Fire InsuranceBharat Laghu Udyam

Bharat Laghu Udyam

Email *
Full Name *
Phone *

Whatsapp

Bharat Laghu Udyam Suraksha

Bharat Laghu Udyam Suraksha is a specialized insurance product tailored to meet the needs of small enterprises in India. It provides comprehensive coverage and financial support to small businesses, ensuring their resilience against various risks and uncertainties.

Key Features:

1. Tailored Coverage: Bharat Laghu Udyam Suraksha offers customized insurance plans specifically designed to address the unique risks and challenges faced by small enterprises.

2. Affordable Premiums: With competitive premium rates, the insurance product aims to provide affordable coverage options that are accessible to small businesses across India.

3. Multiple Coverages: Policies may offer a range of coverages, including property insurance, liability insurance, business interruption insurance, and more, to address different aspects of risk faced by small enterprises.

4. Risk Management Support: Some policies may include risk management services and resources to help small businesses identify, assess, and mitigate potential risks to their operations.

Benefits:

1. Financial Protection: Bharat Laghu Udyam Suraksha provides financial protection against various risks and perils that may disrupt the operations or assets of small enterprises, helping them recover and rebuild in the event of a loss.

2. Business Continuity: With comprehensive coverage in place, small businesses can maintain continuity of operations and minimize disruptions caused by unforeseen events, such as natural disasters, fires, or thefts.

3. Liability Coverage: Coverage may extend to protect small businesses against legal liabilities arising from third-party claims, including bodily injury, property damage, and product liability.

4. Peace of Mind: Knowing that their businesses are protected by insurance gives small business owners peace of mind, allowing them to focus on growth and development without worrying about potential risks and uncertainties.

Eligibility Criteria:

1. Small Enterprises: Bharat Laghu Udyam Suraksha is available to small enterprises operating in various sectors, including manufacturing, services, retail, and more.

2. Turnover Limit: Small businesses may need to meet certain turnover criteria or revenue thresholds to be eligible for coverage under Bharat Laghu Udyam Suraksha.

3. Business Type: Eligible businesses may include sole proprietorships, partnerships, limited liability partnerships (LLPs), private limited companies, and other forms of small enterprises.

Coverages:

1. Property Insurance: Protection for physical assets and property owned or leased by the small enterprise, including buildings, machinery, equipment, inventory, and other business assets, against risks such as fire, theft, vandalism, and natural disasters.

2. Liability Insurance: Coverage for legal liabilities arising from third-party claims, including bodily injury, property damage, and product liability claims filed against the small enterprise.

3. Business Interruption Insurance: Reimbursement for lost income and additional expenses incurred due to temporary business closures or interruptions caused by covered perils, allowing the small enterprise to maintain financial stability during periods of disruption.

3. Employee Insurance: Coverage for employee-related risks and liabilities, including workers' compensation, employee health insurance, and liability coverage for workplace accidents or injuries.

Add-Ons:

1. Cyber Insurance: Additional coverage for cyber risks and data breaches, including protection against financial losses, data recovery expenses, and legal liabilities resulting from cyberattacks or data breaches.

2. Professional Liability Insurance: Coverage for errors and omissions (E&O) liability, professional negligence, and legal liabilities arising from professional services rendered by the small enterprise.

3. Key Person Insurance: Coverage for key employees or individuals whose contributions are critical to the success and continuity of the small enterprise, providing financial protection in the event of their disability, illness, or death

Exclusions:

1. Intentional Acts: Coverage may be excluded for losses resulting from intentional acts, fraud, dishonesty, or criminal activities committed by the insured or its employees.

2. Uninsurable Risks: Certain risks may be deemed uninsurable, such as acts of war, terrorism, nuclear incidents, or illegal activities prohibited by law.

3. Uncovered Perils: Coverage may not apply to losses caused by perils or events specifically excluded from the policy, such as wear and tear, gradual deterioration, or pre-existing conditions.

Claim Process:

1. Notification: The insured must promptly notify the insurance provider of any covered loss or damage to the insured property or assets.

2. Documentation: The insured submits a claim to the insurer, providing documentation and evidence of the loss, including photographs, repair estimates, police reports (if applicable), and other relevant documents.

3. Assessment: The insurance provider assesses the claim, verifies the extent of the loss or damage, and may conduct investigations or inspections as necessary to determine coverage eligibility.

4. Settlement: Upon approval, the insurer settles the claim by providing reimbursement or direct payment for the covered loss in accordance with the terms and conditions of the policy.

Why Choose PrishaPolicy

5 Reasons why you should choose us to be your policy issuing partner of choice. Allow us to tell you why we are one of the fastest growing insurance brokers.

Customer-Centric Culture

For us, you always come first. Our products and services are designed to find the best coverage for all.

A Decade of Market Leadership

Our teams expertise and experience makes them the perfect guides in choosing a policy that fits your needs.

Reliable and Consistent

Rest assured that everything will be taken care of without a glitch. From shortlisting to claims processing & delivering promises without a hitch.

Guided Policy Assistance

Our experts are forever ready to assist you through each policy detail with a fine-tooth comb.

Claims Assistance

Our DNA prompts - Sales is incomplete without timely support. From start to end, we facilitate smooth processing from lodging to settlement.

Still Thinking About It?

Get on a call with us. We take pride in being associated with you for competitively managing your risks with the best insurance covers and delivering a stress-free experience.

Full Name *
Email *
Phone *

Questions You Might Have

Why do I need to insure my building?

Your building may get damaged due to fire or other perils and the losses will not be covered by a general insurance policy. For that, you'll need a fire insurance that will cover the damages sustained by the building. Similarly, natural calamities also may wreak devastating losses, which can burn a hole in your pocket. Hence, to safeguard your property, you need fire insurance.

Can I cancel my policy in the middle of the policy tenure? Will the amount be refunded?

Yes, the insurance company will give you a pro-rated refund of premium. If there is any retention of premium or balance for a short period, it will be refunded.

Does fire insurance also offer coverage for jewellery, ornaments and artworks?

Usually, general fire insurance doesn't cover these items, unless discussed with the insurer while buying the policy. However, on special request and subject to valuation, these items can be covered under a policy.

What property insurance should I purchase if I own an SME?

There are various insurance plans offering coverage against risks such as fire, earthquakes, floods that cause damage to the building, unexpected breakdown of any machinery, damage to electronic equipment, workmen compensation, fidelity guarantee, cargo risks cover etc. You can select the Sum Insured for every category based on the insurance needs of the enterprise.

Does burglary insurance cover my household goods when I am away?

A burglary insurance policy covers you against the risk of theft. However, the policy will cease if the house remains unoccupied beyond a defined period unless the insurance company has been informed beforehand. In such cases, you will be covered only if the insurer agrees to extend the cover even if the house is empty. This is why it is important to clear everything at the time of buying the plan.

Am I eligible to claim a higher amount if opt for a higher value?

No. The correct claim amount is decided based on the current market value of your property and the basic Sum Insured. The compensation that is to be offered, in case of a loss, will be decided on whether the property is sufficiently insured or not. If you choose an excessive amount, it will mean excessive premium, while in case the amount is adequate, you'll get an amount is equal to the market value of the property. In both the cases, the offered claim amount will be the same.

How to handle a loss in case of a fire?

Despite all the precautions, you can't predict a calamity. Hence, you need to be calm in case any such situation arises. In case of a fire, inform the local fire brigade who will help you to put out the fire. If there is any loss of another person's property due to the fire or in an effort to douse it, the insurer shall compensate for the same.
Inform the insurer, cooperate with the supervisor at the time of loss assessment. You can also take photos of the loss if the surveyor takes a lot of time to arrive and shift all the unaffected assets to a safe place. Fill the claim form and submit it along with the documents supporting your claim. After the repair or replacement of damages, submit all the bills to the insurer.