers a group of people, typically employees of a company, under a single plan.

Professional Indemnity insurance, is a type of personal liability insurance that protects professionals & businesses against claims of negligence, mistakes, or omissions in their services. It covers legal costs and potential damages if a client suffers financial loss due to your professional advice or services.

No, professional indemnity (PI) insurance and directors and officers (D&O) insurance are not the same. PI insurance protects professionals against claims of negligence or errors in their work that harm clients or third parties. D&O insurance protects the personal assets of company directors and officers against claims alleging wrongful acts in their management of the company. While both policies address professional liability, they cover different types of risks & protect different parties.

Generally the professional indemnity insurance policy's tenure is for 12 months.