Terms and conditions
Bharat Laghu Udyam Suraksha policy is a type of insurance policy that is designed to cover a shop's property and all its content. The policy applies for a sum insured above Rs.5 crores and up to Rs.50 crores. It was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) in April 2021.
The Bharat Laghu Udyam Suraksha policy ensures that your shop is covered against unforeseen losses/damages and unplanned expenses. It also provides you with peace of mind knowing that your shop is covered against any loss covered by the policy.
Individuals running a family business - A policy of Bharat Laghu Udyam Suraksha is needed by individuals who have a family business in place. It ensures that the shop is protected, and in case of any untoward situation, the losses are covered.
Shopkeepers – Individuals who run independent shops across a selective line of products need the Bharat Laghu Udyam Suraksha policy. It protects them against the risk of suffering financial losses in their business.
Individuals owning multiple shops – The policy can be bought by individuals who own numerous shops. It will ensure that you don't have to face any unexpected financial losses that affect stability of the business and protect goods kept in the shops.
Individuals running high-risk businesses – Those who run high-risk enterprises need to have Bharat Laghu Udyam policy as they are exposed to dangers like fire, and other risks.
The policy offers coverage for physical loss or damage to the insured property because of factors like
The policy covers loss suffered due to theft in the shop if reported within seven days from its occurrence.
Damage caused to the shop or its contents because of fire due to natural heating or spontaneous combustion.
The policy will cover damage caused to the shop due to earthquakes, lightning, volcanic eruptions, storm, tsunami, flood, cyclone, etc.
Damage to the shop or financial loss incurred by the policyholder because of an explosion or implosion is covered by the policy.
Damage caused by impact or collision with physical objects like falling trees, vehicles, aircraft, etc. is covered by the policy.
Any damage caused to the shop and its contents because of missile testing operations and things like riots, strikes, and acts of terrorism is also covered by Bharat Laghu Udyam Suraksha policy.
The policy, however, does not cover loss or damage caused to the insured property. The exclusions are listed below:
The burning of the insured property by order of any public authority is not covered.
Implosion/explosion caused by centrifugal force or caused to boilers, economizers, machinery or apparatus where steam is generated.
Damage caused by normal cracking, settlement of new structures, movement of the made-up ground, erosion, defective materials, repair, or structural alterations of any property.
Damage caused by pressure waves because of aircraft or other aerial/space devices at sonic/supersonic speeds.
Loss or damage due to total or partial cessation of work or the retardation/interruption/cessation of any process or omissions.
Damage caused during removal or extension of any sprinkler installation.
This type of plan covers only the contents located in the shop.
Under this plan, the shop's building and the contents inside the shop are covered.
The plan only protects the shop's building and the cash located inside it.
The policy protects businesses which sell mobile phones, mobile accessories, or other electronics. It covers the store and its primary contents from potential loss and damage.
Bharat Laghu Udyam Suraksha policy can be bought by Kirana shop owners or budget-friendly supermarkets as the policy offers coverage to them.
Factories and mills used to manufacture the final product of the business are also covered by the policy.
The policy also covers businesses which deal with lifestyle and fitness.
The policy covers businesses in the healthcare sector. This includes hospitals, clinics, diagnostic centers and pharmacies.
Businesses that offer repair services that include carpentry, plumbing repairs, motor garages, and engineering works are covered by the policy.
The policy also covers all kinds of businesses that deal with food. It can include cafes, restaurant chains, and bakeries.
The policy suits office premises and educational institutions. It ensures that such properties are protected against losses.
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CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.
Go Digit General Insurance Limited (formerly known as Oben General Insurance Ltd.) - Registered Office Address - 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivaji Nagar, Pune-411005, Maharashtra | Corporate Office Address - Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru-560095, Karnataka