Office Package Insurance Policy is designed specifically for office establishments including IT & ITES Sector. The innovative endeavour brings to you the flexibility to design the policy as per your needs by allowing you to choose the covers that you may require to protect your property and manpower, all with the convenience of a single policy.
This Policy Protect your office from all probable risks and perils like Fire, Theft & any other unavoidable circumstances
- General insurance companies offer office package insurance policy which is designed for office premises. The policy compensates the company in case its office is destroyed, damaged or it suffers any other type of loss.
The policy covers all types of offices like :
Private offices
Government offices
Call centres
IT offices, etc.
Scope of cover
- Standard Fire and Special Perils covers perils like fire, acts of God and other special perils..
- All Risks Insurance covers loss or damage to functional equipment like computers, industrial equipment etc. and non-functional equipment like laptops etc. against fire, riot and strike, terrorist activity, theft, accident, any of which arising from any fortuitous cause.
- Plate glass covers any loss or damage to fixed plate glass due to breakage by any accidental, external and visible means.
- Burglary covers Loss and/or damage by burglary, housebreaking (theft following upon actual, forcible and violent entry of and/or exit) including hold-up risk and damage caused to premises while attempting the same.
- Fidelity Guarantee covers pecuniary loss sustained as a result of act of fraud or dishonesty in respect of monies or goods of the employer committed by the employees.
- Money Insurance covers loss of money in transit by authorised employee(s) due to robbery, theft or any other fortuitous cause. The section also covers loss by burglary or house breaking, robbery or hold-up whilst money is retained at the insured’s premises in safe(s) or strong room.
- Public Liability Covers can be extended to cover legal liability of the insured towards damages to third party in respect of accidental death or bodily injury or disease and loss or damage to property arising out of such accidents. It also covers legal costs and expenses incurred with prior consent of the insurer and within the limit of the indemnity.
Employer’s Liability (Workmen’s Compensation) covers – Two forms of risks viz,
Table ‘A’ – Indemnity against legal liability to all employees under the W.C. Act 1923 and subsequent amendment to the said Act prior to the inception of the cover, the Fatal Accidents Act, 1855 and at Common Law.”
Table ‘B’ – Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law.
- Group Health / Group Health (Floater) covers – reimbursement of hospitalisation expenses incurred for diseases contracted or injuries sustained in India. Medical expenses up to 30 days for pre – hospitalisation and up to 60 days for post – hospitalisation are also admissible.
- Group Personal Accident covers the insured in case of accidental death, loss of limbs and eyes, permanent total disablement and permanent partial disablement.
- Critical Care Insurance covers the employees or the students against the nine critical illnesses.
Key benefits :
- This policy gives coverage for all of its properties and assets and employees.
- This policy is specifically designed keeping the requirements of IT sector in mind.
- Flexibility of designing the policy as per your needs, allows you to choose the covers that you may require to protect your property and manpower, all with the convenience of a single policy.
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Premium:
The premium rate is different for different sections under the policy. Based on the covers chosen, the combined premium is calculated based on amount of risks to be covered under each one of the sections.
For example, under All Risk Insurance, the premium is determined based on the type of equipment and also number of those equipment, for Group Personal Accident Policy, the premium depends on the type of employees, amount of sum insured opted for each employee and number of employees to be covered under the policy
Benefits of Office Package Policy
- The Policy extends an all-round coverage to office premises.
- The Policy provides Financial Security. *It promotes Employee Morale.
LIC policy on the life of employee under Employer- Employee Scheme will provide the necessary solution to above expectations of both employer and employee. Conditional assignment of policy will provide the necessary solution. If employee serves for the term, he will get the maturity amount (which will be as per agreement amount) and in case of his early death his family will get the death claim amount. In case employee resigns in between policy will revert to employer.