A Comprehensive Guide On Bharat Laghu Udyam Suraksha Policy For Shopkeepers

If you own a small business and want to protect your shop, you may have thought of getting the right security systems for it. In addition to this, it may help you to get a general insurance cover for the shop and its belongings. While you may do what you can to protect your property against unforeseen damage, threats, or accidents, some situations may be unavoidable. Having insurance cover to protect your shop can help you stay financially safe, in case something unfortunate were to happen. If you classify as a small enterprise, you may find the Bharat Laghu Udyam Suraksha policy suitable for your needs. Here is a look at what the policy offers and how it may help you enhance your sense of security.

What is the Bharat Laghu Udyam Suraksha Policy?

A property that is related to your business is what you can cover under such a policy. Commonly, a policy will offer coverage against damage, destruction, or physical loss to the property, structure, stock, machinery and plant, and other business assets.

Coverages Offered Under Shopkeeper’s Policy

Typically, you will come across the following types of coverage when you opt for a general insurance policy of this sort to cover your shop.*

• Building and Contents

This coverage may not be inclusive of valuables that are stored in the insured premises. You may have to check with your insurance provider about the details of the coverage offered under this. There are more covers within the policy that you may want to choose to ensure the security you like.

• Burglary and Robbery

As the name suggests, robbery or burglary attempts will be covered under this policy. This may include damage to the insured premises, loss of money that was stored in a safe room where the burglars have broken in, as well as loss of money if it was taken by the burglars from the cashier’s counter during the hours of operation.

• Money Insurance

Besides the loss of money that occurs during a store robbery or theft, this type of MSME insurance may also cover the monetary loss that may occur when the money is in the hands of the policyholder or their employee, in transit. This loss could occur due to theft or robbery, or any other unexpected event as covered by the policy. In case the policyholder seeks to claim this cover due to an unfortunate event, they will be required to intimate the insurance provider or file a complaint with the police within 24 hours of the occurrence of such an event. The policyholder may also be expected to take the reasonable yet necessary steps to identify the perpetrators of the robbery and recover the lost amount.

• Plate Glass Cover

Plate glass used at the insured premise is covered under this part of the policy. During the period of the policy being in force, if any accidental damage were to occur to the plate glass, the cost of repair or replacement can be claimed under this policy. The amount to be paid out will be limited to Rs. 5000 per claim.

• Breakdown of Business Equipment

If your business uses machinery or any equipment that is significant to day-to-day operations, you may have to face an unforeseen situation where the machinery may break down or sustain some damage. The policy may be able to cover the cost of repair or replacement within reasonable limits. There may be exclusions to this coverage, such as routine wear and tear. As the coverage exclusions may vary across insurance providers, it is ideal to go through the policy document thoroughly.

• Glow Sign or Neon Sign

As with damage to plate glass, accidental damage to any glow sign or neon sign used by your business may also be covered by this policy. This may include damage due to natural disasters, theft, riots, floods, and more.

• Electronic Equipment

Accidental damage to electronic equipment within the store may be covered under this inclusion. The coverage may be limited to one item of electronic equipment within a single policy period, that may be within the sub-limit of the sum insured of the policy.

• Fidelity Guarantee

This coverage refers to any act of fraud or dishonesty committed by an employee of the business. If the business suffers a loss due to such an act, the policyholder may be able to make a claim under this insurance.

• Personal Accident

One may forget that while it is important to keep your property protected, it is also necessary to ensure that the future of your family is secure. Personal accident covers the death or permanent disability of the policyholder. Thus, if you own a small enterprise, it may be a significant step for you to get a Shopkeeper’s Insurance policy to protect your store. This may offer you a rather comprehensive coverage option as compared to a standalone fire insurance plan or a personal accident plan that you purchase separately. Claims are subject to terms and conditions set forth under shopkeeper’s 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.