MSME Insurance: Ignore losses and keep expanding your company; Policy also covers theft and worker compensation
MSME Insurance: Natural disasters, riots, theft, and other risks like fire can cause heavy losses to the business. If you want to continue to grow your business without worrying about such losses, then MSME insurance can prove to be helpful in this.
The backbone of the country's economy is the MSME, which contributes not only 30 percent to the total GDP but also produces employment for crores of people. The self-employment initiative of the government has increased the concept of starting one's enterprise among the people. No doubt, it is a matter of pride to be the owner of an enterprise, but there are many risks in this path. The business can cause heavy losses due to natural disasters, riots, theft, and other risks such as fire. MSME assurance can be quite helpful in growing your business consistently without facing such losses. The Insurance Regulator IRDA has introduced many policies aimed at protecting against these very risks.
This cover is for people who provide services on the business premises. A manufacturing unit has a various number of activities that bear a risk to human life. The policy compensates such employees against a loss of earning capacity at the workplace and loss due to treatment.
IRDA has also framed the Bharat Micro Enterprise Policy, for the investment of Rs 5 Crores, which is inclusive of all micro-enterprises. This is a very comprehensive policy in scope, as it covers loss of property structure and contents.
- Bharat Small Enterprise Security Policy is for enterprises with an investment of Rs 5 crore to Rs 50 crore. This is a particularly useful policy for MSMEs. It also covers the loss of stocks present at different locations whose value varies. For this, an add-on cover has to be taken.
This policy covers theft or burglary in your property or the loss caused to it. If any item is stolen from your business premises, this policy also compensates for that. However, for this, while taking the policy, you will have to provide information about the items present on the premises.
It covers physical damage caused to the customer by a defective product of the seller or manufacturer. If the customer files a complaint due to damage caused by the defective product, the product liability policy will respond on behalf of the insured and provide the necessary compensation.
