As a business owner, it becomes your responsibility to protect your business from unforeseen circumstances with insurance. One of the most critical insurance policies is fire insurance, which offers financial coverage for incidents of fire.
TATA AIG’s fire insurance offers financial protection against damages caused to your business and business property due to fire. If you are an entrepreneur and want to secure your business from fire and other related perils, choosing the perfect kind of fire insurance that fits your needs is important.
TATA AIG Fire and Burglary Insurance Policy
A fire insurance plan is property insurance that offers coverage for residential or commercial property damage caused due to fire. Burglary insurance is another type of property insurance that protects the property from loss or damage of assets, such as machinery, furniture and fixtures, equipment, belongings and more.
TATA AIG offers a comprehensive solution to property-related damage and loss in the form of fire and burglary insurance. By adding the burglary insurance policy coverage to your fire insurance plan, you create a better and more robust security layer for your business property.
Types of TATA AIG Fire Insurance
Your fire insurance requirements change according to your business conditions, the size of the property, annual turnover and overall needs. Before you choose a TATA AIG fire insurance for your business, you must understand how to choose the perfect one. Here is a small list of considerations you can make note of while making the choice.
- Your business’s needs.
- The total value of your business assets.
- Location of your business property and the level of risk it is exposed to.
- Compare your financial needs and expectations with the coverage and claim limit offered by the policy.
- Inclusions and exclusions of the policy.
- Consider voluntary and involuntary deductibles.
- Leverage fire insurance plan add-ons.
- Choosing a reliable insurance provider, in this case, TATA AIG.
Here are two primary types of fire insurance plans offered by TATA AIG.
● Business Guard Sookshma Package Policy
Sookshma can be loosely translated to minute or micro, denoting the size of the package policy. The Business Guard Sookshma package policy for fire insurance covers property and asset damage incurred due to fire and fire perils.
The Sookshma policy fire insurance plan will offer a sum insured up to ₹5 crore. If your business falls under the micro business category, you can opt for the Business Guard Sookshma package policy.
● Business Guard Laghu Package Policy
In English, Laghu refers to small or medium, denoting the size of this guard package. The Business Guard Laghu package policy for fire insurance will provide a sum insured ranging from ₹5 crore to ₹50 crore.
The Laghu policy is suitable for small and medium businesses. It is ideal for companies seeking broader coverage that includes specialised insurance coverage as well.
TATA AIG fire insurance offers a long list of inclusions in the coverage, such as fire, bush fire, explosion/implosion, lightning, landslides, rockslides, impact damage, missile testing operations, riots, strikes, malicious damages, bursting pipes, natural calamities and theft.
Let us understand the overall coverage offered by this fire insurance policy.
TATA AIG Fire Insurance Coverage
● Partial Loss
In the event of a fire or an insured fire peril, partial loss refers to damage to a certain portion of the business property and assets.
TATA AIG fire insurance offers reimbursement for the lost property so that it returns to the same condition as it was on the day of damage. When it comes to the portion of damaged or lost assets or stock, the fire insurance will reimburse you for the amount of loss.
● Total Loss
Total loss refers to a condition where the business property, assets and stocks are completely lost or damaged.
In case of building or property damage, the fire insurance policy will offer compensation for the total value of the building, property or machinery.
In case of lost and damaged stock, the company will offer compensation based on various parameters, such as total manufacturing cost, input value, contract price of goods sold but not dispatched and more.
Add-on Coverage With TATA AIG Fire Insurance
- Public Liability
- Plate Glass
- All Risk
- Burglary
- Consequential Loss
- Electronic Equipment
- Neon Signs
Conclusion
Choosing the perfect fire insurance plan for your business is crucial, and TATA AIG’s fire insurance stands out as the perfect choice. Their fire insurance policy offers comprehensive coverage and offers multiple add-ons to support any additional coverage needs you may have. Remember to take time to assess your business and your insurance needs so you pick the perfect fire insurance policy.
