- What Is Asset Protection Insurance?
- Who Needs Asset Protection Insurance?
- Benefits of Asset Protection Insurance
- What is Covered Under Asset Protection Insurance?
- What is Not Covered Under Asset Protection Insurance?
- Asset Protection Insurance Cost
- Asset Insurance - Claim Process
- How to Renew Asset Protection Insurance?
- Why Buy Asset Protection Insurance From Plum?
What Is Asset Protection Insurance?
Asset insurance is a broad category of insurance coverage that provides financial protection for physical assets against unexpected risks like damage, natural calamities, fire, theft, burglary etc.
These assets can include all business assets ranging from vehicles to laptops, machinery, buildings and more. Asset insurance helps businesses, and organizations mitigate the financial impact of unexpected events that could damage or destroy their valuable property.
Who Needs Asset Protection Insurance?
Asset Protection Insurance is crucial for all businesses in possession of physical assets, regardless of size. For emerging startups, any instance of property loss or harm can add significant strain on the already constrained financial resources.
Asset Protection Insurance serves as a dependable shield, guaranteeing their comprehensive asset security.With fast growing organizations, your inventory and properties are increasing as well.
Asset Protection Insurance emerges as the pivotal safeguard, effectively accommodating your expanding business operations. For established entities, the expanse of their valuable assets becomes more pronounced.
The vitality of a robust Asset Insurance policy becomes paramount, constituting a fundamental pillar in the protection of expansive physical holdings and seamless sustenance of business operations.
Benefits of Asset Protection Insurance
Safeguards your physical assets against damage and loss
Prevents substantial financial loss caused by property damage
Ensures smooth business operation after a loss
Helps manage the inherent risks associated with owning business property
Fulfils lease agreements that require property insurance
Peace of Mind
Offers reassurance knowing your business assets are protected
Asset Protection Insurance - Coverage
What is Covered Under Asset Protection Insurance?
Asset Protection Insurance covers claims under the categories of:
Commercial Property Insurance can provide coverage for the physical structure of your business property, such as the building itself, its foundation, walls, and roof. It protects against damage or loss caused by covered perils like fire or other acts of god [storms/earthquakes]
Business Equipment Coverage
This type of coverage protects your business equipment, machinery, and tools against damage or loss. It can include coverage for things like computers, office furniture, manufacturing equipment, or specialised tools used in your business operations.
If your business holds inventory or stock, Commercial Property Insurance can provide coverage for the value of your merchandise. It protects against risks such as theft, fire, or damage caused by accidents or natural disasters
Portable equipment cover
A portable equipment policy offers coverage for items such as laptops, cameras, tools, musical instruments, or specialised equipment that are essential for your work or personal activities.
It protects these items against various risks, including theft, accidental damage, loss, or destruction caused by covered events.
What is Not Covered Under Asset Protection Insurance?
Asset Protection Insurance does not cover claims under the categories of;
Damage done due to war or risks related to war, terrorism, etc.
Wilful acts or negligence of the insured or his/her representative using the electronic
Pre-existing faults or defects in general
Natural wear & tear, erosion, incrustation and gradual degradation of the electronic equipment due to climatic conditions
Normal maintenance of the electronic equipment
Asset Protection Insurance Cost
The cost of Asset Protection insurance can vary widely based on several factors, including the type and value of the assets being insured, the location of the assets, the level of coverage desired, the insurance provider, and the specific terms of the insurance policy.
Keep in mind that while cost is an important factor, it's equally crucial to ensure that the coverage meets your needs and adequately protects your valuable assets.
Plum understands the intricacies of Asset Protection Insurance costs and business vulnerabilities. In order to simplify and make the process transparent, we have developed the Plum Business Policy Engine.
Our engine offers you valuable insights into policies suitable for businesses similar to yours, along with estimated expenses.
Asset Insurance - Claim Process
Following are the steps to file a Asset Protection insurance claim:
Initiate contact on priority with the Plum team to report the incident.
Plum works promptly with the insurer partner and subsequent course of action is determined.
In collaboration with Plum and the insurers, an investigator is designated to assess the severity and analyse the details of the incident.
Expert guidance on containment measures to prevent the situation from worsening further is provided.
The Plum team aids you in comprehending the necessary documentation, which includes records on the extent of the impact, the actions taken for remediation, and any direct expenses incurred during the claims procedure.
Following an in-depth analysis of the documentation, the survey report is created.
Plum maintains a strong liaison with the insurer and policyholder throughout the claim approval process.
How to Renew Asset Protection Insurance?
To renew your Asset Protection Insurance policy, contact the Plum team, who will initiate the renewal procedure. Armed with your policy documentation and pertinent details, Plum will offer comprehensive guidance throughout the renewal process.
Typically, a renewal with Plum entails the following steps:
Plum conducts a thorough evaluation of your policy parameters, including coverage, costs, and exclusions. This evaluation is benchmarked against market standards and industry peers.
Based on these evaluations/ alterations in your data or business operations, Plum provides tailored recommendations for shaping your Errors and Omissions Insurance policy.
Once these policy recommendations are established, we collaborate with top-tier insurance partners in the market to craft the most exhaustive and competitively priced policies for your company.
The Plum team makes the process of renewing and booking a Errors and Omissions Insurance policy smooth and hassle free.
Why Buy Asset Protection Insurance From Plum?
The Plum team is adept with experts in the field of insurance. Having deep dived in the insurance industry for years now across various industries, helping SMEs and large enterprises alike, we have the right expertise to consult for your business . This experience helps us build expertise. The team will be by your side right from curating plans for your business to policy purchase and claims settlement
We leverage our strong insurer relationship and bring evolving knowledge of claims trends, reinsurer market and price fluctuations to the table. This allows us to present competitive and comprehensive plans in the market, tailored to your business.
Smooth claims settlement
Claims are complex in nature and the repercussions of these claims may sometimes take days/months to recover from, if not years. Plum helps you navigate such long-drawn claims processes with ease by liaising our deep partnership with insurers, legal counsel, and our team of experts.
Why should I get an asset protection insurance?
Asset insurance offers financial security by safeguarding your valuable possessions against unexpected events like accidents, theft, natural disasters, or vandalism. It provides peace of mind knowing that you won't face significant financial losses due to these circumstances.
What does asset insurance typically cover?
Asset insurance coverage varies based on the type of policy and its terms. Generally, it covers events such as fire, theft, vandalism, natural disasters (like hurricanes or earthquakes), accidents, and liability for damage caused to others.
What risks does asset protection insurance for electronic equipment typically cover?
Asset protection insurance for laptops generally covers risks like theft, accidental damage (like drops and spills), electrical or mechanical breakdown, and sometimes even loss of the laptop. Some policies may also offer coverage against damage caused by fire, natural disasters, and vandalism.
With an asset insurance policy for electronic equipment, can I insure software and data on my laptop?
Laptop insurance typically focuses on the physical device and may not cover software or data loss. It's advisable to keep backups of your important data and check with the insurer regarding coverage for software or data.
What is accidental damage coverage?
Accidental damage coverage protects your electronics against unexpected events like drops, spills, and other accidents that can result in damage. This coverage is especially relevant for portable devices like laptops.