Bharat Sookshma Udyam Suraksha (BSUS) Insurance Policy

Bharat Sookshma Udyam Suraksha Insurance

This insurance policy offers protection to SMEs and businesses against losses due to fire, explosion, natural calamities and others. The insurance company agrees to cover the loss suffered by businesses for damage to buildings, property, stock, fittings and fixtures, plant and machinery, etc. One can avail BSUS if the business’ total insurable assets or the total value at risk at any one location is less than or equal to Rs.5 crore at the time of policy commencement.

Eligibility to Buy BSUS Insurance

Since this Insurance policy is a commercial policy, it can be bought by anyone who has business property. It can be purchased by the following:

• Any person who owns a property for business
• Person who is a tenant of the business property 
• Lessee or purchaser of the business property
• Person who holds a business property as trustee on commission
• Person who is responsible for the business property and liable for availing insurance

Bharat Sookshma Udyam Suraksha Insurance Coverage

The insurance policy is offered by various insurers. However, the general coverage offered by all the players is almost similar. This policy typically covers:

• Damage due to fire and lightning
• Damage or loss due to explosion or implosion
• Impact damage
• Loss or damage due to RSMD
• Loss or damage due to STFI
• Damage or losses incurred due to missile testing operations
• Theft (within 7 days from the occurrence and proximately caused due to any of the insured events)
• Damage or loss due to earthquakes, bushfires, forest or jungle fire

Bharat Sookshma Udyam Suraksha Insurance Exclusions

Let us look at some of the common exclusions of this insurance policy:

• Loss or damage caused by burning of insured property by the order of public authority.
• Damage or loss caused to boiler or other similar vessels caused by centrifugal forces or steam generated due to implosion or explosion.
• Destruction caused to the property due to normal cracking, settlement of new structures, etc.
• Damage caused by vehicle or animal that belongs to the Insured
• Defects in the construction or repairs/alterations in the building known by the insured. Also, defects in repairs, removal, or extension of any sprinkler installation are known by the insured.

Reasons to Buy Bharat Sookshma Udyam Suraksha (BSUS) Insurance

Businesses and commercial properties require fire insurance policy. Let us list down some key reasons to buy Bharat Sookshma Udyam Suraksha (BSUS) Insurance policy.

- Protection for assets and property: It covers everything from the building structure to office equipment and stocks under one policy.

- Comprehensive risk coverage: With this policy, the business is safeguarded against an extensive range of risks and perils, including terrorism and natural disasters.

- Additional covers: BSUS offers many in-built covers without an extra premium. Some of these include start-up expenses, the cost of removal of debris, professional fees, costs compelled by municipal regulations, etc.

Case

Sapna started her bakery business and opted for BSUS insurance policy. A fire explosion took place at her setup and destroyed a major portion of the stock and machinery. She raised a claim against her policy. The insurance company sent the surveyor to assess the actual loss. Post the survey, the assessed damage or the total value at risk was mentioned as Rs. 1.5 crore. Since the fire took place as a result of the peril insured under the policy, the insurance company covered all the losses. Thus, Bharat Sookshma Udyam Suraksha (BSUS) policy safeguarded Sapna from financial setbacks.

Conclusion

It is important to make an informed decision when buying a fire insurance policy. The qualified and expert professionals from Policybazaar can assist you in buying a policy best suited for your business at the best fire insurance price.