Bharat Sookshma Udyam Suraksha Policy

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Get Bharat Sookshma Udyam Suraksha Policy Online for your Commercial Property

The Bharat Sookshma Udyam Suraksha policy offers coverage to property related to your business. The insurer agrees to cover the loss suffered for damage to buildings and structures, fittings and fixtures, plant and machinery, stocks, and other assets related to the business under the policy. You can avail the policy if the total value at risk across all insurable asset classes at each location does not exceed Rs.5 crore at the time of policy commencement.

Why is a policy of Bharat Sookshma Udyam Suraksha needed?

Buying a GoDigit, Bharat Sookshma Udyam Suraksha policy ensures that you are covered for any physical loss, damage or destruction to the structures, plant and machinery, stock and other assets related to your business.

Who is eligible to buy the policy?

A Bharat Sookshma Udyam Suraksha policy can be bought by anyone who has property pertaining to business. The policy can be availed by the following - 

  • Owner of the property

  • Tenant of the property

  • Lessee or purchaser of the property

  • Person who holds it as trustee on commission

  • Person who is responsible for the property and liable for availing insurance

What’s covered under Digit’s Bharat Sookshma Udyam Suraksha policy?

Fire Physical losses caused to the insured property because of fire which includes spontaneous combustion or due to natural calamities like earthquake, storm, flood, landslides etc. are covered under the policy.
Explosion or Implosion Damage caused to the property or its contents due to explosion or implosion is covered by the insurance policy.
Impact damage Damage caused to the property due to impact or collision with any external physical object like vehicle, wall, falling trees etc. is covered by Digit’s Bharat Sookshma Udyam Suraksha policy. 
Riots, strikes, missile testing operations Physical damage to the property which is caused due to riots, strikes, and missile testing operations are covered under the policy.
Theft The policy also offers coverage for theft reported within 7 days from occurrence and proximately caused by any of the covered insured events.

What’s not Covered?

Digit’s Bharat Sookshma Udyam Suraksha policy does not offer coverage for -

Loss or damage caused by burning of insured property by order of any public authority.

Damage caused to boilers, economizers or other vessels in which steam is generated because of explosion/implosion or caused by centrifugal forces.

Destruction caused to the insured property by normal cracking, settlement of new structures, movement of made-up ground, river erosion, use of defective materials, etc.

Damage caused by vehicle, aircraft or animal that belongs to or owned by the Insured or because of pressure waves caused by aircraft or aerial devices travelling at sonic or supersonic speeds.

Destruction caused by total or partial cessation of work or the retardation/interruption/cessation of any process/operations/omissions.

Physical loss caused by temporary/permanent dispossession of any building by unlawful occupation by any person.

Defects in the construction known to you or repairs/alterations in the building or repairs, removal, or extension of any sprinkler installation.

Factors affecting premium of Bharat Sookshma Udyam Suraksha policy

The payable premium of Bharat Sookshma Udyam Suraksha policy depends on factors like -

Nature of business

The premium which you need to pay for the policy depends on the nature of the business. The payable premium for the policy will be high based on the nature of business.

Sum Insured

The amount of sum insured also impacts the premium you need to pay for availing a policy of Bharat Sookshma Udyam Suraksha policy. A high sum insured will result in a higher premium.

Risk profile of the enterprise

The risk profile of the enterprise also plays an important part when the premium is calculated. If the profile of the enterprise is highly risky, the payable premium will be high and vice versa.

FAQs about Bharat Sookshma Udyam Suraksha in India

Will the policy continue for the benefit of the legal representative of the insured?

Yes, in case of death of the insured, his/her legal representative will continue to reap the benefit of the policy.

Will the policy of Bharat Sookshma Udyam Suraksha continue if the value of insurable assets exceeds the mark of Rs.5 crore within the policy period?

Yes, the policy will continue to cover the assets even if the value exceeds Rs.5 crore. However, you need to replace it with an applicable policy once the policy expires. 

Can the policy be cancelled?

Yes, the policy can be cancelled at any time during the policy period. A part of the premium will be refunded for cancelling the policy.

On what grounds can the insurer cancel the policy during the policy period?

The policy can be cancelled by the insurer on the grounds of mis-representation, non-disclosure of material facts, non-co-operation or fraud. 

Do I need to pay the premium in advance for the insurer to begin coverage?

Yes, the premium for Bharat Sookshma Udyan Suraksha policy needs to be paid in advance. The coverage starts only after the premium is paid.