COVERAGE FOR NATURAL CALAMITIES

Natural calamities are uncontrollable and when they occur they might cause substantial financial damages. A property insurance policy, therefore, protects the insured property against natural disasters like lightning, storm, flood, hurricane, tornado, inundation, tempest, cyclones as well as from subsidence, landslide and rockslide.

COVERAGE FOR MAN-MADE CALAMITIES

If coverage from natural disasters is not enough, the policy also provides a wide scope of coverage from different man-made calamities. These can include fire, explosion, aircraft damage, leakage from automated sprinklers, bursting and overflowing of pipes, missile testing operations and burglary.

OPTIONAL COVERAGE BENEFITS

You can enhance the scope of coverage of the policy by choosing optional coverage benefits which are called policy extensions. Optional coverage extensions are available for different types of perils at an additional premium. Common policy extensions include the following  –

• Damage to stocks in cold storage due to change in temperature or power failure
• Coverage for forest fire
• Omission to insure additions or alterations
• Earthquake cover
• Leakage and contamination cover
• Rent of an alternate accommodation
• Loss of rent
• Temporary removal of stocks

FLOATER COVERAGE

If you have business operations in more than one location, you can opt for floater coverage for insuring stocks at multiple locations under a single policy. This allows you to cover stocks at all places of business mentioned under the policy for the ease to manage.

TERRORISM COVER

Even though terrorism related damages are not covered under a basic property insurance policy, you can get coverage for this peril at an additional premium.

A property insurance policy is a very feasible coverage for small businesses and firms which face a considerable financial loss in case of unforeseen perils. Small businesses and professions should, therefore, insure their property under a property insurance policy. They should opt for the required coverage features through extensions so that their policy becomes comprehensive and protects them from all possible losses.