Theft Insurance

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Theft Insurance

No doubt, technological advancements have transformed the security landscape to the next level. However, we cannot ignore the fact that the culprits and criminals are also getting smarter. They are always finding new ways to break into your property and steal your valuables.

If you are a business owner, there is always an unknown threat of theft that does not let you sleep peacefully, knowing that your business property or goods are exposed to this dangerous risk.

This is where having a theft insurance policy becomes critical. It is a specially designed insurance policy that allows you to get compensated for the losses and damages arising from a theft or burglary.

In this blog, we will discuss everything you need to know about theft insurance, including its meaning, coverage, and benefits. We will also discuss how to make a theft insurance claim.

Keep reading!

What is Theft Insurance?

Theft insurance refers to a type of business insurance that offers comprehensive coverage against robbery, burglary, or any related event. Under this policy, the insurance company is responsible for providing the required financial support to the insured to recover from the resulting losses of a theft case.

Understanding Theft Insurance Coverage in India

Before investing in a theft insurance policy, it is necessary to under its list of inclusions. Following

are the events that are commonly covered by theft insurance policies in India:

Damage done to the premises

Damage or loss of the contents

Replacement or repair of locks and keys

Damage or loss to equipment, machinery, or apparatus

What is Not Covered Under Theft Insurance?

Theft insurance is generally comprehensive in nature. However, there are certain exclusions as follows:

Loss of jewellery, artwork, etc.

Fire (a fire insurance policy can be purchased separately)


Loss or damage if a known person is involved in the robbery (housemaid/employee/family member, etc.)

Losses or damages due to negligence

Theft outside the insured premises

Benefits of Theft Insurance

There are many advantages to buying a theft insurance policy. Some of them are listed below:

Financial Security: First and foremost, a theft insurance policy provides you with financial support and security in the face of an unprecedented theft event. It ensures that you have enough funds to deal with the resulting losses and damages.

In short, the compensation offered by your insurance company acts as an emergency fund that allows you to recover from the losses.

Comprehensive Coverage: Another benefit of theft insurance is that you can get desired coverage depending on your risks and requirements. In other words, different types of theft insurance policies can be made more comprehensive by adding specific add-ons such as identity theft insurance cover, legal document cover, etc.

Business Recovery: Theft insurance makes sure that your business operations do not get hindered by any kind of unfavourable event. By making a fire insurance claim, you can be reimbursed for your losses and get your business back to its normal state.

Repair and Replacement Assistance: Insurance providers also offer repair and replacement of your safety equipment, such as locks, keys, and other apparatus.

Peace of Mind: Most important of all, having theft insurance relieves you from the stress of losing your valuables and facing any kind of damage or loss. You can sleep peacefully knowing that your insurance provider has got your back.

How to Make a Theft Insurance Claim?

While making a theft insurance claim is straightforward, the process can vary from one insurance company to another. Following is the standard approach for filing a theft insurance claim:

Inform the Insurer: The very first step is to inform your insurer and report the entire theft or burglary incident to them. This should be your first action after learning about the occurrence of the unfortunate incident.

Determine the Losses Once you have informed your insurance provider, take your time to carefully determine the losses and damages you have incurred in the theft incident. In simple words, make a list of all the insured articles or properties that have been stolen or damaged.

Submit the Claim Form: Next, you need to fill out a claim form and submit it to the insurance company, along with the relevant documents and evidence of theft.

Property Survey: After you submit the claim form, the insurance company will conduct a property survey to verify the claim and determine the actual losses and damages. Once everything is done, the company will reimburse you as per the agreed contract.

Final Words

Theft is perhaps the biggest concern of every property or business owner. Regardless of how advanced your security arrangements are, there is always a possibility of security breaches. This is why it becomes crucial to have theft insurance as a backup plan.

While theft or burglary is common, it is not the only threat your property is exposed to. So, instead of buying individual policies for a different kind of risk, you can purchase a comprehensive SME business insurance, such as our Tata AIG Fire and Burglary Insurance.

Not only does it offer protection against burglary, but it also protects you against a variety of other risks, such as fire, explosions, natural calamities, strikes and riots, and so on. Not just that, you can make your fire insurance policy even more comprehensive by purchasing the necessary add-ons.

Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

Related Articles

Will my stolen legal documents be reimbursed by burglary insurance India?

Will my stolen legal documents be reimbursed by burglary insurance India?


No, any kind of document is not covered in most theft and burglary insurance in India. However, some companies provide add-ons for such types of coverage requirements. You can easily purchase them at an added cost.

Is theft and burglary insurance India the same?


No, theft and burglary are two different events. While theft is an act of stealing any kind of article, burglary refers to illegally breaking into someone’s property and taking things forcibly. Thus, theft insurance covers burglary and any kind of related event. However, burglary insurance only offers coverage for burglary. If you are buying burglary insurance, it is recommended to purchase a theft insurance add-on to make it more comprehensive.

How can I reduce the premium of theft insurance?


You can reduce the premium of your theft insurance by removing the unnecessary add-ons from your policy. Besides, the theft insurance premiums are decided based on the risk you are exposed to and the preventive measures you have taken. So, by taking enough preventative measures to lower your risk, you can significantly lower your premiums. For this, you can install safety devices like theft alarms, CCTV cameras, etc.