IT, ITES and Analytics Sector
IT, ITES, and Analytics sector is a significant economic driver, contributing to nation's Gross Domestic Product (GDP) and employing millions. It encompasses various services like IT consulting, BPO, engineering design, and analytics, and is expected to continue growing.
Insurance solutions for this sector:
1. Information Technology Errors & Omissions Insurance - To cover the legal financial liability of the IT, ITES and Analytic firms towards the client or third parties arising out of negligence, errors or omissions in provision of professional services (as per applicable laws of land).
2. Cyber Risk Insurance - To safeguard the IT, ITES and Analytic firms from financial loss due to potential threats of cyber attack, ransomware, legal liability towards third parties and other related costs.
3. Directors & Officers Liability Insurance - To cover the legal financial liability of the directors, senior executives, managers and members in supervisory roles of the IT, ITES and Analytics firms towards the client or third parties arising out of negligence, errors or omissions in provision of professional services (a.s per applicable laws of land)
4. Comprehensive General Liability Insurance - To cover the legal financial liability of the IT, ITES and Analytics firms towards third-parties arising out of accidents at their premises resulting in injuries or property damage. It also covers liability arising out of accidents at client's premises due to official visits of the employees (as per applicable laws of land).
5. Employee Benefits Insurance - To provide financial protection to the employees and members for medical expenses, compensation for accidental bodily injury and othe like expenses as part of retention startegy for retaining best talent. Various forms include Group Helath Insurance, Group Personal Accident Insurance, Group Term-Life Insurance and like.
6. Property Insurance - To safeguard Prinicpals, Owners, Financiers and Lenders from the potential Financial costs arising out of physical loss or damage to assets of IT, ITES and Analytics firms from the risks of fire, flood, storm, earthquake, collapse, Lightning and like. Various forms are available in the market (depending upon value & coverage) like Bharat Griha Raksha, Bharat Sookshma Udhayam (Micro), Bharat Laghu Udyam (MSME), Standard Fire & Special Perils, Property All Risks, Industrial All Risks and Large Mega Risks.