Business Insurance
What is Business Insurance?
Business Insurance is a comprehensive suite of protection plans designed to safeguard your enterprise
from financial losses arising from property damage, legal liabilities, and employee-related risks.
Whether you're a startup operating from a co-working space or an established SME with multiple
warehouses, business insurance provides the resilience needed to survive and thrive in an unpredictable
market.
It's more than just a legal requirement; it's a strategic asset. DigiAssure's business insurance
solutions are modular, allowing you to combine coverage for your physical assets (like inventory and
machinery) with liability protection (like professional indemnity) and employee welfare (like workers'
compensation). We ensure that even if your operations are temporarily halted by a fire or a lawsuit,
your financial foundation remains unshaken, allowing you to focus on your core mission: growing your
business.
The Four Pillars of Enterprise Security
1. Property Protection
Covers your office structure, inventory, machinery, and furniture against fire, natural perils, and burglary, ensuring your physical infrastructure is always secure.
2. Liability Coverage
Protects your business from legal claims arising from accidental injury to third parties or damage to their property on your premises or due to your services.
3. Employee Welfare
Includes legally mandated Workers' Compensation and Group Medical insurance, ensuring your team is protected and your business remains compliant with labor laws.
4. Business Interruption
Provides financial support to cover fixed expenses and lost profits if your operations are halted due to a covered peril like fire or flood.
Key Features of Our Plans
Inventory Cover
Specialized protection for raw materials, work-in-progress, and finished goods against damage or theft.
Professional Indemnity
Coverage for legal fees and settlements arising from errors, omissions, or negligence in your professional services.
Loss of Profits
Ensures that your business income doesn't dry up even if your factory or office is closed for repairs after an accident.
Cyber Liability
Protects your enterprise from the financial and reputational fallout of data breaches and cyberattacks on your digital assets.
Directors & Officers
Specialized liability cover for the leadership team against lawsuits related to management decisions and corporate governance.
Global Jurisdiction
Extend your liability protection to cover legal claims filed against your business in international courts and jurisdictions.
Standard Policy vs Business Package
Why a consolidated Business Owner's Policy (BOP) is better for SMEs.
| Feature | Business Package (BOP) | Individual Policies |
|---|---|---|
| Coverage Scope | Integrated (All-in-One) | Siloed (Separate policies) |
| Premium Cost | Highly Economical (Bundle discount) | Higher cumulative cost |
| Renewal Management | Single Date / Transaction | Multiple dates / admin overhead |
| Liability Integration | Core benefit included | Always separate |
| Business Interruption | Standard Inclusion | Additional Rider needed |
| Customization | Modular & Flexible | Rigid standard forms |
| Claim Support | Dedicated Account Manager | General support desk |
Coverage Details
Understand the boundaries of your enterprise security net.
What we Cover
Standard protections for businesses:
- Fire, Lightning & Natural Perils
- Burglary & Theft (Building/Contents)
- Public & Product Liability
- Employee accidents (Workers' Comp)
- Money in Transit / Safes
- Electronic Equipment breakdown
Common Exclusions
Standard policy exclusions:
- Losses due to War or Nuclear risks
- Intentional / Dishonest acts by owners
- Normal wear and tear of machinery
- Losses due to illegal business activities
- Inventory shortages (Missing stocks)
- Crypto-currency or NFT losses
Valuable Add-Ons
Enhance your policy for specific industry risks.
Terrorism Cover
Extends your property insurance to cover damage or business interruption caused by acts of terrorism. Essential for businesses in high-density urban areas.
Keyman Insurance
Protects the business from financial loss caused by the death or disability of a critical employee whose contribution is vital for the company's success.
Product Recall Cover
Covers the massive costs of recalling a defective product from the market, including logistics, advertising, and disposal fees.
Escalation Clause
Automatically increases the sum insured of your assets throughout the year to account for inflation and rising replacement costs.
Factors Affecting Your Premium
How we determine the best value for your enterprise risk.
1. Industry Type & Occupation
A manufacturing unit handling inflammable chemicals has a higher risk profile and premium than a digital marketing agency office.
2. Business Size & Revenue
Annual turnover and the total value of assets directly impact the level of coverage needed and the final premium calculation.
3. Location Risk
Properties in coastal zones, flood-prone areas, or regions with high crime rates will face different premium rates based on historical data.
4. Safety & Security Measures
Active fire hydrants, sprinklers, 24/7 security, and robust cyber-firewalls can earn your business significant premium discounts.
5. Past Claims History
A clean history of low or zero claims demonstrates good risk management and helps in securing better rates during renewals.
Documents Required
Simplified requirements for fast enterprise onboarding.
Legal & Registration
- Certificate of Incorporation / Partnership Deed
- Business PAN Card
- GST Registration Certificate
- Shop & Establishment License
Financial Documents
- Latest Audited Financial Statements (P&L)
- Details of Annual Revenue (Current & Projected)
- Tax Audit Report (if applicable)
Asset Valuation
- Fixed Asset Register
- Recent Property Valuation Report
- Inventory Statement (Average & Peak levels)
Proposal Form
- Signed and Stamped Proposal Form
- List of Directors / Partners
- Details of past claims (last 3-5 years)
Business Claim Process
Ensuring your business operations resume as quickly as possible.
Incident Reporting
Notify DigiAssure within 24 hours of the incident. For fire or burglary, file an FIR immediately.
Loss Mitigation
Take all reasonable steps to prevent further damage to property and salvage remaining stocks.
Surveyor Visit
A licensed surveyor will visit the premises to assess the damage and investigate the cause.
Evidence & Proof
Provide the surveyor with inventory lists, purchase bills, repair estimates, and photographs of damage.
Assessment Report
The surveyor submits an assessment report to the insurer based on the evidence provided.
Documentation
Submit the completed claim form along with the FIR, Fire Report, and all financial evidence of loss.
Claim Approval
Once the reports are verified, the claim amount is approved for settlement.
Settlement
The final amount is credited to your business bank account to start the reconstruction or replacement process.
Frequently Asked Questions
Common queries about business and enterprise protection.
What is Professional Indemnity insurance?
Professional Indemnity (PI) covers legal costs and damages if a client sues you for errors, omissions, or negligence in the professional services you provided. It is essential for consultants, lawyers, and IT agencies.
Does business insurance cover employee theft?
Standard property insurance does not cover theft by employees. To cover such losses, you must add a 'Fidelity Guarantee' cover to your business insurance package.
How is 'Loss of Profit' calculated?
It is calculated based on the reduction in turnover compared to the same period in the previous year, minus any savings in standing charges (fixed expenses) during the period of interruption.
Is fire insurance enough for my factory?
Fire insurance only covers physical assets. For a factory, you also need Machinery Breakdown cover, Public Liability, and Workers' Compensation to have comprehensive protection.
Can I insure a home-based business?
Yes, absolutely. While your home insurance may cover the structure, you need a business policy to cover your professional equipment, liability to clients, and business inventory stored at home.
What happens if I under-insure my assets?
If you insure your assets for less than their actual value, the 'Condition of Average' applies. This means your claim amount will be reduced in proportion to the under-insurance. Always insure assets at their full replacement value.