Bharat Laghu Udyam Suraksha Policy

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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. 

Why is the policy needed?

The Go Digit, Bharat Laghu Udyam Suraksha policy ensures that your insured property is covered against unforeseen losses/damages and unplanned expenses. It also provides you with peace of mind knowing that your property is covered against any loss covered by the policy.

Who should buy Bharat Laghu Udyam Suraksha 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.

What's covered under Bharat Laghu Udyam Suraksha policy?

Fire The policy will cover damage to the insured property which has resulted due to fire because of own fermentation, natural heating, or spontaneous combustion. The policy also covers damage caused because of forest fire and jungle fire as well.
Explosion or Implosion Damage caused to the office premises due to an implosion, explosion or impact/collision with any external physical object is covered.
Natural Calamities Coverage for physical loss to the insured property because of storm, earthquakes, volcanic eruptions, cyclone, tempest, flood, etc. or land slide and rock slide, is covered.
Terrorism Damage to property due to strikes, riots, an act of terrorrism and malicious intent is covered.
Theft Theft reported within 7 days from the insured premises after the occurrence of any of the above mentioned points.
Other Coverages Damage to property because of bursting/overflowing of water tanks, apparatus and pipes, due to leakage from automatic sprinkler installations.

What’s not Covered?

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.

Types of Covers available

Only Content

This type of cover, covers only the contents located in the shop.

Both Building and Content

Under this cover, the shop's building and the contents inside the shop are covered.

Only Building

The cover only protects the shop's building.

Types of Properties covered.

Shop dealing in smartphones and electronics

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.

Kirana stores

Bharat Laghu Udyam Suraksha policy can be bought by Kirana shop owners or budget-friendly supermarkets as the policy offers coverage to them.

Manufacturing plants

Factories and mills used to manufacture the final product of the business are also covered by the policy.

Lifestyle and Fitness

The policy also covers businesses which deal with lifestyle and fitness. 

Healthcare

The policy covers businesses in the healthcare sector. This includes hospitals, clinics, diagnostic centers and pharmacies.

Home Repair Services

Businesses that offer repair services that include carpentry, plumbing repairs, motor garages, and engineering works are covered by the policy.

Restaurants and Food Courts

The policy also covers all kinds of businesses that deal with food. It can include cafes, restaurant chains, and bakeries.

Offices and Educational Spaces

The policy suits office premises and educational institutions. It ensures that such properties are protected against losses.

FAQs about Bharat Laghu Udyam Suraksha Policy in India

Can I file a claim under the Bharat Laghu Udyam Suraksha policy online?

Yes, with Digit's Bharat Laghu Udyam Suraksha policy, you can make a claim online. It can be settled fast thanks to our smartphone-enabled self-inspection process quickly.

Which number should I call to register a claim with Digit? 

You can call 1800 1030 4448 to register a claim with Digit.

Which factors contribute when determining the payable premium for a Bharat Laghu Udyam Suraksha policy?

When determining the payable premium, factors like the nature of business, size, content located in the insured property, and city where the property is located play an essential part.