Burglary Insurance

What Is Burglary Insurance?

A burglary insurance policy offers an additional layer of security to your property. It offers coverage for damages or misfortunes caused to your property and its contents. For example, your home, office, factory, and godown against burglary and housebreaking. It provides cover under the accompanying circumstances:

• Theft by persuasive/violent/fierce entry
• Attempted theft or theft by a criminal on the said premises
• Armed robbery or Hold-up

Why Do You Need Burglary Insurance?

On the off chance that someone breaks into your home and takes the things in your home, then it will be both emotionally and monetarily devastating. You can likewise get add-on coverage for your costly jewelry, diamonds, or stones, under a Home Burglary Insurance policy.

In the event that a pariah breaks into your office premises and figures out how to take the merchandise in trust, fittings, stock-in-exchange, instruments of the exchange, for example, typewriters, number crunchers, and so forth, then likewise burglary insurance or theft insurance would act as the hero. It offers the ideal money-related help to assist you with adapting to such occurrences.

The primary reason that burglary insurance policies solve is that they risk-proof the insured premises from a violent or forceful attempt to theft. In the event that burglaries and house-breaking incidents are regular in your general vicinity, then you should get theft or burglary insurance cover to ensure the well-being and security of your house/office/godown.

Who Needs to Buy Burglary Insurance Cover?

The prime intent of buying burglary insurance is to risk-proof your premises against a burglary/burglary attempt.

Incidents such as housebreaking, theft, and so on are often the headlines of the newspaper. Such news and incidents are a threat to the safety and security of the home/office/godown.

We are living in times when you simply can not leave your home unattended for a long duration of time. If you do so, in the back of your mind, you are always under stress regarding the safety and security of the equivalent. Under such circumstances, burglary insurance/fire insurance gives you peace of mind and a sense of satisfaction.

Businesses That Should Consider Burglary Insurance

While burglary insurance is beneficial for homeowners, it is equally important for businesses that store valuable assets, stock, or equipment.

This includes:

• Retail shops and showrooms
• Warehouses and godowns
• Manufacturing units and factories
• Offices with expensive equipment
• Electronics stores
• Jewellery businesses
• Pharmaceutical companies
• Distributors and wholesalers

Businesses operating from physical premises often face risks related to theft, burglary, and housebreaking. Burglary insurance helps protect them against the resulting financial losses.

Types of Burglary Insurance Coverage

Different businesses have different security requirements. Burglary insurance can be structured based on the value of assets, stock exposure, and the level of protection required.

Key Takeaway: Businesses should choose a coverage type based on the nature of their assets, stock levels, and risk exposure to ensure adequate protection.

Salient Features of Burglary Insurance

The features may differ from one insurer to another. However, some of the key features of home burglary/burglary insurance plans are listed below:

• They are intended to offer protection to business premises against forceful/commanding housebreaking and burglary.
• Accessibility of add-on benefits, for example, cash cover, other risks emerging because of strikes, riots, theft, and malicious damage.
• Accessibility of coverage on the first-loss premise.
• Coverage for death, disabilities (perpetual/fractional), and transitory disability.
• Protection against loss or damage arising from burglary and housebreaking.
• Coverage for stock, furniture, fixtures, machinery, and equipment.
• Availability of add-on covers to enhance protection.
• Flexible sum insured options based on business requirements.
• Financial support to help businesses recover from burglary-related losses.

Advantages of Burglary Insurance

A burglary insurance policy offers financial backing in case there is any loss/damage caused to the insured property. Let us have a look at the advantages of buying a burglary insurance policy:

• It provides security against any damage(s) caused to your property as a result of attempted or actual burglary or housebreaking.
• If you purchase burglary insurance for your business premises, it covers the damage(s) caused to products, furniture, and property inside your business premises.
• Even if the sum assured is lacking, the plan will still pay for the proportionate damage(s) or misfortune.
• Some insurance providers give you a choice of stretching out your insurance intend to cover strikes, cash, jewellery, riots, malicious damages, theft and so on. You can upgrade your insurance coverage after paying an additional insurance premium.

Importance of Burglary Insurance

A theft at an office, shop or home can cause immense money-related misfortunes. However, a home burglary insurance policy would offer ideal compensation under such circumstances. In India, the incidence of burglaries is quite common. And to recoup from such immense misfortunes, a burglary insurance policy is required.

It is the simple, helpful, convenient, and hassle-free way to defend yourself and your property from such risks.

Inclusions Offered Under Burglary Insurance

In the below grid, is the overview of coverage offered in a burglary insurance plan.

It provides coverage for loss/damage caused to the insured assets within the insured premise, due to any of the following reasons:

• Forceful and violent entry
• Any theft attempt or theft by a person who's hiding in the insured premises
• Armed robbery or hold-up
• The plan provides coverage for the damages incurred to the insured premises due to theft or housebreaking
• There's a provision to cover bulk items on a ‘first loss’ basis. It offers a percentage of total stored stock which is exposed to housebreaking and burglary risk. For that, the premium is charged on the basis of the selected percentage only.

What Does Burglary Insurance Cover?

A burglary insurance policy generally provides financial protection against losses arising from burglary, housebreaking, robbery, and attempted theft involving forcible or violent entry into the insured premises.

Key Takeaway: Burglary insurance not only covers stolen assets but may also compensate for damage caused to the premises during a burglary attempt.

Add-On Covers Available Under Burglary Insurance

Businesses can enhance their burglary insurance policy through optional add-on covers offered by insurers.

Cash in Safe Cover

Provides protection for cash stored within locked safes at the insured premises.

Cash in Transit Cover

Offers protection against loss of cash while being transported between locations.

Riot, Strike and Malicious Damage Cover

Extends coverage against losses arising from riots, strikes, civil commotion, and malicious acts.

Jewellery and Valuables Cover

Provides protection for specified jewellery, precious stones, and other valuable assets.

Employee Theft Extension

Some insurers may offer protection against losses caused by employee dishonesty, subject to policy terms.

Exclusions Under Burglary Insurance

In the grid below, there is a list of some of the common limitations in a burglary insurance policy:

• Coverage for jewellery, precious gems, and stones, designs, plans, business books, cash, etc., unless it is specifically covered.
• Damage(s) or loss where an insured or his family member or staff was involved in the actual theft or caused any damage(s).
• When the insured’s property is left uninhabited for seven or more days and nights in a row.
• If material alterations to the insured premises are made, it increases the risk.
• If the rights of the assets have been transferred to another individual(s) from the insured by either will or operation of law.
• Any damage caused by a nuclear bomb, weapons, etc.
• Any damage resulting from war, the act of a foreign enemy, invasion, etc.
• Any damage(s) due to nationalization, confiscation, etc., by government authorities.
• Any damage due to any type of consequential loss.
• Any damage caused by strikes, civil commotion, riots, etc.
• Theft without signs of forcible or violent entry
• Unexplained inventory shortages
• Cash losses unless specifically insured
• Loss arising from negligence or fraud
• Wear and tear or gradual deterioration of property
• Consequential or indirect financial losses
• Losses occurring outside the insured premises
• Property not declared under the policy

How to File a Burglary Insurance Claim?

In the unfortunate event of a burglary, policyholders should take immediate action and follow the claim process below:

Step 1: Inform the Police

Register an FIR at the nearest police station and obtain a copy of the complaint.

Step 2: Notify the Insurer

Inform your insurance company about the burglary as soon as possible.

Step 3: Document the Loss

Prepare a detailed list of stolen or damaged items and gather supporting evidence.

Step 4: Submit Required Documents

Provide the insurer with the necessary claim documents for assessment.

Step 5: Survey and Verification

The insurer may appoint a surveyor to inspect the premises and assess the loss.

Step 6: Claim Settlement

Once the claim is approved, compensation is paid according to the policy terms and conditions.

Documents Required for Burglary Insurance Claims

The following documents are generally required while filing a burglary insurance claim:

• Duly filled claim form
• FIR or police complaint copy
• Policy document copy
• Detailed list of stolen or damaged items
• Purchase invoices or proof of ownership
• Photographs of damaged property, if available
• Surveyor report (if applicable)
• Any additional documents requested by the insurer

Submitting complete documentation can help speed up the claim settlement process.

Why Should You Purchase Burglary Insurance Through Policybazaar for Business?

• 365-Day Claim Assistance: Our expert team is available year-round to provide quick and efficient support, helping you navigate the claims process smoothly in case of a burglary.
• Dedicated Relationship Manager: Once your policy is selected, a dedicated relationship manager is assigned to assist you with all post-purchase services, including policy management and claim handling.

Quotes from Multiple Insurers: Compare a range of quotes from multiple insurers at competitive rates, allowing you to make an informed decision that suits your business's needs.