Burglary Insurance

Burglary insurance provides financial protection to businesses against losses resulting from theft involving forcible and violent means of entry or exit from the premises. In the Indian market, this policy is governed by IRDAI regulations and follows a standard policy structure, though coverage terms may vary between insurers post-detariffing. The policy typically covers loss of or damage to property kept within the insured premises, damage to the premises itself caused during the burglary, and can extend to cover theft by employees if specifically included through a fidelity extension. The sum insured is generally based on the declared value of contents including stock, machinery, furniture, electronic equipment, and cash in safe or till. It is important to note that simple theft without evidence of forcible entry is usually excluded from standard burglary policies, which is a common point of claim disputes. First loss policies are popular for businesses with large inventories, where the insured declares the total value at risk but insures only a portion representing the maximum probable loss from a single burglary event, thus reducing premium costs. Indian businesses operating in high-risk areas or dealing in high-value goods such as electronics, pharmaceuticals, or jewellery typically require higher coverage limits and may need to comply with minimum security requirements such as CCTV surveillance, alarm systems, and security guards as warranty conditions in the policy. Burglary insurance is often bundled as part of a Shopkeeper's or Office Package policy for SMEs, offering a cost-effective approach to comprehensive business protection.