Types of Insurance Your Small Business Should Consider

The wavering trends of the current corporate world are captivating but are also bound to heaps of risks. Today small business leaders often experiment with their business models to curate newer benchmarks. In such a scenario there are potent chances of facing big financial and human resource setbacks. So what’s the solution then? To the crux, it is having full-proof insurance for your small business. Here we have discussed the types of insurance your small business should consider. If you’re a small business leader, then don’t leave yourself in a vulnerable space, and make sure to choose at least some insurance to cover all the possible risks.

Top 6 Insurances Your Small Business Should Consider

We all are aware of the fact that even a little negligence can cost a fortune to a business. The losses are fatal not only to the owner but also to the people associated with the company. If a business leader is free from all the bars of losses, he/she will surely have different alpha energy to take their business to another level of success. Moreover, without a strong base of insurance, no other tycoon will be willing to invest money in your company. Let’s begin to see what all types of insurance we’ve mentioned in this article.

General Liability Insurance

General Liability Insurance acts as a safeguard for the owner against any monetary losses occurring in case of death, body injuries, and property damages. For example, if someone faces injuries within your business premises, then they can raise questions about your services and ask for compensation for the same. So a GLC provides compensation for claims caused due to bodily injuries and property damages for which your business is responsible. This is owned by the owners or main authorities of a company and provides stability against thirdparty liabilities.

Professional Liability Insurance

Next we have Professional Liability Insurance, specifically for professionals like doctors, lawyers, accountants, doctors, physicians, etc. As these professions are always amidst life uncertainties, it protects them from the claims of their clients. This policy protects from all sorts of claims that may arise due to negligence, mistakes, omission, and malfunctions. This is especially for those people who deal in providing professional services for a livelihood.

Commercial Property Insurance

As the name suggests, Commercial Property Insurance is a quilt of security for any commercial property. This policy protects commercial property from miss happenings such as fire outbreaks, robbery, and unforeseen natural disasters. This is generally carried out by manufacturers, retailers, NGOs, and rental service providers. It is also influenced by demographic, construction, and occupancy factors. The loss of a commercial property takes immaculate time to be compensated and in such times financial aid by this policy comes extremely handy.

Worker’s Compensation Insurance

Worker’s Compensation Insurance draws its roots from the Workmen’s Compensation Act of 1923 and the Fatal Accident Act of 1885. This policy provides wage and medical services to people who have fallen ill at work. Any injuries caused to them at a workplace or even if they have lost lives and wages during the course of their job, this policy guarantees their monetary and medical benefits. Moreover, it also covers death benefits for families of such employees.

Business Owner’s Policy

A Business Owner’s Policy (BOP) is an all-around policy that combines protection for important property and liability risks in one package. This insurance is an integration of various basic insurances coverage. It is meant to safeguard business owners against property damage, liability and financial losses due to a lack of operations. To have this insurance, the business must surpass certain parameters. Some of these are the location of the company, location size, class of business, and revenue model. This is targeted for mid-size and small businesses because it includes all the major segments subjected to risks.

Data Breach Insurance

Wrapping up today’s list is Data Breach Insurance. Today data security is a major cause of concern for business owners. When confidential data of a company gets copied, transmitted, or disclosed to third parties, it can cause ardent financial losses. To avoid this, Data breach Insurance is a shield for a company to protect from such losses. Also, as technology is spreading across every sector, such breaches are becoming common. Small businesses are generally the soft targets and they must invest in this policy.

Ethna Attributes: Empowering Data-Driven Decisions In Indian Companies

Abrainchild of Mr. Srinivasan, Ethna Attributes is a Chennai-based data analytics & management company that aims to transform the way businesses make decisions. It specializes in offering reliable solutions in Corporate Performance Management, Management consulting, Cloud and Security product development, IOT, IIOT, Research, etc.

Ethna Attributes believes in the power of data-driven decisions. For this reason, it gives utmost importance to harnessing cutting-edge analytics in a company’s decision-making process. Having served dozens of clients since its conception, the brand is renowned for its ability to create innovative and affordable solutions that are specially catered to a company’s unique needs.

Mr. Srinivasan’s Source Of Inspiration Behind Ethna Attributes

Mr. Srinivasan M., Founder and CEO of Ethna Attributes, started the company with an intent to help scientists and research-based organizations by operating solely on outsourced research and training. During his first research experience, Mr. Srinivasan was inspired to dive further into the subject and has been honing his research skills ever since. He believes that research is more than mere passages; it’s an opportunity to ask vital questions, infer through the results, and innovate new solutions accordingly.

Back in 2011, Mr. Srinivasan wanted to put together a company that could completely work on outsourced research and training that would assist scientists and research organizations. After encountering a few hurdles along the way, the company got into stealth mode. Today, it has helped in the development of several inventions in India and USA. Ethna Attributes also has products and IT Services, and a unique Training division catering to top business houses, scientists, and IT aspirants.

Mr. Srinivasan M. Founder and CEO of Ethna Attributes

Ethna Attributes primarily focuses on the business arenas where a data-driven approach is necessary. This includes Drug Discovery and Analysis, Insurance Fraud Analytics, Telecom Network optimization and traffic analytics, Predictive crime Analytics, Transportation Modelling, etc.

How Mr. Srinivasan Tackled The Company’s Initial Challenges

To secure the necessary funding, Mr. Srinivasan bootstrapped the seed investment from his known connects. Now he’s helping new/budding entrepreneurs with strategic investments; coaching them how to shrink the time against fund issues. Initially, the company suffered as it neglected marketing and sales. With time, it learned to place a greater emphasis on sales, attaining a balance between passion and money. Another challenge faced by Ethna Attributes was “paralysis by analysis”. According to Mr. Srinivasan, too much thinking can cause inaction and indecisiveness. He has now stopped planning in great detail and has learnt to pivot at hard times. On the topic of time management, he believes we all have plenty of time in our hands each day. We’re either investing it or wasting it!

Last but not the least, Mr. Srinivasan feels that the biggest challenge faced by any company is finding the right people. Even today, he finds it to be a constant struggle.

What Makes Ethna Attributes Stand Out In The Market?

Ethna Attributes is the only organization in India to which the research is outsourced from the clients. In this regard, the brand is unique and has no competition in the market. Ethna Attributes is also the only organization that not just monetizes its experience and knowledge but also absorbs all the trainees into the organization as full-time employees. Having an outcome-based business model, the company’s clients genuinely like their services. It never needs to follow up for any payments. It strongly believes in the value of conjoint efforts with the clients.

On the marketing front, Ethna Attributes is renowned for its Outwork Integrated Training Programs. It makes use of various media channels to expand its market reach.

The Major Reason Clients Distrust Data Companies

Due to high pricing and lack of proper partnerships, clients have a tendency to doubt the authenticity of data companies. To resolve such trust issues, Ethna Attributes is very upfront with its clients regarding their outcomes and adopts an outcomebased business model. It only charges for the outcome, not for the effort.

Most of the company’s clients come through past references or word-of-mouth. It prides itself in staying true to the motto “Let our work speak for itself”.

Mr. Srinivasan believes that when you make a lasting impression on a customer, their loyalty usually follows. According to him, loyalty is a virtue that can’t be bought – it has to be earned. He gives great importance to adopting a customer-centric approach and going the “extra mile” to render quality service. Consequently, the customers pay him with their loyalty and one can observe the trust they have in his brand.

Ethna Attributes’ Plans For The Coming Years

In 2020, the company is looking to work without a large office space. While it used to be in a 18000 SQFT Space, it has future plans of working from several small offices. Ethna attributes also plans of increasing its employee strength to 200 and introduce a vertical in agriculture, providing Hydroponics solutions to the farming community.

As the IT Sector grows more competitive and cost-sensitive, the company offers a collection of research services for clients with an outcome-based pricing model. It has also started a unique Work Integrated Training Program and is running it since last year. Mr. Srinivasan plans to head this division so that the company take 200 IT aspirants into the organization in one year. Not only will this endow them with great personal satisfaction but also transform their lives at a lightning-fast pace.

Mr. Srinivasan’s Inspiring Entrepreneurship Journey

Over the years, Mr. Srinivasan has seen the internet transform the economics of marketing. It has made many traditional marketing strategies and structures obsolete. With this change in industry dynamics, Mr. Srinavasan believes that the old ways of marketing are unsustainable; the focus should be shifted to providing positive outcome.

In his 9 years of business, he has come to realize the significance of the quote “Entrepreneurship is a journey, not a destination”. After facing the numerous hurdles along the way, he feels that entrepreneurship has taught him some invaluable life lessons. One of them is the lack of certainty in pursuing our dreams. In spite of working super hard, there are chances that you might never achieve your dream. Instead of being deterred by the uncertainty, he views it as a stimulus to get up daily and work hard at making his vision a reality. The constant challenges help him derive a sense of joy and thrill from the process.

Mr. Srinivasan’s Advice For Young Entrepreneurs

Placing great value on one’s subjective experience, Mr. Srinivasan advises young entrepreneurs to take any business advice with a pinch of salt. He says, “I’ve been interviewed to share my business advice with you— you all have your own unique journey to building a successful business. They’re all different. Some come from backgrounds of wealth and influential connections—while others have built empires starting from scratch.

Don’t take the business advice you hear as gospel to be followed in entirety, Rather, use it as a tool. Try to always shrink your time and have timely goals to pivot.”

Ethna Attributes is a brand that strongly believes in providing value to its clients. In an age of mistrust where fraudulent activities have become increasingly common, the company believes in being upfront with its clients. To ensure this, the company has an outcome-based business model, so that clients have a clear idea on what to expect. Moreover, the company aims at leaving a lasting impression on its clients through providing memorable services.