4 min read

Building Secure Businesses: What is Specialty Lines Insurance, Corporate Risk Management And Asset Insurance?

Commercial exposures, property risks and corporate liabilities come in varied forms and proactively minimising them can protect companies when the worst happens

Businesses of all types and sizes have abundant insurance needs, but often, even the most highly recommended business insurance policies don’t cover everything. It gets worse – when you’re paying a lot of money for all that commercial insurance but don’t have the right cover when tragedy strikes. In 2022, tragedy could mean geopolitical risks, pandemic risks, natural calamities risks, and several other key factors that influence business sustainability and growth. That’s where Specialty Insurance for Assets and Liabilities comes in – and it’s rarely anywhere close to expensive as your ordinary business coverage.

Are you aware of all the risks and exposures you should buy corporate insurance for?

  1. Do you have assets like building, office equipment, plant & machinery etc?
  2. Does your business include transit of materials?
  3. Do your employees use portable electronic devices?
  4. Do you provide professional consultation that may result in contractual liability?
  5. Do you have decision-makers who can impact your company’s financial position?

What is Speciality Lines Insurance or Corporate Insurance?

Investors, lenders, contractors and sponsors of projects are exposed to a wide range of risks which may:

  • Impact their asset base
  • Interrupt their revenue stream
  • Affect repayments to lenders and investors

As a result, today’s construction and power projects involve an intricate mix of contractual and physical risk exposures that require expert advice and tailor-made insurance plans.

What is Specialty Insurance for Liabilities and Assets?

The integration of the Indian economy with global business practices and standards has resulted in increased overseas exposure. This has fuelled the rise of Liability and Asset covers within Specialty Insurance products. Liability Insurance has thus, emerged to assume centerstage in protecting companies.

Who should purchase Project Insurance and Speciality Insurance?

Any type of business that serves clients who engage in high-risk behaviours should understand specialty insurance plans. For instance, a travel company offering camping, skydiving or other adventure sports may be considered high-risk and is subject to several liability claims.

Understanding specialty asset and liabilities management and risk assessment enables every partner-client to make an informed decision while buying liability insurance covers. Knowing exactly where a company does and does not have coverage can mean a difference of crores of rupees in case of risks and exposures.

Pro-tip: It’s a myth that Speciality Insurance is unaffordable! Policy quotes for specialty insurance are directly related to the type of your company’s risk, sector, industry and coverage objectives. You can add an umbrella policy for maximum benefits.

Why do you need property insurance, office insurance, fire insurance, D&O insurance or asset insurance?

Avoid preventable losses: Get a holistic, anticipatory approach to risk that aligns with your corporate goals and objectives

Be prepared with customised risk management solutions: Access recommendations and consulting services to understand and quantify the risks your company faces or may face tomorrow

Minimise the impacts of events beyond your control:

Corporate risk management offerings are varied and multi-faceted. They include the following but are not limited to:

  1. D&O Insurance for Directors and Officers protects them from implications of their decisions that can induce legal and financial worries.
  2. Asset Insurance for your company assets, like Buildings, Furniture, Office Equipments, Laptops and other devices etc.
  3. Marine Cargo Insurance insures property while in transit against perils consequent or incidental to the navigation of the sea, air, rail/road/inland waterways.
  4. CGL or Commercial General Liability covers third-party legal liabilities that can occur while conducting one’s business.

Here are 10 types of commercial and corporate insurance that your business needs and why:

General Insurance

Includes mediclaim, property insurance, marine, professional indemnity, Directors & Officers liability and automobiles, among others. The policy offers payment to the policyholder based on the loss incurred from an insured event.

Commercial General Liability (CGL)

Protect your business from legal claims in case of third-party injuries or property damage.

Contractor's Plant and Machinery (Projects)

Contractor's Plant and Machinery insurance will give you comprehensive coverage against all types of physical loss or damage to your plant and machinery that could impact your business.

Marine Insurance

Covers your material in-transit

Contractors and Construction All Risk

Contractors and Construction All Risk insurance plan will give you comprehensive coverage against all types of physical loss or damage that could impact your project.

Electronic Equipment Insurance (Portable)

Covers company-issued laptops, mobiles and other portable electronic equipments

Cyber Risk Insurance

Covers your expenses against online extortion, vandalism, data breach & more

Directors & Officers Liability

We help you design and implement a D&O liability insurance policy that fits with your business, by identifying your corporate and personal exposures to liability

Fire & Burglary Insurance

Cover your business against risks like Fire, Theft, Terrorism and natural calamities like Earthquake

Motor Fleet Insurance

We provide standard and tailor-made motor fleet coverage and related services for company owned and leased vehicles under a Motor Fleet policy as well as the private vehicles belonging to your employees when they are driving for business purposes

Different types of business insurance policies to add extra layers of protection to your company:

  • Office Package insurance
  • Fidelity Guarantee & Money insurance
  • Machinery Breakdown insurance
  • Engineering insurance including CAR, EAR, CPM insurance
  • Industrial All Risk Insurance
  • Loss of Profits Insurance
  • Travel insurance
  • Workman Compensation
  • Professional Indemnity, Clinical Research & Trial and Trade Credit Insurance
  • Crime Insurance
  • Kidnap, Ransom & Extortion Insurance
  • Public Offerings of Securities Insurance (POSI)
  • Employment Practices Liability Insurance (EPLI)
  • Investment Management Insurance (IMI)

Five things to analyse in order to understand key issues and challenges that influence the construction industry

  • Contractual obligations
  • Contractual risk flows
  • Competitive pressures
  • Technological development
  • Regulatory requirements

What are the key services you should demand from an insurance broker offering Liability and Specialty Lines Insurance, Corporate Insurance and Property Insurance?

Risk Assessment

  • Assist with identification of exposures
  • Advise on Risk retention
  • GAP Analysis of your portfolio of existing policies along with expert recommendations

Curated Coverages

  • Assist with the selection of appropriate limits of liability
  • Coverage Design - Assist with the selection of appropriate coverages
  • Peer Benchmarking – share info on the price, coverage of similar companies

Risk Presentation

  • Information gathering for risk presentation to the underwriters
  • Presentation of risk to market
  • Negotiate with insurers for optimum coverage, deductibles and price

Risk Placement & Administration

  • Assist in structuring the policy for price advantage
  • Assist in Carrier Evaluation
  • Plan Administration Support

Picking the right insurance broker for Risk Management and Corporate Insurance services

Expert recommendations made by Nova Benefits have won the acclaim and trust of 300+ tech-first companies, including MoEngage, BHTC, Yulu Bikes, Innoviti, Matter Motor Works, Impex Healthcare, Aadvik Foods, SD Global Services and MyGate, among others.

Nova’s specialists bring an unmatched combination of industry specific expertise, deep intellectual capital and the best-in-class consulting experience to a range of risks you may face.

Our team can assist you with identifying your risks, analysing and prioritising them, while optimising your property insurance and risk management program. You can schedule a call or get in touch with our risk consultants via the Nova Benefits website.

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