Financial institutions need risk cover for their offices, computer systems and software. More importantly, though, they also need cover against frauds, data theft, public liability, for professional indemnity, keyman replacement costs, overseas travel, etc.

Odin puts together here a collection of insurance products that could be useful to this sector.

Products

Office/Business Package Policy

Office/Business Package Policy

The Office/Business Package Policy is specifically tailored towards the needs of typical businesses. While the policy offers standard risk cover against fire and allied perils such as earthquake and flood, it also covers typical problems that an office faces such as breakdown of equipment, accidents and burglary. Loss due to fraud, damage to signages like neon lights, expenses towards death of staff on duty, and loss of office material while executives are on tour, are also covered by some insurers.
All Risk Portable Equipment Policy

All Risk Portable Equipment Policy

A Portable Electronic Equipment Policy covers the losses that may occur due to accidental damage and/or breakdown of portable electronic equipment, including that which may occur due to fire, theft, robbery or malicious damage. Portable electronic equipment include laptops and mobiles.
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.
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 Term Life Policy

Group Term Life Policy

A Term Life Policy is taken by an individual to insure his or her life for a fixed amount based on which the premium is worked out, which will serve survivors well in case of loss of life during the term of the policy. A Group Term Life Policy is the same policy but taken out by a company for its employees as a group. Many companies use this policy as an incentive for their employees and cover those who are in a certain defined bracket within the company. Since it is a group policy, premiums are generally lower.
Future Service Gratuity Policy

Future Service 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 Future Service Gratuity Policy helps cover gratuity payouts as and when they are needed, thus avoiding cashflow problems for the company.
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.
Professional Indemnity / Errors & Omissions Policy

Professional Indemnity / Errors & Omissions Policy

The Professional Indemnity/Errors & Omissions Policy offers compensation for losses suffered by a company due to lawsuits against it for acts of negligence or errors and omissions while delivering professional services. Such lawsuits result in various unforeseen expenses including lawyer fees, damages to be paid, arbitration awards, and even negotiated settlements. This policy covers most of these expenses and puts a company back in business despite unfortunate legal setbacks.
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.
Cyber Liability Policy

Cyber Liability Policy

In today’s world wide web-driven world, cyber attacks are becoming increasingly common. A cyber attack paralyzes your company’s computer and online systems, and since most data and financial operations are online these days, this is effectively a halt on your business till any demands of the hackers are met. A Cyber Liability Policy covers losses caused by any cyber attack on your facility, including expenses towards legal fees and other related expenses.
Corporate Overseas Travel Policy

Corporate Overseas Travel Policy

Most corporates have many of their executives traveling abroad on a regular basis. While most travel is event-free, there are many things that can go seriously wrong in foreign trips. Starting from simple issues such as lost baggage and missed flights, travelers can experience theft abroad of their cash and credit cards, have an accident that may require hospitalization, overstay their visa by accident and require legal assistance to return to India, etc. A Corporate Overseas Travel Policy covers such losses and ensures safe and secure travel.

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