SME package insurance
One policy bundling the covers a small or medium business needs, from premises, stock and machinery to money, liability and people, instead of buying each of them separately.
What it covers
Cover varies between insurers and plans. The policy wording is what decides whether a claim is payable, so read it before you buy.
- Building, plant, machinery, furniture and stock against fire and allied perils
- Burglary and theft, and money on the premises or in transit
- Machinery and electronic equipment breakdown, where those sections are taken
- Public liability, and liability to employees for work-related injury
- Business interruption after insured damage, where that section is included
- Optional sections such as plate glass, signage, portable equipment and fidelity guarantee
Key features
- Several sections under one policy, one premium and one renewal date
- You choose the sections and the limits that match your business
- Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha, the standard products for micro and small enterprises in India, carry a common wording across insurers, which makes comparison straightforward
- Underinsurance still applies section by section, so declare full values
- Eligibility depends on your total values at risk: [SUM INSURED RANGE]
- Larger operations are usually better served by a fire or industrial all risk policy with separate covers
How to buy it
Four steps, with an advisor you can reach at any of them.
Tell us about the risk
Tell us what your business does, your premises, your values at risk, and which covers you already hold.
Underwriting details
An advisor collects the information insurers need to price the risk, and flags anything missing.
Compare quotes
We ask our partner insurers to quote, and put the cover, conditions and premium side by side.
Proposal & policy
Pick a quote, complete the proposal form and KYC, and the insurer issues the policy.
SME package insurance: FAQs
How is a package policy different from buying covers separately?
The cover is largely the same; the packaging is simpler. One policy, one renewal and one claims contact, usually at a lower total premium for a small business than several standalone policies.
Does it cover loss of income?
Only where the business interruption section is included, and a gross profit figure and indemnity period are declared. It is worth including where a closure would stop your earnings.
Are my employees covered?
Employee compensation cover can be part of the package, and covers your statutory liability for work-related injury. Staff health and group personal accident benefits are separate policies.
My stock has grown during the year. What should I do?
Ask for an endorsement rather than waiting for renewal. If the sum insured falls short at claim time, the insurer pays only the proportion you insured.