Companies offer a combination of statutory and discretionary insurance benefits.
EMPLOYEE BENEFITS
Health Insurance/Group Medical Coverage (GMC): The most common benefit, this covers medical expenses, including hospitalization, surgeries, diagnostic tests, and sometimes dental and vision care. Usually group health insurance plans offer advantages like no waiting periods for pre-existing conditions and coverage for dependents (spouses, children, and parents) at relatively cheaper costs compared to individual health insurance plans.
Group Life Term Insurance (GTLI): Typically offered as a group term life policy, it provides a lump sum payment to a designated beneficiary in the event of an employee’s death during their employment.
Life Insurance: Typically offered as a group term life policy, it provides a lump sum payment to a designated beneficiary in the event of an employee’s death during their employment.
Group Personal Accident Insurance including disability insurance: This cover for your employees, offers compensation in case of injury, disability (temporary or permanent), or death caused by an accident, regardless of whether it is work-related or not. GPA Insurance usually includes death benefits, disability benefits – PPD, PTD and TTD and various additional optional covers.
Employee Compensation Insurance: In many jurisdictions outside ESI in India, employers are legally required to provide this insurance as a benefit to workmen/employees, which covers medical expenses and lost wages for injuries or illnesses that occur specifically due to work-related activities.
Our Employee Benefits team is available round the clock to ensure proper coordination between Hospitals, Insurers/TPAs for hassle free treatments and timely claim approvals and due settlements to our customers’ employees and their dependents. Our experience indicates 2 out of 10 employees face delays/possible rejection of claims in cashless facilities and needs support during the cashless claims process. Our team ensures timely support to the employees/patients at the hospital, so that the medical treatments become hassle free.
Currently, our team handles 55000+ lives and successfully settles 3600+ claims annually with greater than 94% settlements within stipulated Turn Around Time (TAT).
FIRE
Whatever is the client’s line of business, it is quite important to maintain business continuity. Fire and Allied Perils insurance covers every business against losses due to property damage caused by uncertain events like fire, storm, cyclone, flood, inundation, riots, etc.
We guide our customers in choosing the right covers to protect their business assets against such risks by ensuring optimised coverage and by correctly quantifying the probable loss.
For Property Lines of risks, our Property & Engineering Team coordinates and provides the following services:
- Risk Inspection
- Risk Audit
- Pre-underwriting services
- Work with multiple insurers for optimizing the premium and for enhanced capacity for proposals with a large asset base.
- Claims Coordination – Coordinating with the surveyors/Insurers for getting the deserving claims amount and timely settlement.
ENGINEERING
Engineering insurance will cover all types of business insurance that provides comprehensive financial protection against various risks associated with engineering projects, machinery, and electronic equipment during manufacturing, construction, installation, testing, and operation phases.
It acts as a crucial safety net, mitigating potential losses from accidents, equipment breakdowns, project delays, and third-party liabilities.
Contractor’s All Risks (CAR), Erection All Risks (EAR), Machinery Breakdown Covers, Contractor’s Plant and Machinery (CPM), Electronic Equipment Insurance and Boiler & Pressure Plant Insurance are specific covers available for Engineering Risks.
Our team, consisting of professionals with decades of experience in advising various clients in engineering risks, with the involvement of the appropriate subject matter experts, understanding the requirements, profiling the risk appropriately for presenting to the UW and ensuring optimised coverage and cost. The team has handled various unique requirements in the coal handling, port operations, power plant BOP, Solar PV grid connected projects, Hydro Electric, Civil infrastructure projects, etc.
MARINE
Marine insurance provides financial protection against the loss or damage of ships and cargo damage by various modes of transport namely, sea, air, road, or rail. It is a vital component of domestic and international trade, helping businesses mitigate risks and comply with contractual obligations.
All manufacturing businesses need cargo transit covers for their inward and outward movement of goods. We provide all the required services in terms of marine cargo transit covers specific to our clients’ needs being Open Cover, Single transit cover or Annual Sales TO Policy.
Liability insurance for companies protects against financial losses from lawsuits and third-party claims alleging bodily injury, property damage, or negligence due to business operations, products sold, or in premises. This coverage pays for legal defense costs, settlements, and compensation by judgments.
Our liability team works with each of our customers, understands their coverage requirements and suggests the best suited covers. It is very important to justify the need for the appropriate cover based on the class and category of business of a client.
The common types of liability covers available are Commercial General Liability for all types of businesses, Professional Indemnity cover for practicing professionals like Doctors, Consulting Firms and others, Directors & Officers’ Liability to protect the senior management members of companies against errors & omissions in carrying out their official, fiduciary duties.
We have our specialties team of experts work on:
CLINICAL TRIAL
Clinical Trials Liability for clinical and pharma research companies
CYBER RISKS
Cyber Risks Advisory for medium to large companies in terms of their cyber security and insurance needs.