Insurance

Assignment
PGDM- BIFS 2023-2025

Submitted to: Prof. Avinash Signaraju

Submitted by: Bitan Saha

F2023014
Given Rishi's situation, it's crucial to pinpoint the insurance policies that align with his needs. He
should concentrate on constructing a well-rounded insurance portfolio to protect against
various risks he may encounter. Below is a structured suggestion for fulfilling his insurance
needs:

1. Cyber Liability Insurance: Given Rishi's profession as an architect, it's probable that he
handles digital plans, client data, and may utilize project management tools. This
insurance coverage offers safeguard against financial repercussions in case of a data
breach or cyber assault targeting his systems.
2. Umbrella Insurance: This functions as supplementary liability coverage, activating once
the limits of existing policies are met. It would serve as an additional layer of protection
for Rishi, stepping in once the coverage limits of his other policies have been exhausted.
It offers him extra financial security against potentially expensive lawsuits or damages.
3. Business Interruption Insurance: This insurance could prove beneficial for Rishi in the
event of unforeseen circumstances, such as a fire, natural disaster, or a serious illness
preventing him from working, leading to a temporary closure of his architectural practice.
This type of insurance assists in mitigating the financial impact by covering lost income
during the period of closure.
4. Professional Indemnity Insurance: This insurance safeguards Rishi against potential
legal liabilities stemming from professional negligence. Given his profession as an
architect, Rishi could face legal action from clients if there are flaws in his building
designs. This insurance covers the associated legal expenses and any compensation that
Rishi might be required to pay to the client.
5. Life Insurance: As a businessowner, Rishi should contemplate acquiring life insurance
to ensure financial stability for his family in the event of his unforeseen demise. This
ensures coverage for any remaining debts, mortgages, or offers replacement income for
his dependents.
6. Two-Wheeler Insurance (Bike): Despite Rishi's intention to use his old bike infrequently,
it's advisable to obtain at least third-party two-wheeler insurance. This ensures financial
protection in the event he is responsible for causing damage to another individual or their
property in an accident.
7. Automobile Insurance (Car): Since Rishi owns a new car primarily for business travel,
it's legally required to have at least third-party car insurance. This policy safeguards
against any harm inflicted on a third party's vehicle or property in the event of an accident.
Rishi might also want to explore comprehensive car insurance, which extends coverage
to damage sustained by his own vehicle.
8. Health Insurance: Given lengthy commutes and the risks associated with frequent
travel, it's imperative to have health insurance in effect to ensure coverage for unforeseen
medical expenses due to accidents. In such scenarios, having robust health insurance
provides a crucial safety net, ensuring that Rishi and his family are protected against
unexpected medical costs.