Commercial Property Insurance

A commercial property insurance policy is necessary for any business that owns or operates from a building and has valuable assets to protect.

Here are some common business types that may benefit from this fire insurance policy coverage:

There are two types of property insurance for business, also known as fire insurance plans. The key difference between them is the maximum value of property and assets that can be insured from a single location.

• Business Guard Sookshma Package Policy

Designed for businesses with a total value of insured property not exceeding ₹5 crore at one location.

• Business Guard Laghu Package Policy

Designed for businesses with a total value of insured property above ₹5 crore and up to ₹50 crore at one location.

The coverage available under these policies is offered under three commercial property insurance plans by TATA AIG.

Types of Property Insurance for Commercial Property Offered by TATA AIG

• Silver - Includes coverage for fire insurance and burglary insurance.
• Platinum - Includes coverage for fire, burglary, and money insurance.
• Gold - Includes coverage for fire, burglary, money, and public liability insurance.

Inclusions

• Fire and Allied Perils - Covers loss or damage to your business building and assets caused by fire and allied perils, such as fire, lightning, explosion or implosion, landslides, earthquake, storm, riots, and more.
• Burglary - Covers loss or damage to your business property and contents due to burglary, housebreaking, or armed robbery.
• Money - Covers loss of money kept in a safe, in transit, or at the counter due to burglary, theft, robbery, or armed robbery.
• Public Liability - Covers your legal liability to pay compensation for accidental bodily injury to third parties or accidental loss of or damage to third-party property. It includes claimant’s legal costs and expenses.

Exclusions

• Fire due to heating or drying process or an order issued by a Public Authority
• Explosions or implosions caused to boilers, economisers, machinery or apparatus in which steam is generated.
• Landslides caused by normal cracking, coastal or river erosion.
• Riots or strikes due to government actions.
• Burglary of cash, valuables, and other items not specifically insured.
• Loss of money due to employee fraud, unsafe storage, or failure to follow security measures.
• Third-party liabilities due to natural disasters, fines or penalties, or intentional violation of law.

Please note: These are some of the key inclusions and exclusions. Kindly refer to the policy document for complete details and the specific conditions that may apply.

In addition to the inbuilt commercial building insurance coverage, you can choose optional add-ons for enhanced protection.

Here are some of the common add-ons:

• Portable Equipment - Covers loss or damage to portable equipment such as laptops, tablets, mobile phones, or any other devices belonging to your business.
• Neon Sign - Covers loss or damage to neon signs and third-party liability.
• Baggage - Covers accidental loss, destruction, or damage to the personal baggage of the insured or an employee while travelling on a business trip.
• Plate Glass - Covers accidental loss or damage to plate glass fixed at the business premises due to risks covered under the policy.
• Protection against Terrorism - Covers loss or damage to your insured business property caused by acts of terrorism or intentional damage.

Please note: The above list of add-ons is not exhaustive and subject to terms and conditions. Please read the policy document carefully to know the details.

The premium for a commercial property insurance plan depends on various factors related to your business property and the assets you choose to cover.

Here are some of the key factors that influence your premium:

• Type and Nature of Business - Businesses with higher operational risks like manufacturing units, restaurants, and warehouses generally have higher premiums.
• Coverage for Building - The total market value of the building and adjoining structures affects the commercial building insurance policy premium.
• Coverage for Contents - The total value of your plant and machinery, furniture, fixtures, and fittings, raw materials, stock-in-progress, and finished goods also impacts the premium.
• Location - Businesses built at prime locations in a metro city will cost more to insure compared to those in tier-3 cities.

You can use the commercial property insurance calculator available at the top of this page to calculate your premium instantly.

• Assess Your Risks: Understand potential threats, such as fire, theft, natural disasters, or equipment damage.
• Determine the Value of Assets - Determine the total value of your business property and its contents to be insured.
• Compare Policy Options - Compare the policy options based on the business property insurance coverage offered. Choose a suitable policy that will ensure adequate protection for your business assets.
• Check Add-ons: Choose add-ons for additional protection to cover risks specific to your business.
• Review Policy Terms: Read exclusions, deductibles, sum insured limits and claim conditions carefully.
• Check Premium: Check out the commercial property insurance cost and balance it with your requirements.

1. Navigate to the Purchase Option: Navigate to the calculator at the top of this page and select the type of your business premises.

2. Enter Your Mobile Number: Input your mobile number and click on ‘Get Started’. Enter the OTP (one-time password) for verification.

3. Enter Business and Coverage Details: Provide the required details, including business category, location, coverage type, and sum insured. Click on ‘View Quote’.

4. Choose Your Plan: View and compare the plan options and premium breakup. Include add-ons if required. Provide the KYC details and proceed.

5. Pay the Premium: Pay the final premium to complete your policy purchase.

1. Notify TATA AIG: Inform TATA AIG about the loss or damage as soon as possible. You can contact us through any convenient channel, such as phone, email, or our website.

2. Take Steps to Prevent Further Damage: Until a surveyor visits and assesses the damage, do not clean, dispose of, or sell any damaged item.

3. Notify Relevant Authorities: Inform the relevant authorities, such as the Fire Brigade in the event of a fire accident and the Police in case of other incidents like impact damage.

4. Surveyor Visit and Document Submission: A surveyor will be appointed to inspect and assess the extent of damage. Share the required documents like the claim form, FIR (if needed), photos and proof of loss.

5. Claim Process and Settlement: We will review your documents and process your claim. Once approved, the claim amount is settled within the specified timeline.