Bharat Laghu Udyam Suraksha Policy

Protect Your Business Against Troubled Times With Sum Insured of Rs. 5 crores to Rs. 50 crores Uncertainty never rings the doorbell. Every business is vulnerable to various risks and contingencies. Although we cannot predict what will happen tomorrow, we can always be prepared. Hence, comprehensive insurance coverage for any type of business becomes crucial. You are protecting your assets by choosing the right business insurance coverage.

The Bajaj General Bharat Laghu Udyam Suraksha Policy offers optimum care in the form of insurance protection to your business, allowing you to concentrate on its prosperity. Be at ease as your insured property is in our care hands.

What is Bajaj General Bharat Laghu Udyam Suraksha Policy?

The Bajaj General BLUS insurance policy offers a cover for any physical loss, damage, or destruction caused to the property insurance due to an untoward incident in the policy term. A cover is also offered for damage or destruction to the plant and machinery, building and structures, stock and any business-related assets.

When opting for the Bajaj General Bharat Laghu Udyam Suraksha Policy you get to avail the listed below benefits:

• ● Underinsurance waived off till 15%
• ● Theft cover within 7 days of event occurrence
• ● Provides In-built covers
• ● Start-up expenses
• ● Removal of debris
• ● Professional fees
• ● Temporary removal of stocks
• ● Stocks on a floater basis
• ● Additions, alterations, or extensions

Let us understand the importance of underinsurance with the below two instances:

You have taken Bajaj General Bharat Laghu Udyam Suraksha Policy for a Sum Insured of Rs. 50 crores which was the value at risk at the insurance commencement date. The value at risk of insurable items at the time of loss is found as Rs. 57 crores. There is a loss of Rs. 10 crores. Underinsurance works out to 12.28%. Since it is less than 15%, we will consider the full claim of Rs. 10 crores for payment subject to deduction of excess and other adjustments as per the independent surveyor. Your claim value will be as per the terms and conditions of the Bajaj General BLUS Policy.

Or

Your shop has Bajaj General Bharat Laghu Udyam Suraksha Policy. You have insured the structure for Rs. 30 crores and stock for Rs. 10 crores. The actual value of the structure is Rs. 32 crores and of stock is Rs. 16 crores. The stock of Rs. 50 lakhs are burnt in a fire. The total insured property has underinsurance of 16.67% that we cannot waive. We could consider your claim for payment of Rs. 41.67 lakhs only (83.33% of Rs. 50 lakhs) subject to the deduction of excess and other adjustments as per the independent surveyor. Your claim value will be as per the terms and conditions of the policy.

*T&C apply

Eligibility Criteria for Bharat Laghu Udyam Suraksha Policy

Anyone who has Small and Medium Enterprises/Businesses should opt for Bajaj General Bharat Laghu Udyam Suraksha Policy. A quick understanding to whom this policy can be issued:

• ● The Bajaj General BLUS policy offers a cover to the insured property that is related to the business. Here, the total value at risk across the insurable asset should exceed Rs. 5 crores but not more than Rs. 50 crores.
• ● If there is more than one person that is insured within the policy then each of you is going to be the joint policyholder.
• ● Besides, in case the insured property is hypothecated, mortgaged, or pledged, the policy will show the ‘Agreed Bank Clause’ and the name of the bank. This clause implies a specific amount that is agreed between the insurance company and the insured for the items whose value cannot be ascertained.

Who Needs Bharat Laghu Udyam Suraksha Policy?

The Bajaj General BLUS insurance policy can be bought by any individual who owns the below:

• ● Offices
• ● Shops
• ● Hotels
• ● Industrial/Manufacturing risks
• ● Utilities located outside the compound of industrial/ manufacturing risks
• ● Tank farms/gas holders outside the compounds of industrial/manufacturing risks
• ● Storage risks outside the compound of industrial/manufacturing risks

Why you should Buy Bharat Laghu Udyam Suraksha Policy?

• ● Leading private General Insurance Companies in India
• ● Team of Expertise in Risk Mitigation
• ● Customer-centric Approach
• ● Value Added Services
• ● 24x7 Customer Support
• ● Convenient, Instant and Innovative Solutions

With the examples below, let us understand the importance of a BLUS insurance policy:

• ● Rohit is running his shop of garments. One day his shop catches fire due to a short circuit. Due to this fire incident, Stock, Furniture and Buildings are affected. Rohit has a Bajaj General BLUS policy covering Stock, Building and Furniture. In this case, we will pay the claim amount to Rohit as per the loss assessed by an independent IRDAI-licensed surveyor. This will be as per the terms & conditions of the Bajaj General BLUS Policy.
• ● Sachin is running a manufacturing business of corrugated boxes. One day his manufacturing location is affected because of flood/inundation. Due to this flood/inundation, Stock, Plant & Machineries and furniture are affected. Sachin has a Bajaj General BLUS policy covering Stock, Plant & Machineries, and Furniture. In this case, we will pay the claim amount to Sachin as per the loss assessed by an independent IRDAI-licensed surveyor. This will be as per the terms & conditions of the Bajaj General BLUS Policy.

Inclusions Under Bajaj General Bharat Laghu Udyam Suraksha Policy

Let us now know the events covered under the Bajaj General Bharat Laghu Udyam Suraksha Policy:

• ● Fire, including due to its own fermentation, spontaneous combustion, or natural heating
• ● Explosion or Implosion
• ● Lightning
• ● Earthquakes, volcanic eruption, or other convulsions of nature
• ● Storms, Typhoon, Tornado, Cyclone, Tsunami, Hurricane, Tempest and Inundation
• ● Subsidence of the land on which your premises stand, Landslide, Rockslide
• ● Forest fire, Bush fire, and Jungle fire
• ● Impact damage of any kind, that is damage caused by impact of, or collision caused by, any external physical object (vehicle, falling trees, aircraft, wall, etc.)
• ● Missile testing operations
• ● Strikes, Riot and Malicious Damages
• ● Acts of terrorism
• ● Bursting or overflowing of water tanks, apparatus and pipes
• ● Leakage from automatic sprinkler installations
• ● Theft within 7 days from the occurrence of, and proximately caused by, any of the above

*T&C apply

Note: For complete information, please refer to the policy wording carefully.

Exclusions Under Bajaj General Bharat Laghu Udyam Suraksha Policy

Listed below are the situations for which do not offer a cover or pay for any loss or damage:

• ● Your deliberate, willful, or intentional act or omission, or of anyone on Your behalf, or with consent
• ● Missing or disappearance of property
• ● War, invasion, the act of foreign enemy hostilities or war-like operations
• ● Pollution or contamination
• ● Any consequential or indirect loss or loss of income/wages/earning
• ● Loss, destruction, or damage to the stocks in cold storage premises due to temperature change
• ● Insured building remains continuously unoccupied for more than 30 days
• ● Damage to bullion or unset precious stones, any curios or works
• ● Property covered under a marine policy
• ● Costs, fees, or expenses for preparing any claims
• ● Ionising radiation or contamination by radioactivity

*T&C apply

Note: For complete information, please refer to the policy wording carefully

Standard Add-ons Under Bajaj General Bharat Laghu Udyam Suraksha Policy

With the Bajaj General BLUS insurance policy, you can include the below add-ons upon payment of additional premium payment:

Floater Cover:

Under one sum insured, avail covet for the stocks at multiple locations

Declaration Policy for Stocks:

As per the declaration basis, a cover is offered for the regular fluctuations in stock values and stocks.

*T&C apply

When it comes to the Bajaj General BLUS insurance premium amount, it is determined by the below aspects:

• ● Nature of the business
• ● Nature of the property insured whether building, stock, plant, etc.
• ● Sum insured chosen
• ● Risk profile

The Bajaj General Bharat Laghu Udyam Suraksha Policy offers comprehensive coverage against unforeseen events. A policy for every small, medium, and large business owner so that they remain worry-free in the long run.

Note: ‘BLUS’ is the acronym for Bharat Sookshma Udyam Suraksha Policy.