Planning To Opt For Bharat Sookshma Udyam Suraksha Office Package Policy? Know What It Covers First

In the ever-changing business landscape of today, it is crucial to keep your venture safe from unexpected challenges. That's where the Bharat Sookshma Udyam Suraksha Office Package Policy comes in. It is an insurance product tailored for MSMEs or Micro, Small and Medium-sized Enterprises. It offers extensive coverage against a variety of risks that can financially disrupt your business - from property protection to personal liability, this general insurance policy is designed to meet the unique needs of smaller businesses.* Claims are subject to terms and conditions set forth under commercial insurance policy. If you are planning to opt for the Bharat Sookshma Udyam Suraksha Office Package plan, then you should know what it covers first. Let’s look briefly at the same.

What does the Bharat Sookshma Udyam Suraksha Office Package Policy cover?

Let’s look at the important coverage points within the plan:

1. Building and contents cover (excluding valuables)*

Coverage under this section shall be as per the policy annexure attached with your policy documents when you buy the plan.

2. Burglary and robbery cover (including theft)*

If there is any loss or damage to contents or their parts, except for money, while the same is in the insured premises due to actual or attempted burglary, robbery, or theft, the insurer will indemnify the insured for the same. Similarly, damage to the insured premises caused by actual or attempted burglary will also be covered. This coverage section also includes the loss of money caused by burglary (while the money is in a safe and strong room during unoccupied hours), or robbery from the cashier’s till and/or counter in the insured premises during business hours.

3. Money insurance*

The Bharat Sookshma Udyam Suraksha Office Package policy covers the loss of money during transit, while it is being carried by the insured or their employee, due to theft or any other fortuitous event.

4. Plate glass cover*

Within this policy, the insurer will cover any accidental loss of, or damage caused to plate glass at the insured premises. This also includes the reasonable cost of repairing and reinstating frames and framework needed due to the same. Each claim is subject to a maximum payment of ₹5000.

5. Breakdown of office equipment*

Repair or replacement costs for office equipment incurred due to any unforeseen and sudden physical loss (except a cause which is excluded) will be covered. This is applicable only if the insurer’s liability for any one office equipment item within one period will not individually or in aggregate exceed the sum insured sub-limit set against such item in the policy schedule.

6. Baggage cover*

Under this policy, the insurer will indemnify the insured and/or the insured’s employee for any accidental loss of, destruction of, or damage caused to personal baggage accompanying the aforementioned parties while travelling anywhere in the world. This is applicable only if they are responsible for the concerned baggage and are travelling for business purposes.

7. Electronic equipment cover*

The insurer will indemnify the insured against the repair or replacement costs for accidental loss of, or damage to electronic equipment caused by any unforeseen and sudden physical loss (except due to excluded causes). Repair or replacement costs incurred due to accidental loss of, or damage to external data media and/or the costs of restoring information and data stored in the same are also covered. For portable computers, the above coverage extends to such equipment when it is in the personal custody and care of the insured and/or their employee while anywhere in the world for business purposes.

8. Personal accident cover*

In case of accidental injury to the insured or accidental demise, the policy will provide compensation as specified in the relevant section of the Bharat Sookshma Udyam Suraksha policy document. The following coverage is available under the section -

1. Death
2. Permanent total disability
3. Permanent partial disability
4. Temporary total disability
5. Additional insurance, including transportation and children’s education benefit
6. Optional covers, including hospital confinement allowance and medical expenses reimbursement.

 

9. Other coverage aspects under the plan

Along with the above, the plan also provides the following covers:*

1. Hospital daily cash allowance
2. Fidelity guarantee
3. Public liability cover
4. Workmen’s Compensation Act

Claims are subject to terms and conditions set forth under commercial insurance policy. All of the above coverage points in the article are subject to special conditions and exclusions specified in the relevant coverage section. All coverage aspects are also subject to general conditions and exclusions mentioned in the policy wordings. Before finalising the Bharat Sookshma Udyam Suraksha plan, it is advisable to read the policy documents carefully and make a prudent decision accordingly. The Bharat Sookshma Udyam Suraksha Office Package policy can be a suitable insurance plan for MSMEs. With the right MSME insurance policy, these enterprises can achieve better levels of growth and soar to newer heights.   *Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.