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Any incident, either affecting the business enterprise or its promoters, can lead to loss or damage for the business. 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 incidence covered in your insurance plan.
Investing in an MSME insurance plan will safeguard you from uncertainty, help mitigate the impact of potential risks, and ensure the longevity of micro, small, and medium enterprises.
The below table shows the classification of micro, small, and medium enterprises (commonly referred to as MSMEs):
When the investment in equipment, machinery and the plant does not exceed Rs. 1 crore and turnover is not more than Rs. 5 crore
When the investment in equipment, machinery and the plant does not exceed Rs. 10 crore and turnover is not more than Rs. 50 crore
When the investment in equipment, machinery and the plant does not exceed Rs. 50 crore and turnover is not more than Rs. 250 crore
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Micro, small, and medium enterprises have emerged as a dynamic sector of the Indian economy over the last few decades. By fostering entrepreneurship and generating employment opportunities, MSMEs have significantly contributed to the economic and social development of the nation. The MSMEs of India are involves in an array of different businesses engaged in various sectors, right from production and trade to services.
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.
It is crucial for a business to select the right commercial insurance. For example, if you run a low scale business, you may consider insurance plans suitable for small businesses. While opting for an insurance plan, always evaluate the possible risks for your business depending on the type of industry to ensure the right coverage.
We offer 45+ different MSME insurance solutions as per different business needs for you to select the ideal plan for your business:
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.
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.
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
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.
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.
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.
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.
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
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
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.
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.
Note *Standard T&C apply
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.
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Offering insurance cover for small, medium, and large enterprises/organizations, warehouses, and distribution centers.
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.
Download the Bajaj Allianz Caringly Yours mobile-friendly app now!
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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
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