Business insurance

Asset Insurance in India

A comprehensive, India-first guide for businesses that want to shield leadership, secure assets, and plug financial vulnerabilities before they derail growth. Bookmark this before your next board review.

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Introduction to Asset Insurance

Every business, whether it is a startup, a small manufacturing unit, a retail store or a corporate office, relies on physical assets to operate. These assets could be machinery, laptops, office furniture, inventory, medical equipment, or even the building itself. If any of them are damaged, stolen or destroyed due to fire, floods, vandalism, accidents or natural disasters, it can halt operations and cause significant financial loss.
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Asset insurance is the solution to this risk. It protects a business’s physical assets against loss or damage, ensuring the cost of repair or replacement is handled by the insurer rather than the company’s own funds.

Table of contents

What is Asset Insurance?

Asset insurance is a policy that provides financial protection for physical business assets against risks like fire, theft, natural disasters, machinery breakdown or accidental damage. It ensures your assets can be repaired or replaced without disrupting business continuity or draining capital reserves.

It is not limited to large enterprises — SMEs, startups, freelancers with equipment, clinics, warehouses and factories all depend on it to protect their tools and resources.

Why is it important?

Without asset insurance, a single fire, theft or equipment breakdown can:

  • Interrupt daily operations
  • Delay deliveries or production schedules
  • Lead to lost revenue and penalties
  • Force the business to borrow or pull from savings to replace assets
  • In worst cases, shut the business down entirely

In India, incidents like factory fires, warehouse flooding, shop break-ins and laptop theft during travel are increasingly common, and uninsured businesses often struggle to recover.

What Assets Can Be Insured?

Asset insurance broadly covers the following types of business property:

Asset Type Examples
Buildings & Infrastructure Office premises, warehouses, factories
Machinery & Industrial Equipment Manufacturing machines, generators, compressors
Electronic Equipment Laptops, desktops, servers, medical devices
Furniture & Fixtures Office desks, shelves, air conditioners
Stock & Inventory Raw materials, finished goods, goods in storage
Portable Equipment Cameras, laptops for remote employees, POS machines

Asset Insurance vs. Property Insurance — Are They the Same?

They are related but not identical.

Asset Insurance Property Insurance
Broader term covering all business assets Usually covers only buildings/structures
Includes machinery, laptops, tools, inventory Focused on physical property or real estate
Can include add-ons like machinery breakdown, transit cover Core risks like fire, flood, riot, storm

In Simple Words

Asset insurance helps protect everything your business owns — from your office building to your laptops. If something goes wrong, whether it is a fire, a theft or an accident, the policy helps you recover without major financial stress.

Why Is Asset Insurance Important?

Assets are at the core of every business operation—machinery in a factory, laptops in an IT company, diagnostic tools in a clinic or inventory in a warehouse. If any of these are damaged or lost, it directly affects revenue, productivity and cash flow. Asset insurance helps businesses protect these investments and ensures they can recover quickly from unexpected losses.

1. Protection Against Financial Loss

Replacing damaged or stolen equipment can be expensive. For many small and medium businesses, it may not be financially possible to buy new machinery or stock immediately. Asset insurance absorbs this financial shock by covering repair or replacement costs based on the policy terms.

Example: A manufacturing unit suffers a machine breakdown. Without insurance, repairs could cost lakhs and result in production loss. With asset insurance (machinery breakdown add-on), the cost is covered.

2. Rising Risks: Fire, Theft and Natural Disasters

India sees frequent incidents of:

  • Factory fires
  • Warehouse flooding during monsoons
  • Theft of laptops and portable devices
  • Electrical short circuits causing equipment damage
  • Cyclones, earthquakes and storms in high-risk zones

According to NCRB data, India reports thousands of fire-related industrial losses every year. In many such incidents, uninsured businesses struggle to survive.

3. Business Continuity

When critical assets are damaged, business operations stall. Orders get delayed, customers lose trust and revenue drops. Asset insurance helps ensure:

  • Repairs or replacements happen quickly
  • Business operations resume faster
  • Loss of income can be covered (if business interruption cover is added)

4. Required by Lenders, Investors and Landlords

Banks, NBFCs and investors often require companies to insure assets used as collateral.
Landlords of commercial spaces may also mandate insurance for machinery or assets kept on their premises.
Not having insurance can delay loan approvals, leasing agreements or funding.

5. Peace of Mind and Risk Transfer

Instead of worrying about “what if something goes wrong?”, asset insurance transfers the risk to the insurer. This allows business owners and finance teams to focus on operations and growth, rather than uncertain emergencies.

In Summary

Asset insurance is essential because it:
✔ Protects against financial loss
✔ Ensures faster recovery after accidents or disasters
✔ Keeps business operations stable
✔ Helps meet legal and contractual requirements
✔ Safeguards investments in machinery, inventory, electronics and infrastructure

Types of Assets Covered Under Asset Insurance

Asset insurance protects a wide range of physical business assets from damage, theft, breakdown or disasters. These assets can be fixed (not movable), movable, electronic, mechanical, or stock/inventory. Understanding these categories helps businesses choose the right policy and avoid underinsurance.

1. Fixed or Immovable Assets

These are long-term assets that remain at a fixed location.

Asset Type Examples
Buildings & Structures Office buildings, warehouses, factories, clinics, retail stores
Civil Infrastructure Internal roads, boundary walls, sheds
Permanent Fixtures & Installations Lifts, generators installed on-site, central air conditioning units

These assets are usually covered under Standard Fire and Special Perils Policy (SFSP) or Property Insurance.

2. Machinery and Mechanical Equipment

Essential in manufacturing, construction and production environments.

Asset Type Examples
Heavy Machinery CNC machines, injection moulding machines
Production Equipment Boilers, turbines, industrial ovens
Electrical Installations Transformers, generators, control panels
Construction Tools Excavators, cranes, loaders

These can be insured under Machinery Breakdown Insurance or Industrial All-Risk Policies.

3. Electronic and Office Equipment

Common in IT companies, startups, banks, hospitals and offices.

Asset Type Examples
Heavy Machinery CNC machines, injection moulding machines
Production Equipment Boilers, turbines, industrial ovens
Electrical Installations Transformers, generators, control panels
Construction Tools Excavators, cranes, loaders

Covered under Electronic Equipment Insurance (EEI) or Portable Equipment Insurance.

4. Portable or Mobile Equipment

Assets used outside office premises or by on-field employees.

Asset Type Examples
Creative Equipment Cameras, lenses, drones, lighting equipment
Corporate Equipment Laptops used by remote employees, tablets, POS machines
Engineering Tools Survey equipment, GPS testing tools, handheld measuring devices
Healthcare Devices Portable diagnostic kits, handheld monitors

These can be insured under Portable Equipment Insurance or All-Risk Policies.

5. Stock and Inventory

Assets that are sold, stored or transported.

Asset Type Examples
Raw Materials Fabric, chemicals, metals stored in warehouse
Finished Goods Items ready for sale in retail or e-commerce
Goods-in-Transit Products being transported via road, air, rail

These are covered under Stock Insurance or Marine/Transit Insurance.

6. Add-On for Business Interruption (Optional)

Covers income loss when assets are damaged and business cannot operate.
Example: A fire destroys a bakery’s oven. The bakery shuts for 2 weeks. Business interruption cover pays for lost income during closure.

In Summary

Asset insurance is not limited to buildings—it covers machinery, laptops, cameras, diagnostic tools, factory equipment and even inventory. The type of policy you choose depends on the nature of the asset and how it is used.

What Does Asset Insurance Cover?

Asset insurance protects your business-owned physical assets—such as machinery, equipment, buildings, laptops, warehouses and inventory—against sudden and unexpected loss or damage. The extent of coverage depends on the type of policy you choose (fire, all-risk, machinery breakdown, etc.). However, most asset insurance policies typically include the following:

1. Fire and Allied Perils

This is the most basic and essential part of asset insurance. It covers damage to assets caused by:

  • Fire and explosion
  • Lightning strikes
  • Riots and strikes
  • Storms, cyclones, floods, cloudbursts
  • Earthquakes (if add-on is included)
  • Impact damage (e.g., vehicle crashing into the building)

Example: A short-circuit causes a warehouse fire and damages stock. Asset insurance covers repair costs and value of lost inventory.

2. Burglary and Theft

Covers loss or damage to assets due to forced entry or robbery.
Example: Computers or machinery are stolen from your office or factory after a break-in.

3. Accidental Physical Damage

Protects equipment and machinery from sudden accidental damage, such as dropping, collision, or mishandling during operations.

Example: A staff member accidentally drops a laptop or a forklift damages factory equipment.

4. Machinery Breakdown (Add-On or Separate Policy)

Covers mechanical or electrical failures in industrial machinery.

Covered Not Covered
Motor burnout, short-circuit, overheating Wear and tear due to age
Mechanical failure of moving parts Poor maintenance
Turbine or compressor breakdown Rusting or corrosion

Example: A CNC machine stops working due to electrical failure—repair costs are covered.

5. Electronic Equipment Insurance

Provides cover for sensitive electronics like servers, diagnostic machines, medical devices, studio equipment and laptops.

  • Covers fire, theft, power surges and accidental damage
  • Can cover portable and fixed electronic devices

6. Stock and Inventory

Covers raw material or finished goods stored in warehouses, shops or production units.

Example: Floodwater damages finished garments stored in a textile warehouse.

7. Transit/Portable Equipment Cover (Optional)

Protects movable assets when they are outside office premises or in transit.

Coverage Includes Examples
Accidental damage, theft during travel Laptops used by employees, camera kits, surveying tools
Inland transit damage via road/rail/air Goods damaged during transportation

8. Business Interruption (Optional Add-On)

If assets are damaged and business operations stop, this cover compensates loss of income during downtime.

Example: A bakery's oven burns in a fire, forcing closure for 10 days. Business interruption insurance compensates for income lost during that period.

In summary

Asset insurance covers sudden physical loss or damage to fixed assets, movable equipment, machinery and stock. Optional extensions like machinery breakdown, portable equipment and business interruption provide more complete protection.

What Is Not Covered Under Asset Insurance? (Exclusions)

While asset insurance covers a wide range of risks like fire, theft, natural calamities, and accidental damage, it does not cover every type of loss. Understanding exclusions helps businesses avoid claim rejections, calculate true financial risk, and purchase additional coverage where needed.

1. Normal Wear and Tear / Depreciation

Insurance only covers sudden and accidental damage, not gradual deterioration.
Not Covered:

  • Rusting of machinery
  • Slow damage due to ageing
  • Fading paint or broken keys on a laptop

2. Poor Maintenance or Negligence

If machinery breaks down because it was not serviced, or equipment fails due to negligence, insurers will not pay.
Example: Ignoring oil leakage in a generator that later causes engine failure.

3. Theft Without Forced Entry

For a theft claim to be valid, there must be signs of forced entry or a police report.
Not Covered:

  • Laptop stolen from an unlocked desk
  • Camera missing from an event with no proof
  • Employee quietly walks away with equipment (this requires Employee Dishonesty Insurance)

4. Pollution, Contamination, or Corrosion

Damage due to chemicals, pollution, fungus, or slow corrosion is excluded.
Example: Machinery getting corroded in a humid room is not covered.

5. Intentional Damage or Fraud

If the damage is caused deliberately by the owner or employee to claim insurance, it is not covered.

6. War, Terrorism, and Nuclear Risks

Losses caused by war, terrorism, or nuclear incidents are excluded unless you buy a separate add-on like Terrorism Cover.

7. Manufacturing Errors or Faulty Design

Defects that arise due to incorrect manufacturing, design flaws, or poor installation are not covered under asset insurance.

8. Loss of Data or Software (Without Add-On)

Asset insurance usually covers hardware damage, not software, data or intellectual property.
Not Covered:

  • Server crash resulting in data loss
  • Corrupted software
  • Ransomware attacks (covered under cyber insurance, not asset insurance)

9. Consequential Loss / Loss of Market Value

Insurance will pay to repair or replace the asset, but it won’t cover:

  • Lost sales due to machine breakdown (unless Business Interruption cover is added)
  • Decrease in resale value after repair

10. Unregistered or Unreported Assets

Assets not declared in the policy or undervalued during purchase will not be covered during a claim.

In Summary

Asset insurance is designed to cover unexpected physical loss or damage, not gradual, avoidable or intentional loss. Knowing what is excluded helps businesses plan better and choose add-ons like machinery breakdown, terrorism cover, portable equipment or cyber insurance where necessary.

Types of Asset Insurance Policies in India

Asset insurance is not a single policy. Depending on the type of business and the nature of assets (machinery, electronics, buildings, inventory, laptops), different types of insurance policies are available. Choosing the right policy ensures that assets are protected against the most relevant risks.

1. Standard Fire and Special Perils Policy (SFSP)

This is the most common form of asset insurance for businesses.
It covers damage to buildings, machinery, stock and contents caused by:

  • Fire, lightning, explosion
  • Storms, floods, cyclones
  • Riots, strikes, malicious damage
  • Impact by vehicles, aircraft damage

Best for: Shops, offices, warehouses, manufacturing units.

2. Industrial All-Risk Policy (IAR Policy)

A comprehensive policy for large factories and industrial units. It combines:
✔ Fire and special perils cover
✔ Machinery breakdown
✔ Accidental damage
✔ Burglary and theft

Best for: Medium to large factories, plants, refineries, heavy manufacturing facilities.

3. Machinery Breakdown Insurance

This policy specifically protects machinery against sudden mechanical or electrical breakdowns—whether the machine is idle or in operation.

Covers:

  • Motor burnout, pressure explosion
  • Gearbox failure, shaft breakage

Best for: Factories, printing presses, textile units, food processing plants.

4. Electronic Equipment Insurance (EEI)

Covers high-value and sensitive electronics used in offices, hospitals and studios.

Examples:

  • Servers, laptops, desktops
  • Diagnostic machines, ultrasound/X-ray equipment
  • Audio-visual, broadcasting, and studio equipment

This policy often includes add-ons for data restoration and increased cost of working.

5. Portable Equipment / All-Risk Insurance

Protects movable assets that are used outside office premises or during travel.

Covers:

  • Accidental loss or damage
  • Theft (with proof)
  • Fire and transit risk

Examples: Laptops, DSLR cameras, drones, surveying tools, POS machines.
Best for: Photographers, architects, sales teams, engineers working on-site.

6. Stock and Inventory Insurance

Protects raw materials, finished goods and stock stored in warehouses, retail stores or manufacturing units against fire, theft and natural calamities.

7. Marine Inland Transit Insurance

For goods being transported by road, rail or air within India.

Covers:

  • Damage due to accidents, overturning, theft during transit

Best for: E-commerce businesses, manufacturers shipping goods to distributors.

8. Business Interruption / Loss of Profit Insurance (Add-On)

This is not a standalone asset policy, but an optional add-on. It compensates for loss of business income when operations are halted due to insured asset damage (like fire or flood).

In summary

Businesses should not rely on a one-policy-fits-all approach. Asset insurance can be tailored using a combination of the above policies depending on the size, industry and type of assets.

Cost & Premium Factors for Asset Insurance

The cost of asset insurance is not fixed—it varies from one business to another. Insurers determine the premium based on the type, value, usage and risk exposure of the assets being insured. Understanding what drives the premium helps businesses customise coverage without overspending.

Key Factors That Affect the Cost of Asset Insurance

1. Value of Assets (Sum Insured)

The most important factor is the replacement value of the assets—not the depreciated or book value.
Higher value = higher risk = higher premium.

Asset Type Approx. Sum Insured Basis
Laptops, IT equipment Market replacement cost
Machinery New replacement value + installation charges
Buildings Reconstruction cost per sq. ft.
Stock/inventory Purchase cost + storage cost

2. Type of Assets and Usage

Some assets are more prone to risk or breakdown than others.

Low Risk Medium Risk High Risk
Office desks, furniture Laptops, air conditioners Industrial machinery, power tools, cranes

Portable equipment and machinery used in outdoor or high-pressure environments usually attract higher premiums.

3. Nature of Business / Industry Risk

Insurance cost varies by industry:

Industry Risk Level
Corporate office, consulting Low
Retail stores, clinics Medium
Factories, construction sites, warehouses High

Example: A bakery with ovens and gas infrastructure pays higher premium than a software company with laptops.

4. Location and Environmental Risk

Assets located in high-risk areas lead to higher premium:

  • Flood-prone zones (e.g. Chennai, Assam during monsoons)
  • Areas with high crime/theft rates
  • Industrial zones with high fire incidents

5. Safety and Security Measures

Insurers offer lower premiums if safety measures are in place:
✔ Fire extinguishers, sprinklers, smoke detectors
✔ CCTV cameras and access-controlled doors
✔ Regular equipment maintenance (AMC agreements)
✔ Data backup and antivirus (for electronics)

6. Add-ons Selected

Optional add-ons increase premium but offer wider coverage.

Add-On Impact on Cost
Theft/burglary cover Slight increase
Machinery breakdown +10–20%
Earthquake / flood cover Based on zone risk
Business interruption +8–15%
Terrorism insurance Additional loading

7. Claims History

Businesses that have previously raised multiple asset insurance claims may face:

  • Higher premiums upon renewal
  • Stricter inspection before issuing policy

Is Asset Insurance Expensive for Small Businesses?

Not necessarily. Basic asset insurance for a small office or shop can start from ₹5,000–₹10,000 per year. The cost is far lower than replacing damaged assets after a disaster.

How to Buy Asset Insurance (Step-by-Step Guide)

Buying asset insurance isn’t complicated, but many businesses either underinsure or buy the wrong policy because they only compare premiums and ignore coverage, exclusions, or claim processes. This guide simplifies the steps to help you secure the right protection.

Step 1: Create an Accurate Asset List

Start by preparing an asset register that includes:

  • List of assets: machinery, laptops, furniture, inventory, etc.
  • Purchase date and invoice value
  • Serial numbers or identification tags
  • Current replacement value (not depreciated value)

This helps insurers calculate the correct cover and avoid underinsurance.

Step 2: Decide the Sum Insured (Coverage Amount)

Each asset must be insured for the replacement value—the cost to buy a new one today.

Asset Type Sum Insured Should Be
Buildings Cost to reconstruct per sq. ft.
Machinery New replacement value + installation cost
IT Equipment Current market price of same laptop/server
Stock Cost price of raw material / finished goods

Step 3: Choose the Right Type of Policy

Depending on your business size and asset type, pick the relevant policy:

Need Ideal Policy
Basic protection from fire, flood, riot Standard Fire & Special Perils Policy
Factory or plant with machinery Industrial All-Risk Policy (IAR)
Machinery protection Machinery Breakdown Insurance
Laptops, cameras, portable tools Portable Equipment Insurance
Servers, diagnostics, electronic gear Electronic Equipment Insurance
Goods in transit Marine Inland Transit Insurance

Step 4: Submit Documents to Insurer/Broker

Common documents required:

  • Asset list (Excel or inventory sheet)
  • GST registration / company details
  • Last year’s turnover (for business interruption cover)
  • Previous insurance policy (if switching)
  • Past claim details (if applicable)

Step 5: Compare Quotes — Not Just the Premium

When evaluating quotes, check:

Factor Why It Matters
Coverage type What risks are insured (fire only or all-risk?)
Deductible / excess Amount you pay during a claim
Add-ons included Theft, breakdown, flood, business interruption
Claim support How easy it is to file and track claims
Insurer reputation & surveyor network Important during actual losses

Step 6: Buy the Policy and Ensure Implementation

After finalising:
✔ Receive digital policy documents
✔ Display policy details at business premises (mandatory for audits)
✔ Train employees on whom to inform in case of damage or theft
✔ Maintain all invoices, AMC records and asset photos for future claims

In summary:

Buying asset insurance involves identifying all business assets, choosing the right policy type, ensuring correct coverage value, comparing coverage terms, and keeping documentation ready to ensure quick claim settlement.

Real Claim Scenarios Under Asset Insurance

Understanding real-life scenarios helps businesses see how asset insurance works during an actual crisis. Below are relatable examples from different industries where asset insurance protected businesses against major financial loss.

1. Factory Fire Damages Machinery and Production Stock

Industry: Garment manufacturing unit in Tiruppur
Incident: A short-circuit in the electrical panel caused a fire that spread to fabric stock and sewing machines.
Impact: Loss of raw materials, damaged factory structure, halted production for 2 weeks.
Asset Insurance Response:
 ✔ Fire and Special Perils policy covered building repairs
✔ Machinery replacement was covered under reinstatement value
✔ Stock loss was reimbursed at cost price

2. Laptop Stolen During Business Travel

Industry: IT consulting firm (employee working remotely)
Incident: Employee’s laptop was stolen from a hotel during a client visit in Pune.
Impact: Work disruption, client data exposure risk.
Asset Insurance Response:
 ✔ Portable Equipment Insurance covered the cost of replacing the laptop
✔ Company added cyber liability insurance later to address data breach exposure

3. CNC Machine Breakdown Stops Production

Industry: Auto parts manufacturer
Incident: A CNC machine suddenly stopped working due to internal motor failure.
Impact: Production stopped for 3 days; repair cost estimated at ₹4.5 lakh.
Asset Insurance Response:
 ✔ Machinery Breakdown Insurance covered repair costs and spare parts
✔ Business Interruption (if purchased) could cover revenue loss

4. Retail Store Theft of Stock and POS Equipment

Industry: Electronics retail chain
Incident: Burglars broke into the store at night and stole mobile phones, cameras and POS scanners.
Impact: Stock loss of ₹12 lakh and broken glass panels.
Asset Insurance Response:
 ✔ Burglary cover reimbursed loss due to forced entry
✔ Glass damage covered under add-on for storefront fixtures

5. Flood Damages Inventory in Warehouse

Industry: FMCG distribution warehouse
Incident: Heavy monsoon rainfall caused water to enter storage space, damaging packaged goods.
Impact: Spoiled inventory, delivery delays to retailers.
Asset Insurance Response:
 ✔ Standard Fire & Special Perils Policy with flood add-on covered inventory losses
✔ Business interruption covered loss of income for 5 days of downtime

6. Diagnostic Equipment Damaged in a Private Clinic

Industry: Healthcare – Diagnostic centre
Incident: Voltage fluctuation damaged ultrasound and ECG machines.
Impact: Operations disrupted, patients sent to other centres.
Asset Insurance Response:
 ✔ Electronic Equipment Insurance covered repair and replacement
✔ Cost of electrical stabilizers was later included to prevent recurrence

Key Takeaway

These cases show why asset insurance is essential — whether it’s a stolen laptop, factory machinery failure, fire, flood, or theft. Without insurance, most small and medium businesses would struggle to recover.

Frequently Asked Questions (FAQs) on Asset Insurance

1. What is asset insurance in simple words?

Asset insurance protects your business’s physical assets—like machinery, laptops, buildings and inventory—from risks such as fire, theft, natural disasters or accidental damage.

2. Is asset insurance mandatory in India?

No, it is not legally mandatory. However, banks, investors, landlords and government tenders may require it if assets are financed, leased or used as collateral.

3. How is the insurance value of an asset decided?

Assets are usually insured based on replacement value—the cost of buying a new one today. Book value or depreciated value is not used for insurance purposes.

4. Does asset insurance cover laptop or equipment damage while traveling?

Yes, but only if you have Portable Equipment Insurance or All-Risk Cover. Basic fire or property insurance will not cover assets outside your office or factory.

5. What documents are needed to make an asset insurance claim?

You may need:

  • Policy copy
  • FIR (in case of theft or burglary)
  • Photos/video of damage
  • Repair or replacement bills
  • Stock or asset register
  • Surveyor report (if required by insurer)

6. Can I insure second-hand or refurbished equipment?

Yes, but insurers may ask for valuation or purchase documentation. Coverage is typically provided at current market value, not original purchase price.

7. Are breakdowns of machinery covered under asset insurance?

Not in basic policies. To cover mechanical or electrical failure of machines, you need Machinery Breakdown Insurance or an add-on under Industrial All-Risk policy.

8. Does asset insurance cover loss of data or software?

No. Asset insurance covers only physical damage to hardware. Loss of data, hacking or ransomware requires a separate Cyber Insurance policy.

9. What happens if an asset is underinsured?

If assets are insured for a lower value than their replacement cost, insurers may apply the “Average Clause”, reducing the claim amount proportionately.

10. Can I add new assets to the policy during the year?

Yes. Most policies allow you to add newly purchased assets by informing the insurer, submitting details and paying additional premium on a pro-rata basis.

Why Choose Plum for Asset Insurance?

Buying asset insurance is not just about selecting a policy—it’s about choosing the right coverage, understanding the fine print and getting support when things go wrong. This is where most businesses struggle. Plum simplifies each step and ensures businesses stay protected without drowning in paperwork or complex insurance jargon.

1. Expert Guidance for the Right Coverage

Most businesses either underinsure their assets or buy generic policies that don’t match their risk profile. Plum helps you:

  • Identify which assets should be insured — buildings, laptops, machinery, stock or portable equipment
  • Choose between fire policies, machinery breakdown, industrial all-risk or all-risks cover
  • Decide the right sum insured based on replacement cost, not depreciated value
  • Understand exclusions clearly to avoid rejected claims later

2. Multiple Insurer Options — Not One-Size-Fits-All

Plum works with top IRDAI-approved insurers like ICICI Lombard, HDFC ERGO, Tata AIG, Bajaj Allianz, Reliance General and Future Generali.
This allows you to:

  • Compare premiums and coverage from different insurers
  • Customise asset insurance for offices, factories, warehouses, clinics or mobile teams
  • Get portable equipment cover for employees working remotely — across India

3. Digital Process — No Physical Paperwork

The entire process is online:

  • Share asset lists and company details digitally
  • Receive multiple quotes in one dashboard
  • Policy documents and certificates issued online
  • Get reminders for renewals, new asset additions or endorsement needs

4. Claim Support When You Need It the Most

Filing a claim after a fire, theft or flood can be confusing. Plum assists with:

  • Listing required documents (FIR, photos, invoices, surveyor reports)
  • Coordinating with insurer-appointed surveyors
  • Ensuring claims are reported within timelines
  • Helping businesses track progress until settlement

While the insurer makes the final decision, proper documentation and timely action significantly increase the chances of approval.

5. Ideal for SMEs, Startups and Multi-Location Companies

  • Policies start from affordable premiums for small offices and shops
  • Scales easily as you add new branches, machines or employees
  • Suitable for remote work models where assets like laptops need to be insured across cities

In summary

Plum helps businesses not just buy asset insurance, but understand it, customise it and use it effectively when a loss occurs. It combines expert advice, digital convenience and claim assistance — helping protect your equipment, cash flow and peace of mind.

Protect your business with Plum.

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