Business Package Insurance

business insurance

Business Package Insurance provides comprehensive all-in-one protection for your business.

Whether you are in the business of manufacturing, importing and storing or retail, Business Package can be tailored to suit your business needs.

Customizable business insurance provides a range of different insurance types all under one policy – making it easy to insure your whole business with one policy.

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What’s covered?

  • The Standard Fire and Special Perils Policy: also knows as Fire policy in short, protects properties and assets against various perils like Fire, Lightning, Explosion / Implosion, Aircraft Damage, Riot, Strike, Malicious damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence and Landslide including Rock slide, Leakage from Automatic Sprinkler Installations, Missile Testing operations, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Bush Fire, Earth quake, Storm tempest Floods & inundation.
  • Consequential Loss Policy: It covers loss of profit due to reduction in turnover arising from interruption / cessation of business following damage to the property insured by an insured peril, i.e. loss of gross profit & Increased cost of working during the period of interruption. This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy. This policy is also known as Business Interruption Policy or Loss of Profit Policy.

    This policy can be extended to cover loss of profit to the insured due to :

    1. Accidental failure of public electricity/gas/water supply
    2. Damage to customer’s premises due to perils covered under Fire Policy
    3. Damage to Supplier’s premises due to perils covered under Fire Policy
  • Burglary and Housebreaking: It covers any loss or damage to the insured property by Burglary, Housebreaking or hold up and damage caused to the premises resulting from Burglary and/or Housebreaking.
  • Money Insurance – It covers loss of money in transit between the insured’s premises and bank or other specified places occasioned by robbery, theft or any other fortuitous cause. The policy also cover loss by burglary or housebreaking whilst money is kept in drawers during business hours and in safe or strong room after business hours
  • Plate Glass Insurance: – It covers any loss due to any accidental breakages of Plate Glass like display windows,  glass doors, etc. in the Insured Premises. Except for the following perils, which are not covered:
    1. Fire or explosion
    2. Earthquakes or such other convulsion of nature
    3. Damage to frames
    4. Cost of removal or replacement of any fittings or fixtures necessitated for replacing the broken glass
    5. Cracked or imperfect glass
    6. Any superficial damage or scratching
  • Fidelity Guarantee Insurance:- It covers the employer in respect of any direct financial loss which he may suffer as a result of employees dishonesty.
  • Public Liability Policy:  It covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions
  • Professional Indemnity Policy: It covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable. Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law is not covered.
  • Machinery Breakdown –It indemnifies the Insured against financial loss incurred due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown like:
    1. Faulty material/workmanship of the machine
    2. Action of centrifugal forces contributing to disruption of the rotating parts
    3. Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
    4. Malfunctioning or failure of safety devices.
    5. Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
    6. Abrupt and sudden stoppage of other connected machinery.
    7. Entry of foreign bodies into running machine.
    8. Inexperienced operations causing damage due to error of judgment or error in operation.

    Electronic Equipment – This is a specially designed covers damage caused by the following perils:

    1. Smoke, soot, dust, corrosive gases etc.
    2. Water and Humidity.
    3. Short circuit and Electrical fire risk.
    4. Faulty operations, lack of skill.
    5. Falling object and entry of foreign bodies
    6. Fire, lightning, explosion.
    7. Riot and strike and malicious damage and terrorism.
    8. Theft and burglary.
    9. Natural calamities – flood, inundation, storm, cyclone and earthquake
    10. Subsidence, landslide, rockslide.

     Loss of damage caused by the following perils are specifically excluded from the scope of the policy.

    1. Normal wear and tear and corrosion of parts arising from use and continuous operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered).
    2. War, wilful acts, gross negligence.
    3. Faults for which third party is responsible by law or contract.
    4. Failure due to interruption of gas, water or power supply.
    5. Aesthetic defects.
    6. Consequential loss of any kind.
    7. Loss to consumables and operating media etc.