Business Insurance Company can be defined as companies providing insurance policies for small or large businesses. An insurance policy is defined as an indemnification cover for risks associated with businesses irrespective of the level of operations of the company. Perceived or potential risks of the company mainly arise from damages to the company in the form of theft, bankruptcy of the company or other damages to the company in the form of a fire breaking out within the business premises. Risks to a certain business can also arise in the form of risks to human resources which can cause a drastic reduction in the production level of the company. These are associated with death or disability of a key employee of the business or a prolonged illness or injury to a business employee. Business insurance companies take an active role in these circumstances by helping businesses insure against these risks by providing adequate insurance coverage for all sort of situations jeopardizing the functioning of a business.
The leading business insurance companies in the USA as well as the whole of North America is Wells Fargo and Zurich, both of which work with a global network focusing on its activities on its key markets in North America and Europe.
Wells Fargo Insurance Services deals in commercial coverage that provides cost-effective insurance solutions based on specific-profiles, challenges and needs of business corporations. There are also international coverage schemes offered by Wells Fargo that help businesses insure against the risks arising from global investments undertaken by the companies. Some of the specific insurance services offered by the company are:-
Employee benefits to attract and retain the best employees include group life insurance, group medical and dental programs and pension, profit –sharing and retirement programs.
Business protection schemes to protect the business from losses and help them effectively manage their capital and risk. These include employment practices, fiduciary liabilities and environmental risk coverage.
Reinsurance services and products, special risk solutions and custom-designed insurance products are offered by the company.
Commercial coverage include equipment warranty, commercial property and casualty insurance, life, accident and disability insurance, worker’s compensation, risks from mergers and acquisitions, flood insurance and umbrella and excess coverage facilities.
Wells Fargo offer risk coverage for a wide range of business specialties including aviation, energy, gaming, non-profit institutions and real estate.
There are other well-known insurance companies such as Safety Insurance, Allstate, RBC Insurance and Chubb in the USA except the already mentioned leading business insurance provider Zurich. Headquartered in Zurich, Switzerland, it has offices in more than 50 countries of the world and serves clients in about 120 countries of the world. It is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market and small businesses throughout North America. Zurich Corporate Solutions provides alternative risk financing solutions that combine both insurance and banking products. This allows companies to use their capital more effectively which can yield in earnings protection, cost savings and a beneficial accounting system.
The leading insurance company in the UK is AXA which offer business insurance facilities such as public liability insurance, insurance policies covering the vehicle used for business purposes, business policies covering shops including insurance cover for business contents such as for seasonal increase in stocks, business interruption, loss of license and insurance covers for business liabilities too.
The leading business insurance company in India is Tata AIG General Insurance Company Limited which offers business insurance products and services for both large and small businesses with special emphasis on small businesses. The small business solutions cater to the needs of the small business through Multiline Package Policy with facilities for optional covers. It also provides for simplified underwriting with automated policy services and a relatively simple brochure, application or quotes sheet. The insurance policies are provided with reasonable premium rates and he standard covers encompass large number of fortuitous mishaps. These include fire, earthquakes, loss of rent, public liability and machinery breakdown and employee fidelity.