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October - 2016 - issue > CEO Insights

Changing Scenario of Insurance Needs

Saroj Satapathy, CEO, Ideal Insurance Brokers
Tuesday, October 25, 2016
Saroj Satapathy, CEO, Ideal Insurance Brokers
Headquartered in Kolkata, Ideal Insurance Brokers is an innovative insurance platform that evaluates risks, analyze various available options and negotiate with multiple insurance providers on behalf of the clients.

The word �Insurance� is probably most misunderstood and misconstrued as the general perception about the Industry is agents chasing you, selling life insurance, health, car or home insurance. Not even once anyone talks about covering a 'risk', a 'life'; but push it as a saving and mandatory proposition. But have you ever thought who saves you if your factory/shop is on fire and everything turns into ashes? When there is a flood/cyclone/earthquake and your dream home that you have made with years of saving disappears? Or who pays for the vehicle damage when it meets with an accident? �Insurance� is the only answer to all these questions.

Businesses deal with risk on a daily basis, regardless of their size or industry type. A business owner usually goes for business model and strategic initiatives to make the business 'go' and perhaps consider Insurance as one of the least priority areas in the beginning.
Honestly, it makes business sense to not only accept risk but manage risk and mitigate the same. More often than not, it has been observed that business owners are found to be uninsured at the time of an accident and sadly the resulting costs can often lead to closure of the business.

All business owners and mostly start-ups must carry out a small exercise which is a self-risk management and you don't need professional help for the same. This can be broadly categorized under four sub heads:

1. Identify your exposure and potential loss. Examples can be fire, AOG (Act of God) perils, casualty and burglary/ theft losses, fraud and embezzlement, injury claims and others.

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