Business insurance, popularly known as commercial insurance are policies that cover any risks arising out of unforeseen tragedies that could hamper the smooth running of your businesses, be it logistics or operations, maintenance or warehouse, assets or liabilities.
We at Ensign specialise in operational annual policies and project policies
Operational annual policies are a boon for industrial and commercial establishments. They provide end-to-end protection for companies to ensure smooth running of operations even during tough times.
All these policies are customisable and can be combined to form an umbrella insurance based on your unique needs. Here are some of the operational policies for industries. Here are some of the most common operational policies for engineering enterprises.
A Machinery Breakdown Insurance or MBD insurance loss or damage caused due to breakdown of electrical or mechanical equipments. The breakdown can be due to any reason – be it entry of foreign particles, or fault in design or material, maladjustment or defective lubrication, electrical pressure or vibration. Instances such as self heating and power fluctuations are also covered in this policy. This policy can be used to insure your furnace, DG sets, transformers, compressors, cooling towers, conveyors, cutting machines or any other equipments. The Machinery loss of profit (MLOP) insurance is issued in conjunction with MBD policy to take care of any loss or reduction in profit due to a machinery breakdown.
A separate all risk policy called Electronic Equipment Insurance (EEI) policy covers any type of damages to electronic equipments such as computers and laptops, along with auxiliary devices like printers, UPS, servers etc. Not just IT equipments, this policy covers anything electronic, such as medical, communication and automative equipments. The coverage can be extended to include external data media and also cost of hiring alterative equipment in case of insured equipment suffering breakdown.
A Contractor’s Plant and Machinery Insurance policy can be take to protect all types of accidental loss or damage, other than breakdown, to a contractor or third party equipments when they are being used in your business. The third party liability arising out of use of these equipments can also be covered separately. Equipments such as cranes, forklift trucks, mixing plants, road rollers etc. can be insured under this.
There is a special insurance exclusively for industrial boilers. Boiler Explosion and Pressure Plant Insurance (BPP) covers loss or damage to industrial boilers due to its own explosion or implosion. The damage to other properties of the owner due to the accident and also any liability towards third parties for injury/death/damage can also be covered under this scheme.
Project Policies can be taken for a specific tenure, say till the completion of the project. These insurance policies are beneficial for contractors and B2B operators.