Business Taxperts

Business Insurance

Business Insurance Services

Business Insurance plans intend to cover the loss/damage occurred to the insured business property/goods due to any unforeseen events like fire/theft/destruction/death in exchange of a regular payable sum (by insurance holder) called premium.
Did you know, you could save your business tax under the section 37(i), by choosing a suitable Business insurance plan? If not, then do read about the plenty of such benefits you can get by taking a business insurance.

Why do you need Business Insurance?

  • Covers the huge losses
  • Secures you against any lawsuits
  • Protects you and your employees
  • Keeps the business uninterrupted
  • Covers the acts of God
  • Safeguards your premises against unpredictable future
  • Tax benefit under section 37(i)

What are the different types of Business Insurances?

  1. Partnership Insurance
    What would you do if the partner of your business faces an unfortunate accident one day? How would you deal with the sudden huge expenses payable to your partner’s family and other requirements? That’s when you would need help of a partnership insurance. Partnership insurance will secure your financial future (and your partner’s family’s as well) even if you face the unfortunate demise of one of your partners.
    Who can take partnership insurance plan?
    Private partnered companies, public partnered companies, Hindu undivided member, and registered corporations.
  2. Employer Employee Insurance Scheme
    Sometimes the business owners wish to have a long-term plan with selective high performing employees. Thus, they should go for taking an insurance plan for them. This will ensure the employee’s retention, planning the retirement benefits of the employee and their future generations’. It will also give you tax benefit under section 37(i).
  3. Keyman Insurance
    There are certain hardworking persons who have a significant effect on the entire working of the business. Such a person is called Keyman. His absence may lead to a huge financial loss to the business. To insure such loss on the unexpected demise of the keyman of the business, you can go for “Keyman Insurance”.
  4. Life Insurance under Married Women’s Property Act 1874
    When a business goes insolvent, the partners are sometimes under pressure to sell their personal assets to clear the company’s debts. But, the law says, that the married women and kids should be protected from such risks. Thus, insurance under Married Women’s Property will safeguard the wife’s independently created assets, the wife and the children from such risks. This policy is also available for Married men.
    The above discussed Business Insurance plans are highly encouraged as they are beneficial for business as well as for saving Tax under section 37(i).
    In the current time, business insurance has become very vital for our uninterrupted income. The cases of fire, fatal accidents, and theft have significantly risen. To ensure that you and your employees are protected against such unfortunate events, apply for business insurance today!
    Wish to get a FREE basic solution for taking a suitable Insurance plan for your Business? Contact Us now!