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ACKO Bharat Sookshma Udyam Suraksha
| Coverage upto Rs. 5 crores* | Inbuilt floater cover for stocks located at more than one location | Option to buy Declaration Policy cover for fluctuations in stocks/stocks value subject | Waiver of underinsurance up to 15% |
Bharat Sookshma Udyam Suraksha
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If you own or run a micro-business enterprise, you are well aware of the challenges of owning/running such a business. Any fire or allied perils related mishaps can damage your building or stocks, which can lead to heavy financial losses. Such fire hazards are unpredictable, but you can be prepared for such situations by insuring your business property. ACKO Bharat Sookshma Udyam Suraksha is one such policy that provides financial assistance in case of mishaps.
What is ACKO Bharat Sookshma Udyam Suraksha?
Meaning:
It is an insurance policy that offers financial backup in case of loss or damage to building, plant, machinery or stocks due to an accident or unfortunate incident. The insurance policy also covers the stocks/furniture, fixtures inside the building.
Coverage:
The coverage benefits of ACKO Bharat Sookshma Udyam Suraksha policy depend on the coverage you have purchased.
Coverage of ACKO Bharat Sookshma Udyam Suraksha
Listed below are the coverage options under this policy:
Key Features and Benefits of ACKO Bharat Sookshma Udyam Suraksha
Refer to the table below for key features and benefits of the insurance plan.
| Features | Benefits | |
| Coverage | The insurance policy provides coverage if the value of the property/assets at one location does not exceed Rs. 5 crores during the commencement of the policy. | |
| Standard cover | The standard cover of the policy provides coverage against partial and total loss of the insured property, plant, machinery and stocks. | |
| Add-on cover | You can purchase the add-on cover to insure the stocks, whose condition/value frequently fluctuates, subject to certain conditions. | |
| Inbuilt covers | The policy comes with an inbuilt cover that covers stocks on a floater basis. The inbuilt cover also covers the temporary removal of stocks, professional fees, etc. | |
| Underinsurance waiver | Underinsurance waiver is a special feature of the policy, in which the underinsurance is waived up to 15%. |
Inclusions: What’s Covered Under ACKO Bharat Sookshma Udyam Suraksha?
Listed below are the inclusions of the policy, provided you have opted for maximum coverage. You can also read the policy documents for a detailed explanation of coverage benefits.
1. Damage or Loss due to Fire
Loss, damage or destruction of the insured property due to fire, spontaneous heating, natural heating or fermentation, explosion or implosion.
2. Natural Disasters
Coverage against loss, damage or destruction of the property/stocks due to natural calamities (earthquakes, storms, cyclones, floods, landslides, etc).
3. Damages due to Impact
Impact damages due to impact or collision of external physical objects such as falling trees/walls, vehicles, aircraft, etc., are considered as inclusions.
4. Man-Made Calamities
Coverage if the insured building, plant or stocks are damaged/destroyed due to man-made disasters (riots, an act of terrorism, vandalism, etc.).
5. Damages due to Plumbing Failure
Loss or damage to the insured property due to overflow/bursting of water tanks and pipes, leakage from sprinkler installations are covered by the policy
6. Theft of Articles/Stocks
Theft of articles or stocks within 7 days of the occurrence of loss or damage to the insured property is considered as inclusions of the policy.
7. Additions, Alterations or Extensions
Any additions, alterations or extensions to the insured property are covered up to 15% of the Sum Insured specified (excluding stocks).
8. Temporary Removal of Stocks
Loss due to temporary removal of stocks to other premises for fabrication, processing, or finishing are covered up to 10% of value.
9. Start-Up Expenses
Start-up expenses incurred due to insured events are covered up to Rs 1 lakh.
10. Professional Fees
Professional fees of architects, consulting engineers and surveyors are covered up to 5% of the claim amount.
11. Removal of Debris
Expenses incurred due to the removal of debris are covered up to 2% of the claim amount.
12. Fluctuations in Stocks
Optional add-on cover. Fluctuations in stocks/stocks value subject to certain conditions are covered by the policy, provided you opt for the Declaration Policy standard add-on cover.
Exclusions: What’s Not Covered Under ACKO Bharat Sookshma Udyam Suraksha?
Here are the major exclusions of the insurance policy. You can refer to the policy wordings for more details of each exclusion.
1. Cold Storage Stocks
Loss, damage or destruction of the stocks in cold storage premises due to change of temperature are considered as exclusions of the policy.
2. Loss or Damage to Electricals
The policy does not cover loss, damage or destruction to any electrical machine, apparatus due to short circuits, self-heating, or leakage of electricity.
3. Pollution or Contamination
The loss or damage caused to the insured property, stocks due to pollution or contamination are not covered by the insurance plan.
4. Consequential Loss
It does not cover any consequential or indirect loss/damage due to the consequences of an insured event. Loss of earnings, loss by delay, loss of medical expenses, etc., are excluded.
5.Impact of War
Loss or damage to the insured property due to war, invasion, war-like operation, foreign enemy hostilities, civil war, etc., are not covered by the insurance policy.
6. Effects of Radiation
The policy does not cover any loss or damage to the insured property due to radiation/contamination from any nuclear fuel or nuclear waste.
How to Buy ACKO Bharat Sookshma Udyam Suraksha Policy?
You can buy the policy in a few minutes, thanks to the simple and quick online process. Below are the steps to purchase the policy:
1. Visit the website www.acko.com and download the policy proposal form.
2. Read the proposal form carefully and fill in all the details.
3. Accept all the declarations and sign the policy proposal.
4. Send the duly filled and signed proposal to [email protected].
5. ACKO will send you the policy quotation in your email within the next working day.
Why Buy ACKO Bharat Sookshma Udyam Suraksha Insurance Policy?
1. Digital Process
The process of insurance purchase/renewal at ACKO is hassle-free, thanks to the tech-enabled digital process. You need not fill lengthy forms to buy/renew the policy. ACKO’s buying journey is hassle-free and convenient, and you can purchase ACKO Bharat Sookshma Udyam Suraksha plan within a few minutes.
2. No Hidden Cost
You need not pay any commission while buying an insurance policy on ACKO. There is no agent/middlemen as ACKO directly interacts with the customers. Hence, you only pay for the insurance policy, and there are no hidden costs.
3. Transparent Process
From claim settlement to renewal, all the processes are digital and transparent on ACKO. The purchase/renewal process is hassle-free, and you can access your policy details anytime and from anywhere.
Eligibility Criteria for the Policy
Below are the eligibility criteria to buy the insurance policy:
If you carry on any business of manufacturing/production of goods or providing services.
If you own or legally responsible for your business.
If the value of your insurable assets is not more than Rs. 5 core at the policy commencement date.
Frequently Asked Questions
Below are some of the most commonly asked questions and their answers related to ACKO Bharat Sookshma Udyam Suraksha Policy.
FAQs
Who can buy this policy?
You can buy ACKO Bharat Sookshma Udyam Suraksha policy if you own or use (tenant/on lease) a plant, machinery, stocks or other property. The value of the insurable assets at one location should not be more than Rs 5 crore during the commencement of the policy.
What is the main benefit of this policy?
The benefit of the ACKO Bharat Sookshma Udyam Suraksha Policy is that it provides financial assistance if your building, plant, machinery or stocks are damaged or destroyed due to unfortunate incidents.
What is the tenure of ACKO Bharat Sookshma Udyam Suraksha plan?
The tenure of the insurance policy is 1 year.
Can I make changes to the policy?
Yes, you can make changes to the policy. You can purchase additional covers or increase or decrease the sum insured. To make such changes, you have to make a proposal or request.
Is floater cover for goods included with the policy?
Yes, the insurance policy comes with an inbuilt cover, which includes coverage for stocks located at more than one location.
Claim Process for ACKO Bharat Sookshma Udyam Suraksha Policy
Filing a claim against an insurance policy can be time-consuming if the process is not simple to understand. But on ACKO you can raise a claim within a few minutes thanks to the 100% digital process.
How to File a Claim?
Visit the ACKO website or download the mobile application. Log in to your account and file a claim by following the instructions. Once you have answered all the questions, you can submit the claim request.
You should file the claim within 30 days of the occurrence of the loss or damage, or destruction.
Documents Required to File a Claim
There is no standard set of required documents as it can vary, depending on the type of loss or damage. ACKO’s claims team will notify you regarding the required documents during the claim settlement process. Below are some of the commonly required documents:
Claim Form (Duly filled and signed)
Copy of FIR issued by the Police (If required).
Medical Certificate or any other hospital-related documents (If required).
Any other relevant documents depending on the nature of loss/damage.
Downloads for Bharat Sookshma Udyam Suraksha Policy, ACKO:
#36/5, Hustlehub One East, Somasandrapalya 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102