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Employee Benefit Program
Directors’ & Officers’ Liability Insurance
Directors’ & Officers’ Liability Insurance covers the management of a company including its officers i.e all those who hold a supervisory position in a company’s office against any legal liability arising from any wrongful act (actual or alleged) done by them in their capacity as directors and officers. The policy covers defence costs as well as any settlements & judgements arising from such claims brought against the management. The policy also provides personal asset protection to the Directors and Officers when the company is prohibited to indemnify them by law.
Who should buy ?
Any company small or large, public, private or not for profit, that deals with customers, has shareholders on board, offers employment to employees, has competitors in the market it operates is at the risk of litigation from any of these parties and therefore should buy D&O Insurance.
Employee Compensation Insurance
One key responsibility of an employer is to provide safe and healthy work environment. In an unfortunate event of an employee suffering a bodily injury (temporary or permanent), or death during employment, employer is legally liable to pay compensation to the employee under the Employee’s Compensation ACT 1923 & subsequent amendments thereof, The Fatal Accidents Act 1855, and at Common Law. Employee’s Compensation (earlier known as Workmen’s Compensation) Insurance Policy covers statutory liability of an employer under Employees (Workmen’s) Compensation ACT 1923 for death of or bodily injury or occupational diseases sustained by the workmen arising out of and in the course of employment. It includes immediate costs like ambulance costs incurred to transport the employee to the hospital who has met with an accident and long-term costs like lost wages on account of being away from work due to injury or illness.
Who should buy ?
Any firm or employer, a contractor who employs workmen as defined in the W.C. Act 1923 can buy the Employee’s compensation insurance policy. This insurance cover provides legal liability coverage and also helps in easing the financial burden on employees and employers.
Product Liability & Recall Insurance
This policy covers a business against his legal liability including legal costs and compensation, if applicable in case their products are defective and have led to an injury to or death of a third party or property damage to a third party. Any costs associated with recalling an unsafe product from the market are also covered under the Product Recall section of the policy.
Who should buy ?
Manufactures, retailers, wholesalers of end products or components that form part of a larger product.
Eg : Auto components that form part of automobiles
Commercial General Liability Insurance
This type of Insurance combines features of both Public Liability and Product Liability & Recall insurance along with other added covers like medical expenses, Personal and Advertising injury, Libel, Slander, travel of executives etc. This is more internationally acceptable form of policy.
Who should buy ?
Any business as mentioned under Public Liability & Product Liability sections can buy Commercial General Liability Insurance especially if they work globally.
Group Personal Accident
This policy provides compensation in case of any accidental death, disability (permanent or partial, temporary or total) to your employees including medical expenses incurred after an accident. Unlike an Employee Compensation policy this policy is not limited to only work related accidents and affords cover on a 24 hrs worldwide basis.
Who should buy ?
Any company with 10 or more employees can gofor the above policies. Some insurers also offer Group covers for employee less than 10.
Cyber Insurance
Cyber Insurance policy is a new age policy that offers financial protection to businesses as a result of a cyber attack like malware attack, ransomware attack, denial of service attack.
Group Health
A Group health insurance policy provides financial protection to your employees in case of hospitalization or day care treatment due to illness or accidents. It pays for medical expenses incurred at a hospital including doctor’s consultation, room rent, nursing, surgical & anaesthetist’s costs, day care procedures, diagnostics, costs of medicines and much more. Such insurance can be covered under both cashless and reimbursement basis.
The benefit of a Group Health policy is that the cover start from Day-1 as no waiting period applies to this policy.
Public Liability Insurance
Public Liability Insurance covers a business against their legal liability because of any accidents or injuries that occur at their premises due to their business operations.
There are 3 types of Public Liability Insurance:
This applies to manufacturing units, warehouses, tank farms, fuel pumps, power plants, electricity transmission and distribution lines, substations, and any such industrial establishment.
This applies to non-manufacturing units like Schools, Educational institutions, Commercial establishments, Shopping Malls, Salons, Gyms, Exhibition & Event Management Companies, Software firms, BPOs, Call Centres, Hotels & Restaurants, Hospitals & Clinics, Theatres, Clubs, Civil/Electrical contracting firms etc.
This applies to any establishment dealing in “hazardous” substances as defined in the Environment Protection ACT 1986 and this is a mandatory insurance policy for any such establishment as per the Public Liability Insurance ACT 1991 which was passed after the Bhopal Gas Tragedy in India.