Safeguarding your business against various risks and contingencies is extremely important. As easy as it may sound of running a business, it has its share of risks involved. In the world of uncertainty, insurance gives you the assurance that is required. A Bajaj General Bharat Sookshma Udyam Suraksha Policy is designed to offer insurance coverage to your property and various assets related to your business.

What is Bharat Sookshma Udyam Suraksha Policy?

The Bharat Sookshma Udyam Suraksha Policy (BSUS) offers insurance coverage for any physical loss, damage, or destruction to the insured property by adversity during the policy term. It could be to the buildings and structures, stocks, plant and machinery and various assets pertaining to the business. The Bajaj General Bharat Sookshma Udyam Suraksha Policy also offers in-built coverage and does not charge an extra premium amount for it.

Some of the key features of Bajaj General BSUS policy:

● Waiver of 15% Underinsurance

● Theft cover within 7 days of event occurrence

● Offering in-built coverages for :

● Removal of debris

● Professional fees

● Start-up expenses

● Additions, alterations, or extensions

● Temporary removal of stocks

● Stocks on a floater basis

And many more

Waiver of underinsurance means in the event of a loss/damage if the sum insured is less than the amount which is required to be insured, a recoverable amount by the insured is reduced. However, it should not be less than 85% of the value of the assets insured as you will be responsible for the difference and bear the proportionate loss share.

To make it easy for you to understand consider the below example:

You have taken the Bajaj General BSUS insurance for a sum insured of Rs. 5 crores. The value at risk of insurable items at the time of loss is found as Rs. 5.5 crores. There is a loss of Rs. 1 crore. Underinsurance works out to 9 %. Since it is less than 15%, we will consider the full claim of Rs. 1 crore. The payment is 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 Bajaj General BSUS Policy.

Or

Your shop has the Bajaj General Bharat Sookshma Udyam Suraksha Policy. You have insured the structure for Rs. 3 crore and stock for Rs. 1 crore. The actual value of the structure is Rs. 3.5 crores and the value of a stock is Rs. 1.5 crore. The stock of Rs. 50 lakhs are burnt in the fire. The stock has underinsurance of 20% that we cannot waive. We ought to consider your claim for payment of Rs. 40 lakhs only (80% of Rs. 50 lakhs). The payment is 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 Bajaj General BSUS Policy.

A Bajaj General BSUS insurance policy is helpful for different Micro Small and Medium level businesses.

Eligibility Criteria for Bharat Sookshma Udyam Suraksha Policy

● The Bharat Sookshma Udyam Policy is issued to anyone where the total value at risk across all insurable asset classes at one location is not above Rs. 5 crores.

● Under the policy, if there is more than one person, then each of you needs to be a joint policyholder.

● If the insured property has been mortgaged, pledged, or hypothecated with the bank, the policy will show an ‘Agreed Bank Clause’ along with the name of the bank.

Who Needs Bharat Sookshma Udyam Suraksha Policy?

Anyone who owns a property for business should consider opting for a Bharat Sookshma Udyam Suraksha Policy. This policy is ideal for any Micro, Small & Medium Enterprises like retail & wholesale shops, manufacturing units, restaurants or hotels, godowns, offices, malls, etc.

If you fall into any of the below categories should consider opting for the insurance coverage:

● Owner of a property for business

● Tenant/Lessee/Purchaser of the business property

● A trustee on commission and holding the business property

Note: The value of all insurable assets (whether insured or not) at any one location should not be more than Rs. 5 crores at the policy commencement date.

This Bajaj General BSUS policy should not be overlooked as it offers comprehensive coverage within a single insurance policy. No, you may not need other business insurance as you are covered against an array of possible risks and contingencies.

Why you should Buy Bharat Sookshma Udyam Suraksha Policy?

1. One of the leading private General Insurance Companies in India
2. Team of Expertise in Risk Mitigation
3. Customer-centric Approach
4. Cutting Edge of Innovation
5. Round-the-clock Assistance
6. Hassle-free Claim Experience

Also, let us understand how having our BSUS insurance policy is helpful with below examples:

●  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 BSUS 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 Bajaj General BSUS 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 Bajaj General BSUS 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 Bajaj General BSUS Policy.

Inclusions Under Bajaj General Bharat Sookshma Udyam Suraksha Policy

A quick rundown of what remains covered within a Bharat Sookshma Udyam Suraksha Policy in case of any physical loss, damage, or destruction to the property insured:

● Fire, including due to its own fermentation, natural heating, or spontaneous combustion

● Explosion or Implosion

● Lightning

● Earthquakes, volcanic eruption, or other convulsions of nature

● Storms, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation

● Subsidence of the land on which your premises stand, Landslide, Rockslide

● Bush fire, Forest fire, Jungle fire

● Impact damage caused by external objects like vehicles, animals, falling trees, etc.

● Missile testing operations

● Riots, Strikes, Malicious Damages

● Act of terrorism

● Bursting or overflowing of water tanks, apparatus, and pipes

● Leakage from automatic sprinkler installation

● Theft within 7 days caused by any of the above-insured events

*T&C apply

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

Exclusions Under Bajaj General Bharat Sookshma Udyam Suraksha Policy

As important as it is to know what gets covered, now let us understand what is not covered as in what we do not pay for in a Bharat Sookshma Udyam Suraksha Policy:

● Your deliberate, willful, or intentional act or omission, or of anyone on your behalf, or with your consent

● Missing or disappearance of property

● Pollution or contamination

● Loss, destruction, or damage to the stocks in cold storage premises caused by the change in temperature

● The insured building remained continuously unoccupied for more than 30 days

● War, invasion, the act of foreign enemy hostilities or war-like operations

● Damage to bullion or unset precious stones, any curios or works

● Property covered under Marine Policy

● Costs, fees, or expenses for preparing any claims

● Ionising radiation or contamination by radioactivity

● Any consequential or indirect loss or loss of income/wages/earning

*T&C apply

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

Factors that affect the premium of the Bharat Sookshma Udyam Suraksha Policy

Various factors affect the premium of the Bajaj General Bharat Sookshma Udyam Suraksha Policy. One of the key aspects of determining the payable premium amount is the nature of the business. Likewise, if the risk of the business is high, the premium is going to be on the higher side. Another thing to be considered is the sum insured that has a direct impact on the premium amount to avail of the Bajaj General BSUS insurance policy.

As per the nature of the insured property, opt for a suitable sum insured and make a wise decision. With Bajaj General Bharat Sookshma Udyam Suraksha Policy, you can focus on the growth of your business while we take off your worries.

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