Micro, small and medium enterprises are the spine of the Indian economy and account for 95% of the industrial units, 48% of the overall exports, 40% of the workforce and 30% of the GDP of the country. Your firm could be one of these enterprises. During 2023-2024, the Indian economy is projected to grow at 6-7%. For your business to contribute to the economy’s growth, you need to strengthen it first. Here are some smart ideas to boost your business in a structured manner.
Take Care of Yourself and Your Family
If you and your loved ones are protected, you will be in a position to focus on the growth of your business. For that, you can consider the following kinds of SME insurance products:
- Term insurance: It helps secure the financial future of your family after your demise. The policy covers the death of the insured due to any reason.
- Child insurance: It helps financially protect the educational milestones of your child even in the absence of the insured parent. The payouts are received at the key milestones. Future premiums are waived if the insured parent passes away.
- Health insurance: It pays a lump sum on the diagnosis of covered diseases for their treatment and other medical costs during the recuperation period.
You can buy these policies online and avail tax benefits on premium payments to them.
Look After Your Employees
Employees are the most important asset of your business. You need to take care of them to retain them. Here are certain SME insurance plans that can protect them and their loved ones:
Employer-employee insurance: The ultimate beneficiary of this kind of insurance is your employee or his/her family. It is a good initiative to improve employee satisfaction and reduce attrition for your business. You can cover select or all employees under this product. It may function as a retention or acquisition tool for you.
Gratuity: An insurance provider can help you build and manage a corpus to meet the liability of gratuity mandated by the law.
Employee deposit-linked insurance: You can provide this statutory benefit to your employees who are covered under the EPF. In the event of the unfortunate demise of the covered employee, his/her family receives the sum assured.
Protect the Backbone of Your Business
You can buy partnership SME insurance to secure the life of your business partner and protect his/her shares in the company in the event of his death. In this case, your firm gets the death claim amount with which you can purchase the dead partner’s share if his/her loved ones don’t wish to continue with the business.
Opt for Wealth Protection
You can choose an investment-oriented SME insurance product to avail the opportunity for wealth creation for the future with comprehensive life coverage. It can be a traditional life plan with non-guaranteed/guaranteed returns, a unit-linked insurance plan to invest for long-term growth and a combination of different plans to suit your investment goals.
You can buy the above policies online hassle-free and protect your business and its assets. Just ensure to choose a reputed insurance provider in India.