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What is Interior Decoration Business Insurance?
Interior decoration business insurance is designed to cover the losses or expenses arising from their operations due to unexpected or unforeseen consequences. Interior designers and decorators deal with creative assignments that form their major income source. There might arise lawsuits due to deficiency in the services provided by the interior decorators, which the insurance company would settle under the interior decorator’s business insurance policy.
Types of Interior Decoration Business Insurance Policies in India:
There are certain types of interior decoration business insurance policies such as group health insurance for interior decorators, professional indemnity insurance for interior designers, property insurance for interior designers in India.
Group Health Insurance
Group health insurance for interior decorators is intended to cover the monetary expenses incurred by their employees. The interior decorator business owners usually take group health insurance for their employees. In certain cases, the cover would be extended to the family members of the employees.
Coverage & Highlights:
- Pre and post-hospitalization expenses covered up to a certain number of days before and after the hospitalization.
- Pre-existing disease medical expenses are covered without any waiting period.
- Maternity expenses are covered over and above the basic sum insured.
- Newborn babies cover up to 90 days under the maternity or basic sum insured.
- Pre and post-natal expenses are covered up to a certain limit under the maternity cover.
- In-patient hospitalization expenses, outpatient hospitalization expenses, and daycare hospitalization expenses.
- Ambulance charges up to a certain amount per hospitalization.
- The costs for organ donation for organ transplants, such as harvesting organs, are covered.
- Daily hospital cash cover up to a certain number of days per hospitalization
- Critical illness covers over and above the base sum insured, payable after the diagnosis report is shared with the company.
- Room rent and nursing charges up to a certain limit as specified under the plan.
- No medical screening is required for taking the group health insurance plan.
- Instalment premium payment options for the premium under the group health insurance policy.
- Covid-19-related hospitalization expenses are covered up to the mentioned limit.
- Accidental hospitalization expenses up to the sum insured limit.
- HIV/AIDS and related conditions
- Alcohol or drugs related conditions
- Suicide attempt or intentional self injury
- Congenital diseases
Steps to Buy:
Step 1: The first step is to visit the webpage of Ethika insurance broking and click on the get quote option. This will redirect you to enter the basic details, after which you will receive a call from the Interior Decorator Group health insurance experts of Ethika Insurance.
Step 2: The next step is to give the details of your home you are willing to insure. Details of the insured such as contact details, name, occupation etc, Details of the employees such as age, employee code, gender of the employees, Sum insured, period of insurance required etc. should be given to generate the best quote.
Step 3: The next step is to make the payment and get the Group Health insurance policy. Get the best Group health insurance quote now.
What is the Corporate Buffer in Group Health Insurance?
A corporate buffer is the extra sum insured that the insurance company provides to the insured on payment of an additional premium. The corporate buffer can be assigned to any of the employees after their sum insured gets exhausted. The decision to allocate the corporate buffer sum insured to the employees depends on the insured.
What are the Minimum Requirements to take Group Health Insurance?
The minimum number of lives to avail of group health insurance is 7 for most insurance companies. Any startup having at least 7 employees can take the group health insurance policy. There is no limit on the minimum and maximum sum insured that can be availed under the group health insurance plan.
How to Get the Best Group Health Insurance Premium?
The best group health insurance premiums can be availed when the policy is taken from insurance brokers. Insurance brokers have tie-ups with many insurance companies, which gives the startup business owner an advantage to negotiate with insurance companies which the insurance broker would do.
Is it Compulsory for Interior Decorators to take Group Health Insurance?
No, interior decorators don’t need to take group health insurance. But interior decorator companies should take the group health insurance policy to provide health insurance coverage for their employees which would boost the motivation of the employees.
Professional Indemnity Insurance for Interior Decorators/Designers
Professional Indemnity Insurance for interior decorators or designers covers the legal liability of the insured arising out of negligence or deficiency in the services rendered to the customers. Professional indemnity insurance for interior decorators or designers covers legal costs that would be incurred to fight the legal suits against the insured.
Coverage & Highlights:
- The policy covers the insured against damages to third parties due to errors and omissions while providing them professional services.
- The policy covers the claims arising from negligence services of advice a business provides to clients.
- It covers the legal expenses and costs incurred to fight the cases against the businesses with the prior approval of the insurance company.
- This policy covers the loss or damage to the third-party property or person while rendering services.
- The policy also covers the professional liability of Doctors, Architects, Lawyers, etc.
- Any criminal offense, fines and penalties, punitive damages, exemplary damages, treble damages, or any other damages that result from the multiplicity of or in excess of compensatory damages.
- Professional services are rendered intoxicated by alcohol or drugs.
- Losses arising out of the professional services rendered by the insured for his/her spouse or any other member of the insured’s family.
- War, Terrorism, Nuclear explosion and contractual liability.
- Bodily illness, injury or death, loss of property or financial loss or consequential loss, unless the cause is a result of faulty, negligent or insufficient plan or recommendation.
Step 1: The first step is to visit the webpage of Ethika insurance broking and click on the get quote option. This will redirect you to enter the basic details, after which you will receive a call from the PI business insurance experts of Ethika Insurance.
Step 2: The next step is to give the details of the business you want to insure. Details of the insured, such as contact details, name, occupation etc, Details of the property such as Address of the property, sum insured, number of years of insurance required etc., should be given to generate the best quote.
Step 3: The next step is to pay the bill and then obtain the policy. Get the best Professional Indemnity Business insurance quote now.
How can the sum insured be decided under PI policy?
The sum insured under the policy should be decided by the insured, considering future claims that can arise from the professional services. The sum insured can also be decided based on the statutory requirements or size of the firm or the turnover or the profits. For more information, please speak to our specialist at Ethika insurance broking.
What is the AOA & AOY?
AOA is any one accident, and AOY is any one year. AOA is the maximum claim payable per accident during the policy period, whereas AOY is the maximum claim paid during a year. The AOA: AOY shall normally be at most 1:4 in most cases.
When can the claim be communicated under PI policy?
The claim should be communicated to the insurance company in writing immediately after the insured’s knowledge. Only those cases made in writing would be considered and deemed to be first made when the insurance company first receives the written notice.
Does the policy pay legal fees and expenses?
The policy pays for the legal fees and expenses incurred by the insured to fight the litigations due to deficiency in the services provided by the insured. These would be available with the prior consent of the insurance company.
Coverage & Highlights:
- Fire, explosion & implosions, Lightning.
- STFI, RSMD, Earthquake and Volcanic eruption.
- The bursting of overhand tanks, apparatus and leakage of sprinkler installation.
- Theft and Burglary.
- Damage to portable electronic items such as phones, laptops etc.
- Accidental damage due to external accidents or during transit.
- Electrical or mechanical breakdown of the equipment insured.
- Personal accident insurance for owners and maids.
- Expenses for alternate accommodation.
- Loss of valuable items such as arts of work
- Damage caused to the property due to industrial boilers or any other industrial equipment.
- Damage caused due to the property due to demolition, repair or structural alterations as a part of the renovations.
- River erosion, or coastal erosion settlement or movement of built up ground, faulty design or workmanship, or use of unsuitable raw materials.
- War and the perils of allied conflict.
- Property damage or loss caused by its own fermentation or natural heating, as well as spontaneous combustion.
- Damage or destruction due to any drying or heating process.
- The property is destroyed or burned on the orders by the Public Authority.
Steps to Buy:
Step 1: The first step is to visit the webpage of Ethika insurance broking and click on the get quote option. This will redirect you to enter the basic details after which you would receive a call from the interior decorator insurance experts of Ethika insurance.
Step 2: The next step is to give the details of your startup property you are willing to insure. Details of the insured such as contact details, name, occupation etc, Details of the property such as Address of the property, Market value /Sum insured, number of years of insurance required etc. should be given to generate the best quote.
Step 3: The next step is to make the payment and get the renter’s property insurance policy. Get the best interior decorator property insurance quote now.
Can I buy interior decorator insurance for my business if it is rented?
Yes, you can buy interior decorator property insurance for your startup even if it is rented. The contents of your business can be insured in case of rented premises.
How is the premium calculated in interior decorator property insurance?
The interior decorator property insurance premium is calculated based on the sum insured chosen. The sum insured can be calculated based on the content’s market value and the building’s reinstatement value. The higher the sum insured greater the amount of the premium.
What should be the sum insured under the interior decorator property insurance?
The sum insured under the interior decorator property insurance depends on the type of property being insured. In the case of contents, the sum insured would depend on the market value of the product, whereas in the case of buildings, the sum insured would depend on the reinstatement value of the property.
What happens to the insurance if the business is sold?
The insurance policy should be changed in the new owner’s name as the insurance interest ceases to exist after the business is sold to the new owner. The new owner should take appropriate insurance for the property.
Top Interior Decoration Business Insurance Plans in India 2023
|Plan Name||Reliance||ICICI Lombard||United India||IFFCO TOKIO|
|Errors & Omissions||Covered||Covered||Covered||Covered|
|Legal expenses and costs||Covered||Covered||Covered||Covered|
|Claim compensation||Up to the sum insured||Up to the sum insured||Up to the sum insured||Up to the sum insured|
|Punitive & Exemplary damages||Not covered||Not covered||Not covered||Not covered|
|Fines & Penalties||Not covered||Not covered||Not covered||Not covered|