Service Industries

The service sector classified as the third economic sector is responsible for the largest portion of the global economy’s business activity. Businesses in this sector are rapidly placing more focus on what is known as a knowledge economy. The service sector is not only the dominant sector in the Indian economy but has also attracted significant foreign investment, contributed significantly to export and has provided large-scale employment. India’s service sector covers a wide range of activities such as trade, hotel and restaurants, transport, storage and communication, IT, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction. Like manufacturers, the service sector also faces loss exposure- sets of circumstances that could give rise to losses. Employment benefit programs, potential professional liabilities, product, and general liabilities, Workmen compensation, property, commercial crime, and cyber liabilities are the areas that can be protected with a proper selection of insurance covers.