MSME Insurance

Business and Commercial Insurance Solutions

Micro, Small and Medium Enterprises (MSME) have emerged as a dynamic sector of the Indian economy over the last few decades. They have significantly contributed to the economic and social development of the nation by fostering entrepreneurship and generating employment opportunities. The MSMEs reflect an array of different businesses engaged in various sectors, right from production and trade to services.

What is an MSME?

Micro, Small and Medium Enterprises, commonly referred to as MSMEs.The below table shows the classification of Micro, Small and Medium Enterprises:

Micro Enterprise

When the investment in equipment, machinery and the plant does not exceed Rs. 1 crore and turnover is not more than Rs. 5 crore

Small Enterprise

When the investment in equipment, machinery and the plant does not exceed Rs. 10 crore and turnover is not more than Rs. 50 crore

Medium Enterprise

When the investment in equipment, machinery and the plant does not exceed Rs. 50 crore and turnover is not more than Rs. 250 crore

Any incident, either affecting the business enterprise, or its promoters, can lead to loss/damage. The repercussions, at times, could also be irreparable. Having a commercial or business insurance cover enables you to protect all assets against any such loss/damage or liabilities that may arise out of any such incidence.

Having MSME insurance will safeguard you from uncertainty and also help to mitigate the impact and ensure the longevity of the business.

What is Business Insurance?

As the name suggests, having a business insurance cover helps to safeguard business owners against any unexpected loss/damage. At times, it is also referred to as commercial insurance.

At Bajaj Allianz General Insurance, we offer business insurance, small business insurance, and MSME insurance, and offer various other insurance coverage for different businesses too. The insurance cover is for any property damage, employee-related risks, legal liabilities, and much more. Risk management is one of the most important aspects of running a successful business. Our commercial insurance solutions have been aimed at solving the varying risks that businesses face.

Know the Types of Business Insurance Product

Selecting the right commercial insurance solution for a business is crucial. It also depends upon the type of industry you are a part of. If you have low scale business you may go with small business insurance.

We offer different insurance solutions as per the need of the customers. Always evaluate the possible risks and only then opt for suitable insurance coverage. You can easily select from the wide range of MSME insurance products. Here’s a quick rundown of the wide range of business insurance products that we offer:

Shopkeeper’s Package Policy

A standard fire insurance product for business enterprises. The policy offers cover to a business enterprise whose total value of insurable assets at a location exceeds Rs. 5 crores but does not exceed Rs. 50 crores at the policy commencement date. It covers loss due to unexpected events which result in physical loss, damage or destruction of buildings and structures, plant and machinery, stock and other assets relating to your business enterprise.

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Bharat Sookshma Udyam Suraksha

It is also a standard fire insurance product curated for business enterprises. The policy offers to business enterprises whose total value of insurable assets at a location does not exceed Rs. 5 crores at the policy commencement date. It covers loss due to unexpected events which result in physical loss, damage or destruction of buildings and structures, plant and machinery, stock and other assets relating to your business enterprise.

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Bharat Griha Raksha Policy

The policy offers a cover against loss, damage and destruction to the home building or home contents, articles, or things that belong to your home. Contents like television, washing machine, refrigerator, furniture and other household articles are covered. Moreover, valuable contents like jewellery, silverware, paintings, works of art, antique items, curios and items of similar nature can also be covered based on your requirement

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Bharat Laghu Udyam Suraksha

A standard fire insurance product for business enterprises. The policy offers cover to a business enterprise whose total value of insurable assets at a location exceeds Rs. 5 crores but does not exceed Rs. 50 crores at the policy commencement date. It covers loss due to unexpected events which result in physical loss, damage or destruction of buildings and structures, plant and machinery, stock and other assets relating to your business enterprise.

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Marine Insurance

Marine insurance offers protection to goods right from the time they are dispatched from the warehouse/ factory until they arrive at the designated destination, subject to terms of sale/purchase. Our marine insurance solution is designed to help Indian companies from varying sectors. It offers coverage for different risks during sea, rail, road and air transit. This insurance helps to protect your cargo or assets in the event of loss or damage arising due to various transit fortuities.

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Liability Insurance

A liability insurance policy offers protection to business enterprises and individuals and covers personal or bodily injury and property damage made against your business by a third party. liability insurance indemnifies legal liabilities incurred by business enterprises and individuals such as Directors & Officers, Doctors, Lawyers and Chartered Accountants, and also indemnifies legal costs incurred in defending such liabilities.

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Engineering Insurance

Our engineering insurance policy offers specialized cover for all engineering and construction insurance requirements. Erection All Risk policy covers risks associated with machinery when it is being installed, at work, or in other similar situations. The Construction All Risk Policy protects the interest of Contractors/Principals against unforeseen accidents that may occur during the execution of a project relating to the construction of the building and civil engineering works. And the Contractor’s Plant & Machinery policy protects contractors who may be using their plant & machinery on different projects. As per the nature of the business, you can customize the respective business insurance.

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Miscellaneous Insurance

A miscellaneous insurance policy is a contract of insurance other than those of life, fire, and marine. It covers a variety of risks such as employee dishonesty, theft, burglary, loss of money during transit, etc. Some examples of miscellaneous insurance are

● Office Package Policy

● Shop Owner Insurance

● Burglary Insurance

● Jewellers Block Insurance

● Plate Glass Insurance

● Money Insurance

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Employee’s Compensation Insurance

This policy protects your business enterprise (i.e. employer) from legal liability arising out of death, bodily injury, or disablement of an employee whether total, partial, or temporary caused due to injury and accident at the workplace during employment. Business enterprise (i.e. employer) is legally liable to pay compensation to an employee within the Employee’s Compensation Act 1923 and Fatal Accidents Act 1855. This policy enables business enterprises (i.e. employers) to pay compensation to employees or their family members

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Cyber Insurance

Today every business enterprise is dependent on IT. Dependency on IT leads to an increase in cyber-attack/incidents such as data theft/alteration/deletion, fraudulent fund transfer, unauthorised access, cyber extortion for ransom and many more. Our cyber insurance policy offers protection from potential cyber threats and new-age risks. Our Individual Cyber Safe Insurance policy provides optimum security against many cyber threats like identity theft, malware attack, cyber stalking, phishing, cyber extortion, etc.

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Pet Insurance

A one-of-its-kind pet insurance plan that protects your furry friend from unexpected veterinary expenses. Besides, it also offers a cover in case your furry friend goes missing.

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Note *Standard T&C apply

Why Choose Bajaj Allianz for MSME Insurance?

Care is the core of all our propositions, initiatives, and innovations. At Bajaj Allianz General Insurance, we believe in adding value to the lives of people and making a difference at large through our products and services.

Delivering Care for Over Two Decades:

For over 20 years, we are in the business of doing good and successfully helped individuals to secure them from any financial uncertainty. Our products are designed to cater to the needs of varying customers seamlessly.

Pioneer of Industry First Initiative:

We have been a pioneer of excellence. We were the first company to sell insurance policies online and introduced an in-house claim settlement team. Moreover, we also introduced the country’s first individual cyber insurance policy and first retail pet dog insurance policy.

Claim Settlement Ratio:

We not only have a faster claim settlement process* but also our claim settlement ratio has been the best in the insurance industry.

Rewards and Recognitions:

Our awards are the testimony of who we are and what we do. It is also proof of our dedication and commitment to helping our customers in their crisis hours. These awards motivate us and excel towards providing better services to the customers.

Robust Network:

Constantly using technology to provide seamless customer experience and also revolutionizing the Indian insurance spectrum. We have PAN India network partnerships.

24x7 Assistance:

In times of crisis, fret not! We have got you covered. Our care experts guide you from the initial stage during any emergency. We offer round-the-clock assistance in a hassle-free manner.If you have any questions, simply reach out to us.

Product Offerings:

You can customize the product as per your need and the vulnerabilities of the business. Besides, our processes are digitally enabled. Right from issuing the policy to settling the claims our process is easy to understand, quick, and transparent.

*Standard T&C apply

What Makes Bajaj Allianz General Insurance Different From Others?

Offering insurance cover for small, medium, and large enterprises/organizations, warehouses, and distribution centers.

● One of the largest private insurers in the country

● Every 1 in the 4 houses has our insurance policy

● Comprehensive product portfolio

● Customer-centric approach

● Protection for property, against liabilities and the employees

● Digital enabled process

● Swift and hassle-free claim experiences

● Robust technology network

Go Digital, Download Bajaj Allianz Caringly Yours Mobile App

We have got all that you need at your fingertips. The Bajaj Allianz General Insurance’s mobile app is available in both IOS and Android versions.

● Instant access to the insurance policies at one location

● Keep a track of multiple policies in one place

● Directly download forms or brochures from the app

● Handy E-card on phone showcasing the insurance policy features

● Location details of the nearest network hospital and garage

● Pro-Fit feature for tracking fitness goals

● Self-assessment of property risks by answering a few queries

● Claim settlement within 20 mins via the Motor On the Spot feature

● Option of registering and uploading health claim documents via Claim by Direct Click (CDC)

*Standard T&C apply

Uncertainty in any form of business, in fact, in life is the biggest truth. As a business owner, you need to remain financially secure your business from any risks. Our MSME insurance solutions protect you from potential business risks financially. We believe in establishing a relationship that is beyond insurance and adhere to remaining #CaringlyYours! Accelerate your business growth with Bajaj Allianz General MSME insurance solutions