Bharat Sookshma Udyam Suraksha Policy

As a business owner, the worry of keeping your property, shop, hotel, godown, warehouse or factory safe may always hover over you. Despite being careful, there are often some situations and accidents that cannot be avoided. Any damage to your property or infrastructure can not only be emotionally traumatic but can also cause a financial hit. If you are an entrepreneur with a total value at risk that is below INR 5 crores, then the Bharat Sookshma Udyam Suraksha is a great option for you. You can get coverage for a building, or a plant, including the machinery, fixtures, and fittings. Being a standard policy, you can choose any private or public insurer.

Bharat Sookshma Udyam Suraksha is an insurance policy for business properties. Any business that does not exceed the total property value risk of INR 5 crores at one location can be insured under Bharat Sookshma Udyam Suraksha Policy. This insurance plan provides coverage for the losses/damages incurred by the insured business property such as plants, machinery, building, structure, stocks, etc.

The Bharat Sookshma Udyam Suraksha ensures financial cover in times of need. You can either repair the damages/destructions of the insured property and get the compensation, or in case of the total loss of the property, you are eligible to receive the sum insured. There can be several reasons for the destruction of your business property, so it is essential to have a cover that can help you out in hard times.

Your well-settled business is a major or the only source of income for you and your family. Hence, it is important to get all sorts of protective shields for your business, so you don't have to empty your pockets in case of any mishap. Both internal and external forces can cause irreparable loss/damage to your business property, and it may cost you heavily to repair or reconstruct it.However, if you have Bharat Sookshma Udyam Suraksha, you need not worry. Your insurance provider will cover the expenses and losses and accordingly compensate you. Losses/damages to the plants, machinery at the site, stocks kept, building/structure, etc., are covered under Bharat Sookshma Udyam Suraksha Policy.

Bharat Sookshma Udyam Suraksha is able to cover business properties that do not exceed a total asset value of INR 5 crores at one location. The policyholder is eligible to receive either the cost of repairing or the sum insured in case of the total loss of the insured property.

In the case of repairing the damaged property, the task of repairing has to be completed within 12 months from the date of damage. The insurance provider will compensate for the repairs. However, the compensation amount under Bharat Sookshma Udyam Suraksha Policy cannot exceed the maximum sum insured in any case. Also, each claim has to bear an "excess" deduction of INR 5,000. This means that INR 5,000 will be deducted from the total claim amount that you raise.

As discussed above, a business venture which does not exceed the value of INR 5 crore is eligible to be covered under Bharat Sookshma Udyam Suraksha. Look at the details of the eligibility in the pointers below:

• If you own a business that is involved in the manufacturing or production of goods or rendering services can be covered
• If you are a tenant or lessee of the business venture
• Trustee/commission or caretaker of the business property

At the time of purchasing the policy, the maximum asset value of the business cannot be over INR 5 crores at one location. However, during the policy tenure, if the total asset value of the business exceeds INR 5 crores, the asset will be covered by a different eligible policy.

There are different insurance providers that offer Bharat Sookshma Udyam Suraksha Policy and the premium rate may vary slightly. This is primarily because the premium depends on various factors of your business. Below are the details:

• Type and size of business:
  The nature of your business directly affects the premium. Apart from this, the size of your venture and the total asset value also affect the premium rate.
• Maximum sum insured:
  The maximum sum insured decided between both parties affects the premium rate. The higher the sum insured, the higher will be the premium.
• Risks associated with the business:
  Some businesses are more at risk. Those dealing with chemicals, fire, etc., pose a greater risk, and so the premium for such business property insurance is higher.
• Location of business:
  The location of your business also impacts the premium. If the location is more prone to risks, the premium rate of Bharat Sookshma Udyam Suraksha will be higher. For example, the location of the business determines the earthquake zone.

One of the most important clauses of an insurance policy is coverage. Based on the coverage provided, you can raise a claim and benefit from it. The various coverage provided under Bharat Sookshma Udyam Suraksha Policy are:

• Cover against fire:
  Fire can cause serious damage to the business property. Such a loss is covered under Bharat Sookshma Udyam Suraksha.
• Explosion/implosion causing damage:
  If there has been any explosion or implosion that caused damage or destruction to the business structure, stocks, plants, machinery, etc., the damages will be covered.
• Riots/terrorist acts:
  Terrorist acts or riots may cause damage to the insured business property. Hence, the losses are covered.
• Impact of external damages:
  If your business property suffers damages due to external damages like that of a falling tree, an aircraft, or a nearby building, the loss will be covered under Bharat Sookshma Udyam Suraksha Policy.

In order to completely understand the policy, you also need to read out what is not covered in the Bharat Sookshma Udyam Suraksha. The following situations are not covered in this business insurance plan:

• Damage due to centrifugal force or explosion/implosion of steam-generating machines like economisers, boilers, and other such vessels
• Cracking, bedding, or effects of settling a new structure is not covered
• Damages/loss due to defective machinery or wrong workmanship
• River or coastal erosion
• Any damage caused due to the demolition, excavation or construction of the property
• Damage caused by any aircraft running at supersonic speeds or those owned by the policyholder/employees of the business
• Damage/loss due to any alterations in the building where your business venture is located.

Knowing about the claim filing process is essential since this is the reason why people purchase the policy. In case of any mishap, you must be able to file a claim immediately. Follow the process below to raise a claim instantly:

• Inform SecureNow or the insurance company.
  The first step is to inform about the incident.
• Police report:
  Visit the nearest police station and file a report of the incident.
• Emergency services:
  If there has been a fire or explosion, call the emergency services immediately to avoid further damage.
• Evidence collection:
  Collect as much evidence as you can and also help your insurance provider in collecting the evidence for an easy claim process. Click pictures of the damaged site and assets.
• Claim form:
  Fill in the claim form and submit it along with the documents asked by the insurer.

After reviewing the incident and the evidence submitted, the insurance provider will assess the matter and release the compensation as per the losses/damages incurred.

Bharat Sookshma Udyam Suraksha Policy was launched with an aim to provide financial resilience to businesses with a maximum asset value of ₹5 crores. There are several insurers that offer the Bharat Sookshma Udyam Suraksha Policy so that businesses can avail this shield of protection. Some of the leading insurers are:

• Reliance General
• ICICI Lombard
• National Insurance
• Digit General Insurance Company
• HDFC ERGO
• Bank of Baroda
• The New India Insurance, etc.

There are various insurers that offer Bharat Sookshma Udyam Suraksha Policy. Here are some easy steps involved in purchasing the plan online:

• Visit securenow.in
• Select Bharat Sookshma Udyam Suraksha Policy
• Fill in the form properly
• Attach the mentioned documents and submit
• Make the premium payment to complete the process
• Once the payment has been made, you will be notified of the policy confirmation via SMS and email.