Asset Insurance

Get ₹1 crore insurance cover starting
at just ₹10,000 per year* for your
business

*T&Cs apply

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 these risks.

*Source: The BMJ Prevention Journal, 2022
#Source: Industrial Safety Review

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What is an Asset Insurance policy?

An Asset Insurance policy is designed to safeguard a company’s physical assets in the event of unexpected occurrences such as fire, theft, or natural disasters.
It covers the costs associated with replacement, repair, or reconstructing of all essential business assets, including computers, machinery, buildings, inventories, furniture, and fixtures. Even the cost of debris removal is covered in the policy.

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What is covered?

Building coverage: This includes the building itself, along with its plinth, basement, and any additional structures associated with it.
Physical assets within the building: The policy covers physical assets held within the building. This includes equipment, electronic items, machinery, furniture, and fixtures.
Utilities coverage: The policy also covers utilities critical to the operation of the business, such as DG sets, servers, air conditioning plants, and transformers.
Inventory and stock: The insurance policy safeguards your inventory and stock, encompassing raw materials, finished goods, and packaging materials.

What is covered?

Building coverage: This includes the building itself, along with its plinth, basement, and any additional structures associated with it.
Physical assets within the building: The policy covers physical assets held within the building. This includes equipment, electronic items, machinery, furniture, and fixtures.

Utilities coverage: The policy also covers utilities critical to the operation of the business, such as DG sets, servers, air conditioning plants, and transformers.
Inventory and stock: The insurance policy safeguards your inventory and stock, encompassing raw materials, finished goods, and packaging materials.

We’ve forged partnerships with India’s foremost insurers and their world’s largest AA-rated reinsurers to bring important products to companies like yours.

We’ve forged partnerships with India’s foremost insurers and the world’s largest AA-rated reinsurers to bring important products to companies like yours.

Additional Coverages by Onsurity

Curated especially for Onsurity customers. Your base Asset Insurance policy can be enhanced through purchasing these add-ons:

Business Interruption Insurance

In the event of unforeseen external forces causing a temporary shutdown of your business, this coverage compensates for lost income.

Burglary Insurance

This safeguards your inventory or cash against forcible entry or theft.

Machinery Breakdown Insurance

It covers losses resulting from accidental, electrical, or mechanical breakdowns of machinery and equipment.

Money Insurance

This coverage addresses loss of money, whether stored in a safe or while 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

This insurance shields electronic equipment, such as computers, industrial machines, and medical devices, from theft, acts of nature, and accidents.

Plate Glass Insurance Policy

In case of damage caused to the plate glass (forming part of the building structure) due to any accidents, this policy covers repair and replacement costs.

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*Additional coverages cannot be offered standalone

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.

Asset Insurance

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Why invest in Asset Insurance policy?

Here are the key reasons to consider this insurance:

Protection of Valuable Assets

Asset Insurance safeguards your business against substantial losses. It covers the loss of working capital, machinery, fittings, and other essential immovable assets, ensuring that you can quickly recover and rebuild.

Preserving Financial Stability

Many small businesses secure working capital loans against both company and personal assets. Asset Insurance protects these assets that have been hypothecated, preserving your financial stability and preventing personal financial liabilities.

Sustaining Income-generating Capacity

Asset damage severely impedes your business’s income-generating capacity. An Asset Insurance policy ensures that you receive compensation for these losses, helping your business stay afloat during the recovery process.

Avoiding High-interest Loans

Having Asset Insurance ensures that you avoid paying high interest rates on loans to rebuild your property after any fire incident, which could impact your balance sheet and operating profit for years.

Protection of Valuable Assets

Asset Insurance safeguards your business against substantial losses. It covers the loss of working capital, machinery, fittings, and other essential immovable assets, ensuring that you can quickly recover and rebuild.

Preserving Financial Stability

Many small businesses secure working capital loans against both company and personal assets. Asset Insurance protects these assets that have been hypothecated, preserving your financial stability and preventing personal financial liabilities.

Sustaining Income-generating Capacity

Asset damage severely impedes your business’s income-generating capacity. An Asset Insurance policy ensures that you receive compensation for these losses, helping your business stay afloat during the recovery process.

Avoiding High-interest Loans

Having Asset Insurance ensures that you avoid paying high interest rates on loans to rebuild your property after any fire incident, which could impact your balance sheet and operating profit for years.

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 like market capitalisation, loss of earning etc.

Claims Roadmap

1. Notify the Insurer

As soon as an incident occurs that requires you to file a claim, it’s crucial to notify the insurer without any delay. Provide the insurer with the necessary claims documents, which include a copy of the FIR report and a report from the fire department.

2. Independent Surveyor Assessment

The insurer will appoint an independent surveyor to assess the damage caused by the incident. The surveyor’s role is to objectively evaluate the extent of the damage.

3. Claim Processing

Subsequently, the insurer will process the claim based on the surveyor’s report. The claim amount will be determined in accordance with the policy terms and the findings of the assessment.

1. Notify the Insurer

As soon as an incident occurs that requires you to file a claim, it’s crucial to notify the insurer without any delay. Provide the insurer with the necessary claims documents, which include a copy of the FIR report and a report from the fire department.

2. Independent Surveyor Assessment

The insurer will appoint an independent surveyor to assess the damage caused by the incident. The surveyor’s role is to objectively evaluate the extent of the damage.

3. Claim Processing

Subsequently, the insurer will process the claim based on the surveyor’s report. The claim amount will be determined in accordance with the policy terms and the findings of the assessment.

Why Onsurity

Custom Solutions

We create plans that fit your needs after assessing your risk exposure.

Personal Touch

We combine digital ease with personalised service.

Great Risk Management

We’re backed by experts who understand unforeseen risks.