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Office Package Policy: Compare & Buy Office Insurance India
Office insurance is a type of insurance that provides comprehensive coverage against any losses that you may suffer due to the threats that impact the operations of your office. Since this is a comprehensive policy, it takes into account all the risks that a business faces in its course and the insured can suitably avail all the benefits.
What is Covered under Office Insurance?
Office insurance policies usually come in the form of an office package insurance policy that provides comprehensive coverage for:
- Any damage to the property that has been insured including the structure.
- Dishonest or misuse of office data by employees which can result in a financial loss.
- Any legal liabilities that the firm owes to 3rd parties.
- Items inside the property like furniture, appliances, storage units, carpets, etc.
- Workmen compensation claims.
- Standard fire and special perils.
- Business interruption because of losses incurred.
- Electrical and mechanical appliances.
- Electronic and portable devices.
- Cash and other assets.
- Plate glass and neon sign damages.
- Death or disability of employees due to personal accidents.
- Baggage of the insured.
What Type of Offices Can Buy Office Package Insurance?
Office insurance can be purchased by any of the following small, medium and large business owners:
- Commercial offices
- Software development offices
- Government offices
- Warehouse and manufacturing plants
- BPO and ITES call centers
What are the Salient features of an Office Package Insurance Policy?
- This insurance offers protection against any loss or damages to the insured property.
- Even if you fall into a third-party liability your business operations are safe.
- There is an additional benefit of personal accident insurance so you don’t have to purchase it separately
- Several add-on benefits can also be included with your insurance policy depending on your requirements
- Various office insurance policies like office assets insurance and office equipment insurance are also available to cater to the special needs of every customer.
- Is also a 15 day free look period where the insured person can look into the terms and conditions and make a decision of keeping the policy or rejecting it.
- Insurance provider has to be intimated within 14 days in case of an accidental claim.
- Premium amount is much lesser if the business has an incident free history. However, higher the risk of the business, more will be the premium of the policy.
- Insurance providers also offer a comprehensive office insurance that can cover risks related to multiple offices possessed by the business owner.
- There is any change in contact details or address of the business the insurance company must be imitated as the risk varies in different locations.
- If there is a change in occupation of the insured then the insurance company must be intimated as well.
What are the key Benefits of buying an Office Package Policy?
- You can cover your office against any of these losses such as;
- Explosions or implosions
- Aircraft damage
- Riots, strikes, and malicious damage
- Storms, cyclones, tornadoes, and floods
- Damage due to railroad vehicles
- Damage due to bursting or overflowing of water tanks
- Missile testing operations
- Leakage from sprinkler and water installations
- Along with the above-mentioned benefits, the office insurance policy can be altered to include as many benefits as you would like.
- Since it is a package policy, it provides comprehensive coverage for any risk that might affect the office premises or operations.
What is not covered under Office Insurance?
There are some exclusions in almost all office insurance policies which include:
- Nuclear explosions and wars.
- Underground work.
- Damage occurred due to contamination or pollution.
- Illegal activity is done by the insured.
- Intentional damage is caused by the insured.
- Expenses for specialists like designers, architects, and engineers.
- Normal depreciation is caused over time.
- Explosions that are caused due to pressure cookers of boilers.
- Goods that are being towed other than for sale purposes.
- Loss of market or earnings.
- Damage due to any gradually occurring cause such as wear and tear, moth vermin, insects, or cleaning and repairing of appliances.
- Damage to any electronic type of equipment due to the faults or defects that existed at the time of the insurance policy commencement within the knowledge of the insured.
- Public liability caused due to intentional non-compliance of a provision.
- Fines and penalties.
- A personal accident caused due to intentional self-injury or under intoxication.
- Loss of money, travel ticket, or travelers check in the baggage.
- Damage occurred due to removing or replacing a glass plate or signboard.
- Cash loss which is caused by the use of keys, duplicate keys, or use of counterfeit money.
- Burglary done by inmates or a member of the policyholder’s household or the employees.
- Any other exclusion mentioned in the original policy document.
Although some of these exclusions can be specifically added to the insurance policy with the payment of additional premium.
Which Companies Offer Office Insurance in India?
With the growing number of start-ups in India and urbanization of several locations, offices are present for almost all organizations. However, there are many risks that threat the performance of operations in your office hence many insurance companies have come out with different kinds of office insurance plans to protect you from such risks keeping in mind the day-to-day activities in an office. These include:
- Reliance General Insurance
- TATA AIG
- Future Generali
- ICICI Lombard
- Bajaj capital
What are the Advantages of Buying an Office Insurance Policy?
This insurance policy protects the office owners from several risks and uncertainty that may occur during the course of a business. There are several advantages of purchasing an office package insurance policy such as:
- Covers the loss due to damage of machines, bulldozers, Carnes, machinery, compressors and any other equipment that are used in the office.
- Covers the damage of machinery irrespective of the fact that the machinery is being used or not.
- Financially protects the business owners from the legal liabilities of two acts that are; Fatal Accident Act of 1855 and Workmen Compensation Act of 1923.
- The insured can also increase the sum insured amount at the time of the policy renewal.