Features Of Bharat Laghu Udyam Suraksha Office Package Policy

The Bharat Laghu Udyam Suraksha office package policy is an insurance policy designed to financially protect the property connected to one’s business. Under the Bharat Laghu Udyam Suraksha office package policy, the insurer provides coverage in different ways to the insured enterprise. It is an MSME insurance policy, meant for Micro, Small and Medium Enterprises, more specifically for small enterprises. The term ‘Laghu’ in the policy name corresponds to the word ‘small’ in the acronym of MSMEs. * Claims are subject to terms and conditions set forth under commercial insurance policy. The Bharat Laghu Udyam Suraksha office package policy can provide many benefits and considerable financial protection to the insured enterprise. Let’s look at the features of the policy to know how.

Features of Bharat Laghu Udyam Suraksha Office Package Policy

Here are some important points regarding the plan that any buyer must know before opting for it:

• Eligibility for the plan

An individual can buy this plan for their business property if they are its owner, tenant, lessee, purchaser, or hold the property as a trustee on commission. They can also buy it if they are responsible for it and liable for taking insurance for the business property. This cover can only be opted if the value of all the insurable assets in the property (whether they are insured or not) at a single location is more than ₹ 5 crores but not more than ₹ 50 crores at the commencement of the policy.

• Coverage of the plan

Here is a list of what is covered under this general insurance plan for small enterprises: *

1. Building and contents - The policy covers damage to the building as well as its contents (excluding valuables) in the manner explained in the policy annexure.

2. Burglary and robbery, including theft: The policy covers the loss of, or damage to the insured premises (due to burglary) and contents or any part thereof except money while it is within the insured premises, due to attempted or actual burglary and/or robbery and/ or theft. The loss of money due to attempted burglary will be covered only if it is contained within a safe or strong room, while the insured premises are unoccupied, or if the robbery has occurred from the cashier’s till and/or the counter during business hours in the insured premises.

3. Money insurance - If loss of money occurs while it is being carried in transit by the insured or their employee due to theft or other fortuitous events, it will be covered.

4. Plate glass - The Bharat Laghu Udyam Suraksha office package policy will cover an accidental loss of, or damage to plate glass at the insured premises. The reasonable cost of repairing and reinstating the frames and framework required due to such damage will also be covered, subject to limits defined for each claim within the policy.

5. Breakdown of office equipment - Repair or replacement costs in respect of office equipment due to unforeseen and sudden physical loss (except those causes which are excluded) will be covered. The company’s liability for a particular damaged item will not individually or in aggregate exceed the sub-limit of the sum insured set against such items in the policy schedule.

6. Baggage - The general insurance policy will cover the loss of, destruction of, or damage caused to personal baggage accompanying the insured or the insured’s employee, which the insured or the insured’s employee is responsible for. This coverage is applicable worldwide if the travel is for business purposes.

7. Electronic equipment - The costs incurred for repair or replacement by the insured with respect to accidental loss of, or damage to electronic equipment due to an unforeseen and sudden physical loss will be covered. Similar costs incurred for external data media as well as the costs of restoring information and data stored therein, will also be covered. Damage to portable computers during travelling shall also be covered, under the conditions specified in the policy.

8. Other coverage - This policy also provides personal accident coverage, hospital cash allowance, fidelity guarantee, public liability cover, and coverage under Workmen’s Compensation Act, as specified in the policy wordings.

Claims are subject to terms and conditions set forth under commercial insurance policy.

• All coverages have special conditions and exclusions

The buyer must note that each coverage point has a set of special conditions and exclusions. Alongside, the special conditions and general exclusions of the policy also apply. It is advised to read the entire policy document, including the special conditions and exclusions, before proceeding with the sale of the policy or any claim thereafter.

Conclusion

The Bharat Laghu Udyam Suraksha office package policy provides adequate coverage, such as fire insurance coverage, equipment breakdown coverage, theft insurance coverage, and so on. * With the protection of the Bharat Laghu Udyam Suraksha office package policy, small enterprises can start taking big steps to increase growth and develop their business. Claims are subject to terms and conditions set forth under commercial insurance policy.   * 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.