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Standard Fire and Special Perils Policy

The Standard Fire and Special Perils Policy is designed to insure your property and articles within it from damage due to accidental fire also from the perils brought about not only by fire but by other disasters as well, such as lightning, explosion, riot, terrorism (by payment of additional premium), storm, flood, bush fire, etc.

Fire loss of profit / Business Interruption

A major fire, flood or similar disaster can bring a factory to a standstill for several months. During such periods, while sales and profits suffer, fixed costs like salaries and rent need to be serviced without default. It is at such times that a Business Interruption Policy (or Fire Loss of Profit Policy) helps. This policy covers loss of gross profit due to reduction in turnover/output because of the occurrence of any peril covered under the Fire and Allied perils policy.

Bharat Laghu Udyam Suraksha Policy

This policy is meant for small-scale businesses to cover the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, and offers cover for a sum insured of between Rs.5 crores and Rs.50 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at insured premises up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism ,collision caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.

Bharat Sookshma Udyam Suraksha Policy

Tailored for micro businesses, this policy covers the unexpected physical loss, damage, or destruction of property and/or movable or immovable assets within the property, for a sum insured of up to Rs.5 crores. It covers the cost of repairs in case of damage to property or reinstatement of property in case of a complete rebuild; cost of inventory in case of loss of stocks; loss of cash at hand up to a fixed value; etc. Risks covered include fire, explosion, lightning, earthquake, storm, bush fire, Terrorism, collisions caused by any external physical object and not belonging to or owned by the insured or their employee while acting in course of employment, riots, etc.

Bharat Griha Raksha Policy

Every home owner must consider covering his or her precious dwelling by a policy under Bharat Griha Raksha. The policy insures your home as well as its movable and immovable contents in case of any unfortunate occurrence, such as fires, explosions, lightning, earthquake, storm, bush fire, collisions, riots, terrorist acts, and even theft. The policy can be adapted to include precious personal belongings such as jewellery and works of art, as well as personal injury to you or your spouse.

Industrial All Risk Policy

The Industrial All Risk policy, or IAR as it is commonly referred to in the industry, is an all-encompassing policy that covers all risks that an industry may face, much more than a standard fire and special perils policy for instance. The IAR’s wider cover gives your industry protection against not just fire and allied perils, but also other possible losses such as burglary, accidental damage, and breakdown, besides the all-important ‘business interruption’ as well.

Mega Risk Policy

If you are a very large corporation with a value worth over Rs.2500 crores to be covered by insurance, then you need to look at a Mega Risk Policy. The stated value must be at a single premises and includes the amount you wish to insure for against business interruption. The Mega Risk Policy is one of the widest forms of insurance cover that you can get from any insurance company. It is also highly customizable with terms and conditions being adapted to suit different industries.

Office/Business Package Policy

The Office/Business Package Policy is specifically tailored towards the needs of typical businesses. While the policy offers standard risk cover against fire and allied perils such as earthquake and flood, it also covers typical problems that an office faces such as breakdown of equipment, accidents and burglary. Loss due to fraud, damage to signages like neon lights, expenses towards death of staff on duty, and loss of office material while executives are on tour, are also covered by some insurers.

All Risk Portable Equipment Policy

A Portable Electronic Equipment Policy covers the losses that may occur due to accidental damage and/or breakdown of portable electronic equipment, including that which may occur due to fire, theft, robbery or malicious damage. Portable electronic equipment include laptops and mobiles.

Burglary Policy

A Burglary Insurance Policy broadly covers the loss and/or damage through and due to burglary and housebreaking instances (theft following actual, forcible and violent entry of and/or exit from the premises). The policy could also include cover against hold-up risks and damages caused to your premises.

Money Policy

If while running your business, you are dealing in cash or cash equivalents, you will do well to buy yourself a Money Policy for the amount of cash you may have in hand at any point of time. This applies to both small round-the-corner mom-and-pop stores or larger cash handlers like jewellery showrooms and banks. Under the policy, all money in the form of currency notes and coins, cheques, money orders, postal orders, postage stamps, etc, can be covered against loss either from the premises or during transit.

Fidelity Policy

One of the risks of running a business is possible fraud and underhand dealings involving employees. Such actions could result in embezzlement or even the redirection of company business to their own channels, leading to losses. A Fidelity Policy insures businesses against loss of income caused by such fraudulent actions, once proven. A police report is usually mandated to support such claims.

Sales Turnover Policy

Any company in the business of manufacture, import, and/or export of material should insure its goods at all stages of its movement in a product’s cycle, for instance from a vendor to the factory, from the factory to the port, from port A to port B, and so on, under a ‘Sales Turnover Policy’ (or ‘STOP’, in insurance parlance). Just insure yourself for the expected annual turnover and you are done!

Open Marine Policy

An Open Marine Policy is a policy that covers several shipments or despatches over a period of 12 months, based on the Estimated Sum Insured to be adjusted against the value of each shipment, using a reducing balance method. The policy provides automatic and continuous insurance cover to a regular exporter, importer, domestic trader, or manufacturer. The Insured party is bound to declare each and every shipment without any exceptions. Refund of premium on unadjusted Sum Insured is allowed to the insured after expiry of the policy.

Machinery Breakdown Policy

As the name suggests, the Machinery Breakdown Policy covers the cost of repair or replacement of machinery in a factory when the repair occurs due to damage caused by accidents or external reasons, other than willful destruction and arson. The Policy needs mention of the complete list of machinery at a premises along with their identifying numbers, and their replacement value for which insurance is taken. It is worth noting that breakdowns due to wear and tear are not covered by this policy.

Electronic Equipment Policy

Expensive electronic equipment such as computers, servers, medical and biomedical equipment, audio-visual equipment, etc, can be covered separately under the niche Electronic Equipment Policy. Such equipment are different from regular machinery in a plant due to the facts that they usually operate internally at low voltages, they are far more sensitive to fluctuating voltages and ambients, and their cost-to-footprint ratio is considerably higher. The policy protects the owner from sudden loss of or damage to these critical equipment, allowing for their quick replacement.

Group Mediclaim Policy

A Mediclaim Policy helps individuals cover the costs of hospitalization. A Group Mediclaim Policy serves to provide a similar cover but for a group of employees of an organization. A godsend to companies in these days of high medical costs, the Group Mediclaim Policy offers financial support to its employees in case of sudden hospitalization, either due to an accident or illness, by paying most of the hospital’s bills. Premiums too can be lower based upon the number of employees covered. Dependents of employees can be covered too under this policy.

Group Term Life Policy

A Term Life Policy is taken by an individual to insure his or her life for a fixed amount based on which the premium is worked out, which will serve survivors well in case of loss of life during the term of the policy. A Group Term Life Policy is the same policy but taken out by a company for its employees as a group. Many companies use this policy as an incentive for their employees and cover those who are in a certain defined bracket within the company. Since it is a group policy, premiums are generally lower.

Group Gratuity Policy

Gratuity is a lumpsum paid on closure of account of any employee who has resigned/retired after serving at least five continuous years at an organization, at the rate of roughly half the latest Basic salary multiplied by the number of years of service put in. Gratuity can therefore be a sizable cash outflow. However, resignations cannot always be anticipated. The Group Gratuity Policy helps cover gratuity payouts across the board, thus avoiding unexpected cashflow problems for the company.

Director & Officer Liability Policy

Running an organization is filled with risks that go beyond the regular running of the business! Wrongful acts by staff, misleading advertising, fraud, sexual harassment, etc, result in lawsuits from employees, vendors, customers, and other stakeholders, that are usually targeted at the directors and senior executives of the company, who are personally held responsible for such wrongdoings, whether alleged or real. The Director & Officer Liability Policy provides defence costs and protects the assets of such sued individuals, thus shielding them from personal loss.

Commercial General Liability Policy

While running a business, owners come across instances where their products or services, or their employees in the course of delivering those products or services, cause some kind of property damage or even injury or fatality to a customer or onlooker. Such loss is directly recoverable from the owners of the business and may even result in legal proceedings. The Commercial General Liability Policy covers business owners from financial losses due to such litigation that may arise out of such events.

Product Recall Policy

Companies that manufacture, or sometimes trade in, products with a long usable life cycle and have a reputation of high quality, occasionally need to recall products that they have earlier sold due to a retrospective understanding of some error in design or production which could potentially make the product malfunction or fail at some point. Such a recall, however, comes at a high cost. The Product Recall Policy covers all such costs including shipping, warehousing, disposal, and restocking.

Commercial Crime Policy

A Commercial Crime Policy insures a company from losses arising out of criminal acts such as fraud, burglary, computer data theft, forgery, embezzlement, and even misrepresentation, by its employees as well as employees of vendors, contractors and sub contractors. All assets of the insured company are covered under this policy, including property, cash, merchandise and bank accounts. Most policies allow up to a 60-day discovery period by which time the losses must be identified and reported, so as to make a valid insurance claim.

Cyber Liability Policy

In today’s world wide web-driven world, cyber attacks are becoming increasingly common. A cyber attack paralyzes your company’s computer and online systems, and since most data and financial operations are online these days, this is effectively a halt on your business till any demands of the hackers are met. A Cyber Liability Policy covers losses caused by any cyber attack on your facility, including expenses towards legal fees and other related expenses.

Employee Compensation Policy

The Employee Compensation Act, 1923, provides for the payment of compensation by the employer to employees (or dependents in case of fatal accidents) if they are injured by accidents that occur during the course of their work. The Employee Compensation Policy is designed for companies to insure themselves against unexpected costs arising out of such sudden events that result in injuries or fatalities at the workplace. All companies, contractors and agencies that employ workmen exposed to possible hazards will benefit by this policy.

Trade Credit Policy

A Trade Credit Insurance Policy helps the insured company to protect in full or at least in part the sums of moneys due from customers against bills raised but unpaid due to the customer’s subsequent inability to honour the bill due to whatever reason: plain default, insolvency or bankruptcy. The premium paid is based on the turnover insured for and the percentage of the same agreed upon as compensation in case of non-receipt of payment. By doing so, at least some part of all unpaid bills are paid for by the insurance company.

Corporate Overseas Travel Policy

Most corporates have many of their executives traveling abroad on a regular basis. While most travel is event-free, there are many things that can go seriously wrong in foreign trips. Starting from simple issues such as lost baggage and missed flights, travelers can experience theft abroad of their cash and credit cards, have an accident that may require hospitalization, overstay their visa by accident and require legal assistance to return to India, etc. A Corporate Overseas Travel Policy covers such losses and ensures safe and secure travel.

Renewable Energy

Here’s a shortlist of insurance products that would be useful to the Renewable Energy sector.

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