If you have an issue with the Commercial Insurance, you could be entitled to a refund. Use our free tool to raise an issue with the service provider.
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Commercial Insurance provides a safeguard against the liabilities of a business, arising out of any damage or loss to the business. It basically provides financial coverage against various types of business-related risks. Most commonly it protects the business from financial losses arising out of :
- Damage to buildings, raw materials, finished goods,
- Employee liability; injury to employees
- Third-party liabilities.
This guide will brief you on your rights and provide you with plausible solutions in case you face any issue.
Grievance Redressal Mechanism
If you are not satisfied with the commercial insurance provider, you may:
- Contact the toll-free customer care number provided to you by the commercial insurance policy provider, you can also drop a mail on their e-mail id specified therein.
- Submit your complaint in writing, along with the necessary documents to support the complaint.
- Remember to take the written acknowledgement of your complaint duly signed with the date specified.
- You may also approach the Grievance Redressal Officer, of the commercial insurance Company.
- They usually resolve the issue within a reasonable time. However, if they don't solve within 15 days or if the result is unsatisfactory, you may approach the Grievance Redressal Cell of the Consumer Affairs Department of Insurance Regulatory and Development Authority of India (IRDAI).
- When you purchase an insurance policy/product from a Bank, it is regulated by RBI, through its appointed external Banking Ombudsman.
- Lastly, file a civil complaint with the insurer before a civil court.
How will RBI help me with my issue?
The Banking Ombudsman appointed by the RBI will make a decision on your case either through conciliation or mediation between the complainant and the bank complained off. If the terms of the settlement offered by the bank are fully accepted by you, the Banking Ombudsman will pass an order as per the terms of the settlement. Further, the outcome will be binding on you and the financial organisation. Compensation offered by RBI:
- For Loss suffered: The Ombudsman has the power to direct the Bank to pay as compensation, equal to the amount of loss suffered because of the act or omission by the Bank or amount up to Rs 20 lakh, whichever is lower.
- For Mental Agony and Harassment: You will be awarded compensation not exceeding Rs.1 lakh.
If the issue is still not settled by way of an agreement within a period of one month, the Banking Ombudsman will proceed further to pass an Award. However, a reasonable opportunity is provided to both the bank and the complainant to present their case. But, this award is not binding it is upon the complainant to either accept or reject it. Upon rejecting the award, you may approach the Appellate Authority which is vested with a Deputy Governor of the RBI. It will pass the order as it may deem fit in the best of your interest.
How will Resolver help you?
In case you have a complaint with your commercial insurance provider, Resolver will help you to submit your issue for free. Any complaint from Resolver is an official complaint, and thus the concerned insurance providers are obliged to act upon it. Resolver acts as a link between you and the company you’re complaining to, making it easier for you to get your complaint to the right place at the right time. Resolver ensures free service without any adverts or hidden costs. Start by telling us the name of the company or organisation you have an issue with, raise a case and leave feedback afterwards.
How can I claim my Commercial Insurance?
Although the claim process and documentation required, vary for different commercial insurance providers. However, here is a basic understanding of the claim process, which will guide you through. In case of an unforeseen emergency that arises out of damage or loss to the business property or operations.
- Inform the insurance company immediately, in case you need to make the claim.
- Retain the original documents of the policy, FIR copy, medical reports, etc, which may be required by your insurance provider.
- When the provider receives the documents, usually a surveyor from the insurance company verifies all the details.
- They will either accept or reject your claim accordingly.
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Is there anything not included in my commercial insurance?
Just like the inclusions, even exclusions vary from one insurance provider to another. All cases and situations are not insured by, insurance companies While offering coverage. However commonly, any regular wear and tear or wilful negligence are not covered under commercial insurance. Also, any loss due to civil unrest or war is also uncovered.
What should I keep in mind while buying a commercial Insurance?
Some of the points you should consider are:
- Make sure that you don’t underestimate the valuation of the property under insurance. That may suit you in the short run but will leave you in a loss in the long run.
- While buying the insurance plan, ensure that you declare the nature of your business, probable causes of loses, your perceived risk etc. Failing which the insurance company may reject your claim.
- Make genuine claims and don’t exaggerate. As false claims lead to fraud which might have legal consequences.
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Is it mandatory to have a commercial Insurance?
It is not necessary to have commercial insurance for your business. However, it is advisable to cover your business against unforeseen circumstances, under a commercial or business insurance policy.
What to do if my insurer rejected my claim?
Initially get a written statement from the insurer, stating the reason for the denial. Then ask for the supervisor view on it. If the reason for the denial turns out to be valid then you must review the policy again. You may also make the desirable changes before continuing with it.
Resolver can also help you with your commercial insurance claims.
What to do if my commercial insurance policy is wrongly named?
You can easily and conveniently modify names on the existing policy. The following steps can be kept in mind for the same:
- Call the customer care number, which may be specified on the policy itself.
- Thereafter, fetch the original copy of the insurance document and visit the branch from where you had purchased the policy
- You will be required to carry a valid identity proof to identify the correct spelling of your name.
- Once you submit the required documents and have raised a request for your name change, the concerned authority will take the action as soon as possible.
How can I cancel my existing commercial insurance?
Once you are convinced that the policy terms do not match your expectations, you should communicate your intention to cancel the policy in writing. Some insurance companies have a standard form for cancellation policy. It is advisable to mention the details of the policy, date of receipt of the policy document, the reason for cancellation and details of the concerned agent before raising a complaint with the insurance provider.
What are the advantages of buying commercial insurance?
There is an end number of advantages of buying commercial insurance.
- It helps you protect your business premises and employees against financial risks. For this, you may select the appropriate type of commercial insurance that suits you well.
- Commercial vehicle Insurance (in case your business owns one) gives you a chance to manage the heavy costs incurred in case of an accident or eventualities.
- Similarly, it is advantageous to have third-party liability insurance, in case your profession/business deals with many clients. It will help manage loses or any legal consequences.
- Keep the original papers of the commercial insurance policy safely.
- In case you face issue contact the customer care number of the policy provider.
- For any insurance-related issue approach IRDA for grievance redressal.
- Lastly, you can also the concerned Court for resolving the issue.
You can raise issues with 12 companies in Commercial Insurance services
Key companies include: