Education is a critical service sector that does noble service to society and yet faces some serious risks that must be insured against. These include director, executive and general liability in case things go wrong, as well as keyman replacement insurance apart from standard risks like fire, theft, etc.

Odin is happy to present here a shortlist of insurance products that fulfill all the needs of this sector.

Products

Standard Fire and Special Perils Policy

Standard Fire and Special Perils Policy

The Standard Fire and Special Perils Policy is designed to insure your property and articles within it from damage due to accidental fire also from the perils brought about not only by fire but by other disasters as well, such as lightning, explosion, riot, terrorism (by payment of additional premium), storm, flood, bush fire, etc.

Fire loss of profit / Business Interruption

Fire loss of profit / Business Interruption

A major fire, flood or similar disaster can bring a factory to a standstill for several months. During such periods, while sales and profits suffer, fixed costs like salaries and rent need to be serviced without default. It is at such times that a Business Interruption Policy (or Fire Loss of Profit Policy) helps. This policy covers loss of gross profit due to reduction in turnover/output because of the occurrence of any peril covered under the Fire and Allied perils policy.
Bharat Laghu Udyam Suraksha Policy

Bharat Laghu Udyam Suraksha Policy

This policy is meant for small-scale businesses to cover the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, and offers cover for a sum insured of between Rs.5 crores and Rs.50 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at insured premises up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism ,collision caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.
Bharat Sookshma Udyam Suraksha Policy

Bharat Sookshma Udyam Suraksha Policy

Tailored for micro businesses, this policy covers the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, for a sum insured of up to Rs.5 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at hand up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism, collisions caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.
Burglary Policy

Burglary Policy

A Burglary Insurance Policy broadly covers the loss and/or damage through and due to burglary and housebreaking instances (theft following actual, forcible and violent entry of and/or exit from the premises). The policy could also include cover against hold-up risks and damages caused to your premises.
Money Policy

Money Policy

If while running your business, you are dealing in cash or cash equivalents, you will do well to buy yourself a Money Policy for the amount of cash you may have in hand at any point of time. This applies to both small round-the-corner mom-and-pop stores or larger cash handlers like jewellery showrooms and banks. Under the policy, all money in the form of currency notes and coins, cheques, money orders, postal orders, postage stamps, etc, can be covered against loss either from the premises or during transit.
Fidelity Policy

Fidelity Policy

One of the risks of running a business is possible fraud and underhand dealings involving employees. Such actions could result in embezzlement or even the redirection of company business to their own channels, leading to losses. A Fidelity Policy insures businesses against loss of income caused by such fraudulent actions, once proven. A police report is usually mandated to support such claims.
Sales Turnover Policy

Sales Turnover Policy

Any company in the business of manufacture, import, and/or export of material should insure its goods at all stages of its movement in a product’s cycle, for instance from a vendor to the factory, from the factory to the port, from port A to port B, and so on, under a ‘Sales Turnover Policy’ (or ‘STOP’, in insurance parlance). Just insure yourself for the expected annual turnover and you are done!
Open Marine Policy

Open Marine Policy

An Open Marine Policy is a policy that covers several shipments or despatches over a period of 12 months, based on the Estimated Sum Insured to be adjusted against the value of each shipment, using a reducing balance method. The policy provides automatic and continuous insurance cover to a regular exporter, importer, domestic trader, or manufacturer. The Insured party is bound to declare each and every shipment without any exceptions. Refund of premium on unadjusted Sum Insured is allowed to the insured after expiry of the policy.
Group Mediclaim Policy

Group Mediclaim Policy

A Mediclaim Policy helps individuals cover the costs of hospitalization. A Group Mediclaim Policy serves to provide a similar cover but for a group of employees of an organization. A godsend to companies in these days of high medical costs, the Group Mediclaim Policy offers financial support to its employees in case of sudden hospitalization, either due to an accident or illness, by paying most of the hospital’s bills. Premiums too can be lower based upon the number of employees covered. Dependents of employees can be covered too under this policy.
Group Gratuity Policy

Group Gratuity Policy

Gratuity is a lumpsum paid on closure of account of any employee who has resigned/retired after serving at least five continuous years at an organization, at the rate of roughly half the latest Basic salary multiplied by the number of years of service put in. Gratuity can therefore be a sizable cash outflow. However, resignations cannot always be anticipated. The Group Gratuity Policy helps cover gratuity payouts across the board, thus avoiding unexpected cashflow problems for the company.
Keyman Policy

Keyman Policy

An interesting policy that can help businesses survive sudden changes in key personnel is the Keyman Policy. This policy is a vital support tool for companies which tend to depend upon a handful of dedicated staff members to get their job done and can help compensate for their absence until a replacement is found. It is a very useful policy for companies that depend upon specific individuals within the organization for their strategy, designs, products or services.
Director & Officer Liability Policy

Director & Officer Liability Policy

Running an organization is filled with risks that go beyond the regular running of the business! Wrongful acts by staff, misleading advertising, fraud, sexual harassment, etc, result in lawsuits from employees, vendors, customers, and other stakeholders, that are usually targeted at the directors and senior executives of the company, who are personally held responsible for such wrongdoings, whether alleged or real. The Director & Officer Liability Policy provides defence costs and protects the assets of such sued individuals, thus shielding them from personal loss.
Commercial General Liability Policy

Commercial General Liability Policy

While running a business, owners come across instances where their products or services, or their employees in the course of delivering those products or services, cause some kind of property damage or even injury or fatality to a customer or onlooker. Such loss is directly recoverable from the owners of the business and may even result in legal proceedings. The Commercial General Liability Policy covers business owners from financial losses due to such litigation that may arise out of such events.
Commercial Crime Policy

Commercial Crime Policy

A Commercial Crime Policy insures a company from losses arising out of criminal acts such as fraud, burglary, computer data theft, forgery, embezzlement, and even misrepresentation, by its employees as well as employees of vendors, contractors and sub contractors. All assets of the insured company are covered under this policy, including property, cash, merchandise and bank accounts. Most policies allow up to a 60-day discovery period by which time the losses must be identified and reported, so as to make a valid insurance claim.
Employee Compensation Policy

Employee Compensation Policy

The Employee Compensation Act, 1923, provides for the payment of compensation by the employer to employees (or dependents in case of fatal accidents) if they are injured by accidents that occur during the course of their work. The Employee Compensation Policy is designed for companies to insure themselves against unexpected costs arising out of such sudden events that result in injuries or fatalities at the workplace. All companies, contractors and agencies that employ workmen exposed to possible hazards will benefit by this policy.

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