Safeguarding one’s Business against unforeseen events.
SMEs are acclaimed to be the backbone of the Indian Economy. But the sudden outbreak of COVID-19 and prolonged lockdown has brought about a very distressing time for Small and Medium Enterprises in India. On 14th May 2020, the Government of India announced a Rs. 20 lacs crores Economy Stimulus package, which includes 6 relief measures to bring India’s vast MSME sector back to life.
Government has also made it mandatory for all employers which resume functioning as the Lockdown gets over or relaxed, to provide medical insurance to their employees. SMEs may take the Mediclaim Policy from Private and Public sector Insurance companies to comply the mandatory Medical insurance coverage to workers as per the directions of the Ministry of Home Affairs, Government of India dated 15/04/2020.
The SME Package Insurance cover gives the flexibility to combine cover of one’s choice in a single policy. The risks that are typically covered under this policy include fire, earthquakes, flooding, burglaries, theft and vandalism, property loss due to accidents, etc. Legal Liability insurance provides you cover against legal liabilities arising due to personal injury and/or losses caused to employees, customers, business partners and other third parties. This may cover accidents that occur on the premises, as well as incidents arising out of the use of the business products and/or services. Generally, the Scope of cover under the package policy consist of section wise.
Section 1: Fire Material Damage
Section 2: Burglary (Business Premises)
Section 3: Public Liability for Industrial and Non-Industrial risks
Section 4: Money Insurance
Sometimes the SMEs leave insurance to the lenders that they have borrowed from in which case most of the times the covers may be lower or different than what the entrepreneur should actually have. It is advisable for the SMEs to select optimal size of covers to protect their assets and enterprise to save from the unforeseen events.
If you are facing any difficulty with regard to SME Insurance claim process, SME Insurance claim rejection etc., you can contact us at Insurance Samadhan. We are always there to help! At InsuranceSamadhan.com, we have helped resolve over 12,600 customer grievance cases in the past related to all types of Insurance products.
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