3 min read
Updated on Jul 13, 2022
Loss of profit insurance is a valuable protection for many businesses. This article will discuss the key features of this type of insurance. If you are looking to protect your business against financial losses, then a loss of profit policy may be right for you. Read on to learn more about the policy’s benefits and drawbacks before deciding whether or not it’s worth getting coverage!
The last thing you want to think about is how your business will survive after a fire, flood, or other perils destroys it. You’ll need to deal with the consequences not only of rebuilding and repairing damaged assets but also of losing out on profits while your company operates in downtime. The loss can be devastating for any company when their livelihood depends on the successful operation of their business. However, with the right coverage through a Loss of Profit Policy, one can have peace of mind knowing that losses incurred due to such perils will be covered by insurance! The best way to find out what your options are is by understanding the different types of benefits available, which are outlined below.
If you’re looking to purchase a Loss of Profit Policy, it’s important to understand the different extensions that are available. With the standard Loss of Profit plan, three major Extensions are offered:
Extensions are a great way of increasing coverage of insurance by adding a small amount to the annual premium.
It is important to understand the general exclusions of an insurance plan at the time of purchasing one. It helps reduce the chances of getting claims rejected. The general exclusions to the Loss of Profit policy are:
Also Read: Fire Loss of Profit Insurance Policy: Coverage, Benefits & Formula
The last thing any business owner wants is to suffer a loss of profit or be forced out of business due to an unforeseen incident. However, when you’re in charge of managing your own company’s finances and operations, it can be difficult to find the time needed to balance all aspects of running a small business with protecting yourself from disasters like fires and other catastrophes. If this sounds like you, loss of profit policy products can bring affordable protection for your company by providing coverage that will make sure if anything unfortunate happens – even if it’s something outside your control- you’ll have peace of mind knowing your finances are covered. However, you should compare insurance plans before purchasing one for your company. It ensures you are getting the best deal on your budget.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Unlike earlier, you no longer need to carry heaps of cash and convert it while going on an international trip. Travel aficionados can now make.
Every year March 15 is celebrated as World Consumer Rights Day to educate people about the rights and needs of consumers across the globe. Let.
Every year March 8 is observed as International Women’s Day to celebrate the rights and achievements of women in different spheres like political, economic, social.
What's inside? Where and when to watch Union Budget 2023-24 LIVE When will the Budget speech be presented? Where to watch the budget presentation live?.
January 24 is observed every year as International Day of Education. It was declared by the United Nations General Assembly in the year 2018 to.
National Girl Child Day is celebrated on January 24 every year to support girl child rights in India. Here is everything you would like to.
Every year 12th January is celebrated as National Youth Day in India to recognize the role of young people in nation building. Let us learn.
The widow pension scheme in India was launched by the central government to support widows with financial assistance by providing them a fixed and regular.
A Non-Resident Indian or NRI is an individual who has been residing in a foreign country for more than 120 days in a year. Also,.
Insurance policies are there to secure people financially. Not only Indians, NRIs living abroad are also eligible for different insurance plans offered by insurers in.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.