Kinds of Fire Insurance Policies for Your Startup

According to the Economic Survey 2021-22, the Department for Promotion of Industry and Internal Trade (DPIIT) recognized at least 14,000 startups during the fiscal year. With over 61,400 startups, India is home to the third-largest startup ecosystem in the world. The increasing number of entrepreneurs proves that more people are willing to take risks. Especially fire insurance for start-up, can play an active risk mitigation tool.

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Why Fire Insurance is Essential for Startups?

Before taking a leap of faith and jumping into the big pool of the startup world, consider understanding and assessing risks from all corners. During an unfortunate event, startups or SMEs need a safety net to fall back on.

You might have taken necessary precautions and installed various fire safety equipment in your office or warehouse. But unimaginable accidents can still occur, leading to disruption, damage, and irreparable losses to your business. This makes fire insurance for start-up an imperative buy.

Kinds of Fire Insurance

Now that we have identified the need for fire insurance for businesses, it’s time to know the kinds of fire insurance offered best suited to your needs. In January 2021, The Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines allowing insurance companies to design customized products for micro and small enterprises, ‘Bharat Sookshma Udyam Suraksha’ and ‘Bharat Laghu Udyam Suraksha’. 

For Sum Insured up to Rs 5 Crores 

Bharat Sookshma Udyam Suraksha: This policy provides cover for the plant & machinery, building, stock and other assets up to Rs. 5 crores.

For the Sum Insured between Rs 5 Crores and Rs 50 Crores

Bharat Laghu Udyam Suraksha: This policy provides cover for the plant & machinery, building, stock and other assets above Rs. 5 crores but not exceeding Rs. 50 crores.

For Sum Insured beyond Rs 50 crores

Special Fire & Special Perils (SPSF): This policy provides cover for the plant & machinery, building, stock and other assets above Rs. 50 crores. 

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Conclusion 

A fire insurance policy for your startup is like having damage control at your fingertips. If your startup does not have an adequate fire insurance policy, the repercussions can make a big hole in your pocket. Knowing the significance of fire insurance, Policybazaar can help you compare and buy the right policy for your startup.

Written By: PolicyBazaar - Updated: 08 August 2023
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Policybazaar for Business - Fire Special Perils Insurance - Customer Reviews
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4.3/5
Based on 83 reviews
4.3
out of 5
Based on 83 reviews
13 users
66 users
4 users
0 users
0 users
4.8 October 09, 2022
Aaftab
Amazing Customer Support
I am using a fire insurance policy from policybazaar and experienced amazing feedback from them in claim settlement. I have a sports merchandise shop that caught fire last yearI raised a claim which was resolved within a few days without any hassles.
Thiruvananthapuram
4.8 October 08, 2022
Balachandar
Helpful Support
The support team of Policybazaar is really helpful and prompt. They solve all your queries fast. Would definitely recommend Policybazaar for purchasing insurance .
Mangaluru
4.8 October 07, 2022
Raahim
Extensive Cover
Got a fire insurance policy for my shop and it was really extensive with so many features. Purchased it from Policybazaar without paying any commission fees. Great coverage.
Bengaluru
4.5 October 06, 2022
Aadi
User Friendly Website
We deal in the cotton industry and suffered a huge loss last year because of the fire. We were looking for insurance to safeguard us financially from any such incident in the future. We landed on the policybazaar website and bought fire insurance. Their website is well managed and gives all the necessary information.
MP
4.8 October 05, 2022
Rohit
Plans Are In Budget
Had to purchase a fire insurance which should be in my budget as I run a very small store. Got a lot of affordable plans on Policybazaar and purchased the one that suited my budget. All plans are in budget and with so many features.
Bhopal
4.3 October 04, 2022
Baban
Covered My Shop
I have a shop of garments and it caught fire last year in which I lost items worth thousands. Purchased a fire insurance from Policybazaar and now I feel really relieved that it would financially cover my shop in such circumstances.
Chandigarh
4.3 October 03, 2022
Aarnav
Faster Claim Settlement
A part of my warehouse having thousands of material caught fire. Luckily I had a fire insurance policy that I could claim and received compensation from them. It was such a relief. The claim settlement team at Policybazaar is helpful and really quick.
Assam
4.5 October 02, 2022
Jagadish
Affordable
I have a warehouse of clothes and was planning to buy a fire insurance policy to cover my material from unwanted fire. Got a really affordable plan from Policybazaar with some really great features.
Ahemdabad
4.5 October 01, 2022
Rahul
Budget Friendly
Wanted to cover my crockery shop from fire and was searching for an affordable plan. Found a great plan at Policybazaar which suited my budget.
Surat
4.5 September 30, 2022
Baabul
Instant Purchase
Wanted a fire insurance policy for my crockery business and could purchase it instantly from Policybazaar. The process was quick instant and very easy.
Gurgaon