Asset Insurance
Cover for your premises, machinery, stock and equipment when fire, theft or natural catastrophe takes them out.
Get ₹1 crore insurance cover starting at just ₹10,000 per year* for your business.
*T&Cs apply
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Protecting Small Businesses from Unforeseen Risks
In 2021, India witnessed a staggering 1.6 million* fire accidents, resulting in the tragic loss of several lives. For small and medium-sized enterprises (SMEs), fires don’t have to spell the end of their business. These incidents also cost the nation about ₹1000# crores annually.
Small companies that own or lease commercial spaces and have movable or immovable assets are more prone to such risks. These dangers are hard to predict or prevent, but an Asset Insurance policy can help mitigate them.
*Source: The BMJ Prevention Journal, 2022
#Source: Industrial Safety Review
What is asset insurance?
Asset insurance covers the physical property a business runs on, for example: buildings, machinery, plant, equipment, IT hardware, and stock in trade. It generally responds when those assets are damaged or lost through fire, explosion, theft, burglary, or natural events like flood, storm and earthquake.
Learn more
Who needs asset insurance most
Manufacturing units
Machinery and raw material concentrated in one place.
Retail & showrooms
High-value stock, public access, and footfall all day.
Warehousing & cold storage
Volume, stacking height, and stock that spoils if power fails.
Restaurants & cloud kitchens
Open flame, gas, and expensive equipment in a small space.
Offices with IT hardware
Servers and devices worth more than most owners insure them for.
Anyone leasing premises
Leases often make the tenant responsible for what’s inside, and sometimes for the structure.
What is covered?
Building coverage: The building itself, along with its plinth, basement, and any additional structures associated with it.
Physical assets within the building: Equipment, electronic items, machinery, furniture, and fixtures held within the building.
Utilities coverage: Utilities critical to running the business, such as DG sets, servers, air-conditioning plants, and transformers.
Inventory and stock: Your inventory and stock, encompassing raw materials, finished goods, and packaging materials.
We’ve forged partnerships with India’s foremost insurers and the world’s largest AA-rated reinsurers to bring this important product to companies like yours.
Additional Coverages by Onsurity
Curated especially for Onsurity customers. Your base Asset Insurance policy can be enhanced by purchasing these add-ons:
Business Interruption Insurance
When unforeseen external forces cause a temporary shutdown of your business, this coverage compensates for the lost income.
Burglary Insurance
Safeguards your inventory or cash against forcible entry or theft.
Machinery Breakdown Insurance
Covers losses resulting from accidental, electrical, or mechanical breakdowns of machinery and equipment.
Money Insurance
Addresses loss of money — whether stored in a safe or in transit — due to robbery, theft, or other unforeseen causes.
Fidelity Insurance
Protection against financial losses resulting from fraudulent or dishonest acts committed by employees.
All-risk (Portable Electronic Equipment) Insurance
Shields electronic equipment such as computers, industrial machines and medical devices from theft, acts of nature and accidents.
Plate Glass Insurance Policy
Covers repair and replacement costs if plate glass forming part of the building structure is damaged in an accident.
*Additional coverages cannot be offered standalone
Give your business the protection big companies have.
Talk to an advisorWhy asset insurance matters
Here are the key reasons to consider this insurance:
Protect Your Invested Capital
Equipment, machinery, and inventory represent your hard-earned money. Protect these physical assets from suddenly becoming an enormous, unplanned replacement bill.
Correct Your Sum Insured
Underinsuring assets is incredibly common. If your valuation is too low, insurers proportionately reduce your claim payouts, leaving you underfunded.
Cover Lost Business Revenue
Standard policies only replace physical assets. You must deliberately add specific coverage to replace revenue lost during forced operational downtime.
Fulfill Commercial Lease Terms
Commercial contracts frequently transfer complete financial responsibility for protecting property contents and building structures directly onto the unsuspecting business tenant.
Insure Seasonal Stock Peaks
Inventory spikes before busy holiday seasons drastically multiply your total exposure. Adjust your insured sums to match these temporary peaks.
Prevent Total Business Loss
While large corporations might easily survive losing one single facility, smaller businesses risk losing absolutely everything without adequate insurance protection.
The Power of an Asset Insurance policy
A massive fire erupted at a hotel in Mussoorie. The incident resulted in the complete destruction of the hotel before fire-service personnel could bring the blaze under control. Fortunately, the hotel owner had bought an Asset Insurance policy, which fully compensated for the loss caused due to the fire.
In another incident, a fire broke out in a branch office of a bank in Chennai. The fire damaged 2 cabins, including the ledgers stored within them, as well as several computers, their accessories, and at least 6 air conditioners. The fire was ignited by a short circuit in one of the computers that had been left turned on.
Luckily, the presence of an Asset Insurance policy proved valuable. The policy covered the entire cost of replacing the damaged air conditioners, computers, and accessories. It also covered the expenses for repairing the two cabins that had been affected by the fire.
What’s not covered?
Deliberate, willful, or intentional acts
War, invasion, or war-like situations
Pollution or contamination
Loss of bullion or unset precious stones, and works of art unless declared separately
Consequential damage such as loss of market capitalisation, loss of earning, etc.
Claims Roadmap
1. Notify the Insurer
As soon as an incident occurs that requires a claim, notify the insurer without delay and provide the necessary documents, including a copy of the FIR and a report from the fire department.
2. Independent Surveyor Assessment
The insurer appoints an independent surveyor to objectively assess the extent of the damage caused by the incident.
3. Claim Processing
The insurer processes the claim based on the surveyor’s report. The claim amount is determined in accordance with the policy terms and the findings of the assessment.
Why buy asset insurance from Onsurity
We size the sum insured with you
Underinsurance is the single most common reason property claims disappoint. An advisor works out what your assets would actually cost to replace, not what they’re worth on your books.
We read the lease
If you’re leasing, what you’re responsible for is written into the agreement. We check it before deciding what to place.
One partner for your team and your business
Bring your entire people and business protection stack in place and save critical admin downtime. Run operations smoothly, not in silos.
How to get an asset insurance quote online
Three steps from enquiry to active cover.
Tell us what you’re protecting
What you hold, where you hold it, and whether you own or lease. Takes about two minutes.
Talk it through with an advisor
An advisor walks you through how your sum insured should be set, what your lease makes you responsible for, and whether business interruption belongs in the cover.
Get cover placed
Sum insured confirmed, wording checked, then placed through our insurer partnerships.
Complete your business protection stack
Asset Insurance is one part of protecting your business. See the rest of the SureBiz suite and get a tailored quote.
SureBiz business insurance
The full suite of liability and asset cover for growing companies.
Open →Commercial General Liability
Protect against third-party injury and property-damage claims.
Open →Directors & Officers (D&O)
Protect leadership against claims arising from management decisions.
Open →Cyber Insurance
Cover data breaches, cyberattacks and the liability that follows.
Open →Workmen Compensation
Statutory cover for workplace injuries to your employees.
Open →Get a tailored quote
Tell us about your business and get Asset Insurance pricing built for you.
Open →Frequently Asked Questions
Buildings, machinery, plant, equipment, IT hardware and stock, against fire, theft and specified natural events. Exact cover varies by insurer and policy.
Fire cover is usually narrower. Asset insurance can be structured to cover theft, burglary and natural catastrophe alongside fire.
Many commercial lease contracts in India legally obligate tenants to carry specific coverage like Fire Insurance, Burglary Insurance, or Tenant’s Legal Liability. An Onsurity risk expert can help you determine liability based on the agreement rather than assuming the landlord’s policy covers you.
Standard asset insurance policy typically excludes floods and earthquakes, requiring separate add-on policies for protection. Onsurity analyzes your business’s exact geographic and operational risks to determine your true exposure to these disasters. Based on this precise profile, we recommend the most cost-conservative coverage, ensuring maximum protection without unnecessary spending.
Stock in trade is generally covered inside declared premises. Stock in the open usually needs to be declared separately.