Commercial Business Insurance
You are the breadwinner for your family. But your shop is the breadwinner for you! It offers you the opportunity to earn on your own terms, to be your own boss. The rising trend in consumer expenditure promises handsome returns on your investment. However these are also anxious times with uncertain law and order and ever increasing natural calamities.
Regardless of all the precautions you may take, your shop still remain vulnerable to armed robbery, riots, strikes, fire, natural disasters and freak weather conditions among other risks. Loss of income coupled with high costs of construction renders in next to impossible to repair, restore or replace your commercial property.
UIC endeavors to cushion the financial impact of loss related to your shop and stock by offering a customized insurance program for your “bread and butter” assets.
Regardless of all the precautions you may take, your shop still remain vulnerable to armed robbery, riots, strikes, fire, natural disasters and freak weather conditions among other risks. Loss of income coupled with high costs of construction renders in next to impossible to repair, restore or replace your commercial property.
UIC endeavors to cushion the financial impact of loss related to your shop and stock by offering a customized insurance program for your “bread and butter” assets.
What we are Giving
Benefits
Commercial business insurance covers loss or damage caused by:
- Armed robbery, burglary
- Riot & Strike damage
- Earthquake
- Rain, Flood, Cyclone & Severe Storms
- Acts of Malicious Persons
- Fire and Lightning
- Explosion
- Falling Aircraft and other Aerial Devices
- Impact of Motor Vehicle
- Loss of Rent
- The Loss of Rent feature covers the loss of rental income or additional expense of renting alternate shop in case an insured peril renders your shop unusable. It is only applicable if Building is covered under Shop Secure Plan Plus up to maximum of 10% of Sum Insured for Building.
This unique insurance plan includes FREE cover for Cash amounting to 5% of Sum insured for Contents upto maximum of Rs. 10,000. Cash within the limit is protected while kept in a safe on shop premises.
Along with Cash coverage, UIC also offers built-in Shop Secure Plan Plus Accident Protection for the Proposer or ONE person related to shop operations nominated by the Proposer. In case of death or permanent disability, arising out of an accident on shop premises, UIC will pay the insured or beneficiary Rs. 100,000/- (In case of death, other benefits below)
| Disability | Benefit |
|---|---|
| Loss of both eyes OR both hands or both legs | 100,000 |
| Loss of one hand | 55,000 |
| Loss of one eye or one leg | 50,000 |
You're just a tap away with our intuitive mobile app
Frequently Asked Questions
What is commercial business insurance?
Commercial business insurance provides protection to businesses by covering potential risks such as property damage, liability claims, and employee injuries. It helps safeguard a company's assets and ensure compliance with legal requirements.
Why is commercial business insurance important for my business?
It helps protect your business from financial losses due to unforeseen events like armed robbery, fire, natural disasters, and more. This coverage ensures long-term stability by safeguarding your assets and income.
What types of businesses need commercial business insurance?
Any business, from small startups to large corporations, can benefit from commercial business insurance. It is especially crucial for businesses with physical assets like shops, equipment, and inventory that are vulnerable to damage or theft.
Does UIC offer customized commercial insurance plans?
Yes, UIC provides a customized insurance program tailored to protect your business's essential assets such as shops and stock under the Shop Secure Plan Plus.
What risks are businesses typically exposed to without insurance?
Without insurance, businesses are vulnerable to financial loss from property damage, legal liabilities, business interruptions, employee injuries, and other unforeseen incidents like riots or natural disasters.
How do I file a claim if my business property is damaged?
To file a claim, contact UIC's customer service team as soon as possible after the incident. Provide relevant documentation such as proof of loss, photographs, and repair estimates for assessment.
What documents are required to file a claim for robbery or burglary?
You’ll need to submit a police report, proof of forced entry, and an inventory of stolen or damaged items. Ensure to keep detailed records of all assets in your shop for a smoother claims process.
How long does it take to process a commercial insurance claim?
Claim processing times may vary depending on the complexity of the incident. Generally, UIC aims to process claims as quickly as possible, typically within a few weeks after all required documents are submitted.
Can I claim for loss of rental income if my shop becomes unusable?
Yes, under the Shop Secure Plan Plus, UIC covers up to 10% of the sum insured for building-related rental income loss if an insured event renders your shop unusable.
Are there any exclusions to making a claim?
Claims may be excluded for events not covered under the policy, such as intentional damage or pre-existing conditions. Always review your policy for specific exclusions and conditions.
What does UIC’s commercial business insurance cover?
UIC’s plan covers risks such as armed robbery, riots, strikes, fire, lightning, natural disasters, earthquakes, malicious acts, and accidents related to motor vehicles, aerial devices, and falling aircraft.
Is cash on the premises covered under the insurance plan?
Yes, UIC offers free coverage for cash, amounting to 5% of the sum insured for contents, up to a maximum of Rs. 10,000, while the cash is kept in a safe on the shop premises.
Does the plan cover injuries or death caused by an accident in the shop?
Yes, UIC offers accident protection that covers up to Rs. 100,000 in case of death or permanent disability arising from an accident on the shop premises for one individual related to shop operations.
Are natural disasters like floods and cyclones covered?
Yes, UIC’s commercial business insurance plan covers natural disasters, including rain, floods, cyclones, and severe storms.
What is the limit on coverage for loss of rent?
UIC covers loss of rental income up to a maximum of 10% of the sum insured for the building if the shop becomes unusable due to an insured peril.
How do I renew my commercial business insurance policy with UIC?
To renew your policy, contact UIC before the expiration date to ensure continued coverage. You can renew the policy by paying the renewal premium based on the updated value of your assets.
What happens if I forget to renew my commercial insurance policy?
If you fail to renew your policy on time, your coverage will lapse, leaving your business vulnerable to risks. It's recommended to renew before expiration to avoid a gap in coverage.
Can I modify my coverage during renewal?
Yes, at the time of renewal, you can adjust your coverage to better suit your current business needs. Discuss with UIC’s team to customize the plan based on your latest requirements.
Will my premium change at the time of renewal?
Premiums may change depending on factors like changes in the sum insured, claims history, and any additional coverage added. UIC will inform you of any changes in premiums before the renewal process.
How often should I review my commercial business insurance coverage?
It's advisable to review your insurance coverage annually during renewal to ensure it still adequately protects your assets, especially if your business has grown or acquired new assets.
RECENT NEWS FEED
