Theft Insurance

 Theft insurance covers the loss of your business assets when someone intentionally or dishonestly takes them permanently without your permission. It also covers any damages caused to your business assets or premises during the theft. 

Theft insurance applies when someone enters your business premises without using force or violence and commits theft. This makes it different from Burglary Insurance, which covers theft involving unauthorised, forcible and violent entry.

For example, if someone like a visitor steals equipment during business hours with no signs of forcible entry, it is considered theft. On the other hand, if someone breaks into your premises using forcible entry to steal your property, it is considered burglary.

Therefore, theft insurance protects your business assets even when there is no sign of force or violence, but valuable assets still go missing.

At TATA AIG, we offer theft insurance coverage as an additional optional cover with burglary insurance plans. With us, you can purchase burglary insurance with coverage for theft to ensure comprehensive protection for your business assets and premises.

• Customisable Options

Customise your business insurance policy for theft by including theft insurance as an additional coverage based on your specific needs.

• Simple Online Purchase

Purchase TATA AIG Theft Insurance online in a few simple steps. Just choose your business description to get started.

• Coverage for Various Types of Businesses

From small-scale businesses like cafes, grocery stores, cycle sheds and garment shops to large-scale businesses like cement factories, sewage treatment plants and fuel stations, we cover various business sectors.

• Quick and Hassle-free Claim Settlement

Benefit from quick and hassle-free claim settlements with prompt intimation and complete documentation.

• Retail Store Owners and Warehouses

Businesses, such as grocery stores, warehouses, supermarkets, textile stores, and electronics shops store valuable goods. Theft insurance helps protect stock and reduce financial loss.

• Cafe and Restaurant Owners

Food businesses like restaurants and cafes use costly appliances and kitchen equipment. Theft insurance helps in safeguarding them for smooth operations.

• Office-based Businesses

Office-based businesses and start-ups, such as IT firms, rely on electronics. Theft insurance covers laptops and other devices to ensure business continuity.

• Healthcare Centres and Educational Institutions

Hospitals and schools use valuable equipment, such as diagnostic machines, lab tools and computers. Theft insurance covers them to support uninterrupted service.

• Manufacturing Units

Manufacturing units use expensive plant and machinery, tools and raw materials. Theft insurance protects these assets to maintain business operations.

Also Read: Theft Insurance for Godown

Installing safety devices can not only protect your property but also reduce your theft protection insurance premium.

• Instal Physical Security Systems

Use CCTV cameras to monitor your business premises 24/7, and keep upgrading your lock system at all entry points.

• Instal Digital Security Systems

Set up burglar alarms customised to your business premises and ensure that they can be controlled and monitored remotely on your smart devices.

• Review and Update Access Control

Use biometric access controls and regularly monitor them for suspicious activity or unauthorised entry.

• Limit Acces

Restrict entry and access to key areas and expensive equipment within your business premises to only authorised employees.

• Conduct Background Check

Ensure to perform detailed background checks on newly hired employees as a preventive action.

• **Staff Training

Educate employees to identify theft risks and follow the necessary protocols when suspicious activity occurs.

TATA AIG offers theft insurance as an additional optional cover for enhanced protection with burglary insurance. Coverage for burglary and theft can be purchased as a package, such as fire and theft insurance.

Choose a policy based on the nature of your business operations, the value of assets at risk and the types of risks involved to get the right protection.

• TATA AIG Plans that offer Theft Insurance as an Additional Optional Cover

• Business Guard Sookshma Package Policy

The Business Guard Sookshma Package Policy covers your business property for a sum insured of up to ₹5 Crores at a single location. It is designed to protect small and medium-scale businesses with moderate value of assets at a single location.

• Business Guard Laghu Package Policy

The Business Guard Laghu Package Policy offers coverage for your business property with a sum insured above ₹5 Crores and up to ₹50 Crores at a single location. It is ideal for businesses with higher-value assets at a single location and needs broader protection.

• Assess your Business Premises

Evaluate your business premises, location and assets to determine the extent of financial losses in the event of a theft incident.

• Consider the Various Options

Review the theft insurance policy documents and choose the policy that best suits your specific business requirements.

• Be Clear about the Exclusions

Check the policy exclusions before purchasing the policy to avoid claim rejections later.

• Provide Accurate Details

Be specific while mentioning your business description and assets to ensure appropriate coverage.

• Understand the Claim Settlement Process

Keep yourself well informed of the claim steps and required documents for a smooth experience.

Damage or Loss to Contents

Covers damage or loss (replacement or reinstatement costs) to movable items like plant and machinery, furniture, fittings and other contents within the premises.

• Damage or Loss to Stocks

Covers landed cost for raw materials, input cost for stock-in-process, and manufacturing cost for finished goods due to theft in case of stocks.

• Damage or Loss to Newly Acquired Assets

Covers damage or loss to newly bought assets (excluding stocks). However, it is subject to 5% of the sum insured.

• Damages to Business Premises

Covers physical damage caused to your business premises during a theft per the policy terms and conditions.

• Replacement or Repair of Locks and Keys

Covers the expenses incurred towards repairing or replacing the locks and keys damaged or stolen during a theft.

• Repair Cost of Overhead Tanks and Underground Pipes or Cables

Covers the repair costs for overhead tanks, underground pipes, and cables damaged during a theft.

• Bullion, Unset Precious Stones, and Art Work

Covers the agreed value of these items based on a Valuation Certificate.

Please Note: Review the policy document carefully, as theft insurance coverage and inclusions may vary depending on the nature of your business and the specific policy terms and conditions.

• Loss of Jewellery and Valuable Items

Does not cover theft of possessions, such as gold or silver items, jewellery, medals, coins, sculptures, models, plans, etc., unless mentioned specifically.

• Natural Disasters and Fire

Does not cover losses due to natural disasters, such as earthquakes, cyclones, volcanic eruptions, etc and fire. You can purchase Fire and Burglary Insurance as a package.

• Documents

Does not cover theft or damage to business documents, such as bonds, bills of exchange, money, promissory notes, book of accounts, etc.

• Loss or Damage if a Known Person is Involved in the Theft

Does not cover theft involving family members, employees, group members or other inmates.

• Loss or Damage due to Negligence

Does not cover damages and losses due to carelessness, errors or willful omissions.

• Theft Outside the Insured Premises

Does not cover items lost from locations not insured under the theft insurance policy.

• Loss from Pilferage and Spillage

Does not cover minor thefts and losses or damages due to spillage of contents.

• Losses due to Modifications made to the Premises

Does not cover losses or damages due to modifications made to the premises that increase the risk of theft.

• Permanent or Temporary Dispossession

Does not cover losses from items taken by legal authorities permanently or temporarily.

• Losses due to Inoccupancy

Does not cover theft if the premises remain unoccupied or unattended for 30 or more consecutive days.

Please Note: This is not an exhaustive list of exclusions. Please refer to your policy document for the complete details of exclusions applicable to your coverage.

• Inform us about the Claim

Notify us about the incident and the claim immediately after the incident. You can initiate a claim online or offline. A Relationship Manager will be assigned to help you.

• Determine the Losses

Make a list of all the insured articles or properties that have been stolen. Also, make note of the damages caused to your business premises.

• Gather Evidence

Collect evidence, such as videos and photographs and all the required supporting documents.

• Fill out the Claim Form

Get the claim form online or from the Relationship Manager and fill out the details accurately.

• Submit and Register

Submit the claim form and the supporting documents online or offline with the help of your Relationship Manager to register the claim.

• Property Survey

We will assign a surveyor to investigate your claim and determine the actual losses.

• Claim Assessment and Settlement

We will assess your claim, verify your documents and process the payout if it gets approved.

The premium for a theft insurance policy is calculated based on multiple factors. Here are the key factors:

• Location and Business Premises

If your business is located in an isolated or high-risk area with multiple entry points, the chances of theft are higher. This leads to a higher premium.

• Property Value

A higher value of business assets increases the potential loss. This increases the theft insurance premium.

• Coverage Required

The amount of sum insured required will significantly impact the theft insurance premium. The higher the coverage required, the higher the premium.

• Security Measures

Installing security systems, such as CCTV cameras and burglar alarms, reduces the possibility of theft and lowers your premium.