Your business is an extension of you. It is the sum of the efforts and aspirations
of your staff and your near and dear ones.
When it comes to protection of your business and assets, HDFC ERGO is known as the
best insurance firm who’ll get you back on your feet with minimal fuss. In fact,
we go one step further and cover you for the losses you incur from disruption to
your business following a fire. So that you can catch a break knowing that the best
people will support you through the financial consequences – the after effects of
the devastation.
HDFC ERGO is with you all the way till your business is restored to its pre-damaged
level.
This policy is Ideal for SME’s and Corporates alike, those who need coverage for
their business against uncontrollable situations that can devastate property and
businesses.
In the event of any interruption to your business as a result of damage to your
premises due to any peril insured under the Fire Material Damage Policy, this policy
enables you to recover:
- Loss of Gross Profit due to a reduction in turnover
- Increased Cost of Working incurred in minimising that loss of Gross Profit
- Gross Profit is the amount by which the sums of the turnover and the amount of the
closing stock shall exceed the sum of the amount of the opening stock, the amount
of stock purchased and the amount of the specified working expenses.
- Indemnity Period commences with the date of the damage and lasts till such time
as your business is restored to its pre-damage level, or the period stipulated in
the policy, whichever is earlier. This policy insures earnings of your business
lost during the Indemnity Period.
As an extension of your policy, you can choose to financial covers against the following
events –
- Wages
- Lay-off and Retrenchment Compensation and Notice Wages Liability
- Auditor’s Fees
- Supplier’s Extension
- Customer’s Extension
- Public Utilities Extension
This is based on the estimated annual gross profit of your business as per the previous
year’s accounts. An Insured is entitled to return of premium (not exceeding 50%
of the premium paid) in case the Gross Profit earned during the financial year concurrent
with the period of insurance is less than the Sum Insured.
The system of rating is governed by tariff. There are two factors in the rating
system:
- The multiplier which is associated with the selected indemnity period.
- The basis rate which arises from the premises concerned.
Additional rates will be applicable for additional perils and for extensions to
other premises.
The exclusions would be the same as for your Fire Material Damage cover.