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What is ICICI Bharat Sookshma Udyam Suraksha?

ICICI Bharat Sookshma Udyam Suraksha is an insurance product that caters to the requirements of small and medium-sized enterprises (SMEs) in India. It protects you financially if your business establishment suffers any damage from fire and other associated perils like explosions, lightning, volcanic eruptions, etc.

Fire insurance is at the core of the ICICI Bharat Sookshma Udyam Suraksha plan. It covers structure and building, plant and machinery, furniture and furnishings, raw materials, electric fittings, and finished goods and stocks. The sum insured in this policy is up to ₹ 5 crores.

The risk of fire is a significant concern for SMEs. Despite the best measures taken, fires are a common occurrence.

It could be due to various reasons, including electrical faults or environmental conditions. In some cases, it’s man-made...

If you operate in a densely populated area where fire safety regulations may be lax, the risk of fire outbreaks increases. A fire can cause significant financial losses and affect your business. The loss of property, critical equipment, infrastructure and documents can cripple operations and jeopardise business viability. Losses can run into crores of rupees, and paying it with money set aside for business operations can impact profitability. A fire insurance policy helps you financially mitigate such losses and compensates for the damages suffered.

Additionally, if you are in the business of handling hazardous materials, fire insurance is an absolute must. It ensures you have the financial resources to cope with fire incidents.

ICICI Bharat Sookshma Udyam Suraksha offers exhaustive coverage in the unfortunate event of a fire and helps you reduce the downtime required for recovery and rebuilding. With this fire insurance policy, you can swiftly resume operations without worrying about finances.

Our hassle-free claim settlement process ensures you are compensated for the damages as soon as possible.

 Read more

What is covered under the Bharat Sookshma
Udyam Suraksha fire insurance policy?

Bharat Sookshma Udyam Suraksha Fire Insurance offers holistic coverage against various risks.
Fire insurance coverage under this policy includes:

  • Losses due to storm, cyclone, typhoon, tempest, hurricane, tornado, tsunami, flood and inundation

    This policy offers extensive coverage against various natural disasters, including storms, cyclones, typhoons, tempests, hurricanes, tornadoes, tsunamis, floods, and inundations. With such broad protection, you can find peace of mind knowing that your property is safeguarded against various potential hazards. The policy also covers leakage from automatic sprinkler installations, bursting or overflowing apparatus, and water tanks and pipes, among other things.

  • Explosion or implosion damages

    This fire insurance policy provides coverage for damages resulting from explosions or implosions. If there's a sudden burst outward, like in an explosion, or a collapse inward, as in an implosion, it helps mitigate the financial repercussions. Whether it's a building, machinery, or any other insured property affected by these events, this policy makes sure that it covers the repair and replacement costs.

  • Losses suffered due to lightning

    This fire insurance policy will help cover the costs if fire is sparked by lightning. Hence, if you suffer any damages from lightning strikes, you can rely on this policy to help you recover from the losses.

  • Losses incurred due to acts of terrorism

    The policy protects you in case your property is damaged by a terrorist attack. If this happens, the insurance will compensate for the costs of repairing or replacing your belongings.

  • Damages caused by fire

    This fire insurance policy protects against fire damage, which can occur from flames and other causes like fermentation, natural heating, or spontaneous combustion. So, whether it's a blaze sparked by flames or a fire caused by something heating up unexpectedly, this policy has got it covered.

Why choose Bharat Sookshma Udyam Suraksha fire insurance?

Having Bharat Sookshma Udyam Suraksha spells multiple benefits. Some of them are as follows:

High sum insured

Bharat Sookshma Udyam Suraksha offers a high sum insured. The total risk value across all insurable assets in one place is up to Rs 5 crore. This ensures you have a... sizable chunk of funds to fall back on should your business suffer losses due to fire. Finances are often a cause of concern for small businesses. Losses can amplify to gigantic proportions in the event of fire. A high sum insured ensures you have the required funds to get back on your feet quickly. Read more

An extensive coverage

This fire insurance policy offers holistic coverage for your business. In addition to fire, it covers losses suffered due to earthquakes, volcanic eruptions,... acts of terrorism, and lightning. Along with building structure, it also compensates for damages suffered by plant and machinery, finished goods, and stocks, among other things. In a nutshell, it covers everything, from office buildings to equipment to goods, under one policy. The extensive safety net offered by this fire insurance policy gives you a sense of security and peace of mind. Read more

Additional covers at no extra premium

Bharat Sookshma Udyam Suraksha offers several built-in protections at no extra cost. This means you don't have to pay additional premiums for these benefits... Some of these protections include covering the expenses for removing debris after fire. That's not all. Additionally, it covers startup costs, which are the expenses required to get your business up and running again after a disruption. Moreover, it also includes covering professional fees, such as fees for architects or engineers needed to assess damages or rebuild structures. Lastly, it encompasses costs that might arise due to municipal regulations, ensuring that you're financially protected against unexpected expenses mandated by local laws. Read more

Features of ICICI Lombard’s Bharat Sookshma
Udyam Suraksha Policy

Here's why you should opt for this Bharat Sookshma Udyam Suraksha Policy from ICICI Lombard:

Holistic Coverage

ICICI Lombard's Bharat Sookshma Udyam Suraksha Policy provides complete protection for your businesses. One of the major features of fire insurance is that our policy safeguards... against various risks, such as physical damage or destruction to your business's building, machinery, stock, and other assets. This means if a fire breaks out and harms any of these things, the policy kicks in to help cover the costs of repairs or replacements. This significantly reduces out-of-pocket expenses. Read more

Quick claim settlement

Our fire insurance policy settles your claims instantly and hassle-free. MSMEs can file their claims with just one document, saving them time and effort. Plus, we ensure that claims of up to Rs 5 lakh... are settled within 10 days. Thus, our policy provides you with financial support when you need it most. Additionally, our claims settlement team is available 24/7 to assist you with claims. Read more

Industry expertise

We're experts in understanding the risks that might affect your business, drawing from years of experience in the industry. Our knowledge allows us to accurately assess your business's ... potential hazards and offer effective solutions to mitigate them. After thoroughly evaluating your business, we can offer insurance coverage that matches your requirements. We aim to provide you peace of mind by tailoring our services to meet your needs and circumstances. Read more

Instant policy issuance

We're known for providing the Bharat Sookshma Udyam Suraksha policy, taking just five minutes. Our secret? Cutting-edge technology. We've invested in advanced systems that streamline... the entire process, making it super quick and hassle-free for our customers to buy fire insurance. You can secure your business with just a few clicks without wasting precious time on paperwork or lengthy procedures. Read more

Who needs Bharat Sookshma Udyam Suraksha policy?

This fire insurance policy serves the needs of almost all businesses, including:

1

Small and large offices

Whether your business is a small office or a sprawling corporate entity, the peace of mind that comes with this fire insurance policy is invaluable. It protects financially if a fire damages the office premises, equipment, or inventory. This policy ensures the business can recover and rebuild without facing overwhelming financial losses in a fire-related disaster.

2

Educational institutions

Educational institutions, like schools and colleges, require this fire insurance policy to protect themselves from financial losses if a fire occurs on their premises. Without it, the institution might struggle to repair or replace damaged property, potentially disrupting education and affecting students and teachers.

3

Shops, malls and retail outlets

Shops, malls, and retail outlets require this fire insurance policy. Without it, they could face significant financial losses that may even threaten their ability to continue operating and impact bottom lines.

4

Industrial and manufacturing units

Industrial and manufacturing units need this fire insurance policy. Without it, they could face significant financial burdens, including repair or replacement costs, loss of income during downtime, and potential liabilities. This policy ensures that industrial and manufacturing units can recover their losses and continue smooth operations.

5

Hotels and restaurants

It’s imperative for hotels and restaurants to buy this policy. With this policy, they can recover the losses suffered due to fire significantly. It also helps them complete the repair work quickly and get back to business as soon as possible.

How to buy Bharat Sookshma Udyam Suraksha fire insurance policy?

Steps to buy fire insurance policy online

  • Visit the page click here
  • Fill out your name, pincode, email, and mobile number and click on ‘Proceed to Buy’
  • Follow as instructed on the page that appears to buy the policy
How to buy Bharat Sookshma Udyam Suraksha fire insurance policy?
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What is the claiming process for a fire insurance policy?

Making a fire insurance claim is a simple and straightforward process. All you need to do is:

  • Inform the insurer promptly from any of the approved communication channels
  • Submit a proof of loss along with the claim settlement form. The proof of loss should contain the date of loss, injuries (if any), description of damaged content, police FIR copy, etc
  • The insurance company would appoint a surveyor, who will estimate the quantum of losses suffered and submit a report to the insurer
  • Based on the surveyor’s report, the insurance company would settle your claim

Documents required to buy fire insurance policy

While the specifics may vary across insurers, you need the following documents to buy a fire insurance policy:

  • Address and identity proof, which could include Aadhaar Card, Voter ID Card, Passport, Driving Licence, etc
  • Building plan
  • Property valuation report
  • Ownership proof of the building

If you have purchased this policy before, you might need to provide details of the previous policy. Your insurer will inform you if you need to furnish any other documents. Ensure details in all the documents are up to date, without any mistake. This is because your fire insurance policy would be issued based on the documents submitted.

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ICICI Lombard Fire Sookshma Insurance Articles

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Running a shop, whether small or large, involves various risks. From natural calamities to theft and fire, numerous unforeseen events can affect business operations. Shop insurance policies are designed to mitigate these risks, providing financial coverage and peace of mind to shop owners. This article explores the key aspects of shop insurance policies, including comparison, purchase, renewal, and claim processes.

13 Aug 2024
Understanding the Reinstatement Value Clause in Fire Insurance

When it comes to safeguarding your property against unforeseen calamities, fire insurance is a valuable tool. Among fire insurance features, the reinstatement value clause may significantly impact how claims are processed and settlements are calculated. In this blog, we'll explore the definition, importance, benefits and pitfalls of the reinstatement value clause in fire insurance.

06 Aug 2024
Factors Affecting Premium of Property Insurance

Property insurance shields homeowners, property investors and businesses from unanticipated losses and damages. When you buy property insurance, several things affect the cost of premiums. By understanding these elements, property owners can make informed decisions to optimise their coverage while maintaining costs effectively.

23 Jul 2024
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Frequently asked questions - fire insurance

  • General
  • Cover
  • Premium
  • Claims
  • Policy

What does actual cost mean in costs compelled by municipal regulations?

Upon Occurrence of an Insured peril, these are the costs incurred by insured (on actual basis) at the time of Reinstatement of property due to change in Municipal Regulations.

What does impact damage of any kind means?

Impact damage of any kind means damage caused by impact, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.).It is similar to the traditional accidental damage.

Whether jungle fire and forest fire are same?

Yes, both are same as per product wordings.

What is reinstatement value?

It is New Replacement Value where the idea is to put the insured in the same position as he was just before happening of the incident/claim.

For which property can I take ICICI Lombard Sookshma Udyam Suraksha policy?

ICICI Sookshma Udyam Suraksha can be taken for all properties except Individual dwellings and housing societies. Assets that cab covered under the policy are Building including plinth, Basement and additional structures, Plant & Machinery , Stocks – Raw Material, Finished goods and stocks in process, Other contents.

How long does this cover protect me?

Policy period upto 12 months as opted and mentioned in the policy document.

Can this policy be cancelled and will my premium be returned?

You can cancel this policy at any time during the policy period. Premium will be returned on the pro-rate basis.

What are the objectives of fire insurance?

The objective of fire insurance is to cushion you financially in the event your property suffers from fire-related damages.

Which companies provide fire insurance?

All general insurance companies in India, including ICICI Lombard, provide fire insurance.

How many types of fire insurance are there in India?

Standard fire insurance, consequential loss fire insurance, valued policy, floating policy, and specific policy are some of the fire insurance policies in India.

What are the built in coverages of ICICI Bharat Sookshma Udyam Suraksha Policy?

Basic cover includes

  • Fire, including due to its own fermentation, or natural heating or spontaneous combustion
  • Explosion or Implosion
  • Lightning
  • Earthquake, volcanic eruption, or other convulsions of nature
  • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation.
  • Subsidence of the land on which Your Premises stand, Landslide, Rockslide.
  • Bush fire, Forest fire, Jungle fire
  • Impact damage of any kind, i.e., damage caused by impact of, or collision caused by, any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
  • Missile testing operations
  • Riot, Strikes, Malicious Damages
  • Acts of terrorism
  • Bursting or overflowing of water tanks, apparatus and pipes
  • Leakage from automatic sprinkler installations.
  • Theft within 7 days from the occurrence of and proximately caused by, any of the above insured events

Can I cover curios and works of art under ICICI Lombard Sookshma Udyam Suraksha policy?

Yes on agreed value basis subject to valuation certificate being submitted and accepted by us.

Are machinery and equipment temporarily removed for repairs, cleaning or similar purposes covered under ICICI Lombard Sookshma Udyam Suraksha Policy?

No

What is the premium for fire insurance?

Premium for fire insurance is the money you pay to the insurer for your fire insurance policy. The insurer provides you coverage after you pay the premium.

How is fire insurance premium calculated?

Your building’s total value and assets form the basic factor for premium calculation. The sum insured opted for also determines the premium.

Does the ICICI Bharat Sookshma Udyam Suraksha cover the entire claim?

Yes. Excess amount of 5,000/- for each claim is deducted and remaining is paid.

How do I make a claim?

There is no limit on number of claim admissibility

  • If you suffer a loss that is covered by this policy, you must make a claim. We will verify the claim and accept it if it is according to the terms and conditions of this policy.
  • When you suffer loss to any Insured Property because of an Insured Event, You must
    • give notice to us immediately
    • report to police, fire authorities and other appropriate legal Authorities
    • take all reasonable steps to prevent further damage to Insured Property
    • preserve and collect evidence, take and preserve photographs,
    • assist Us and Our representatives in collecting evidence and details, give us all information, books of accounts, and other documents etc
    • submit claim form at the earliest opportunity but within 30 days from date You first notice the loss or damage

What documents are needed for fire insurance claims?

Policy documents and proof of loss are the two most essential documents you need for fire insurance claims.

What are provisions in the policy to exclude inbuilt perils (ex. STFI) to arrive at reduction in Price?

There are no provision in the policy to exclude Inbuilt Perils.

Does ICICI Bharat Sookshma Suraksha policy allow underinsurance Waiver?

In these products, underinsurance is waived up to 15%, but beyond that underinsurance is applicable to full extent.

What is the provision to increase/decrease the sum insured during the policy period?

At the Request of the insured, Sum insured under the policy can be increased / decreased subjected to payment of Premium.

Whether there will be an impact on policy wording due to increase in policy sum insured, once it falls in next SI Slab i.e. Policy SI changes from 0-5 Cr slab to 5-50 Cr slab.

During Mid-term, there will be no impact on Policy wording due to SI increase. However, at the time of renewal, applicable policy wording as per sum insured will be selected while policy issuance.

Whether extension of short period policy is possible in the product?.

Extension of short period policy is not possible, however annual policy can be issued on completion of Short period.

What is the basis of sum insured in this policy?

  • For Building, Plant and Machinery, Furniture, Fixture and Fittings and any other contents: Reinstatement Value.
  • For Stocks:
    • For raw material: Landed Cost at Your Premises.
    • For stock in process: Input Cost of the stock at the time of damage,
    • For finished stock: the Manufacturing Cost of the finished stock or the Contract price of goods sold but not delivered

What kind of commercial enterprise is this policy meant for?

Offices, Hotels, Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/ Manufacturing risks, Storage risks outside the compound of Industrial/ Manufacturing risks and Tank farms/Gas holders outside the compounds of Industrial/ Manufacturing risks.

How much do I pay for this policy and how is my premium calculated?

The premium for the Insurance depends on

  • The nature of insured property, viz. building, plant & Machinery, stock etc.
  • The Sum Insured opted
  • The nature of the Insured business and activity being carried
  • Claims experience past 3 years.
  • Various factors that define the risk profile of the enterprise.

What are my obligations of the insured in this policy?

  • You have some obligations to fulfil. You must
    • state all and true information about Yourself, Your property and Your business when You submit a proposal.
    • make true and full disclosure in Your claim and documents supporting the claim.
    • give Us full cooperation for investigating the claim that You will make.
    • make a claim when You suffer loss, and follow the claim procedure.
    • ensure that unauthorised persons do not occupy Your premises and whenever Your premises is unoccupied, ensure that all security procedures are in force.
    • Inform to Us change in circumstances such as change in nature of business or process, premises or if any part of it no longer is solely occupied by You, premises remain unoccupied for more than 30 days or You change the use of the premises or building.
  • Note:The above list is not exhaustive.

What is the effect of death of the insured on this policy?

If you are an individual, the policy will continue for the benefit of Your legal representatives until the end of the period of the policy.

What will happen if the value at risk for all insurable assets exceeds ₹ 5 Crore during the policy period?

If the value of Insurable Assets exceeds ₹ 5 Crore during the Policy Period, the cover under Bharat Sookshma Udyam Suraksha policy will continue until expiry of the policy. However, on renewal, Bharat Sookshma Udyam Suraksha policy has to be replaced with the applicable policy.

Can I make changes to this policy during the policy tenure?

You can choose to make changes to the covers of this Policy, for example, take additional cover, or increase or reduce any sum insured, you must make a proposal or request for any change. It will be effective only after we have accepted your proposal, and you have paid the additional premium where applicable.

Product Product Code UIN no.
ICICI Bharat Sooksham Udyam Suraksha 1016 IRDAN115RP0006V01202021
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