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Burglary insurance meaning in business
Burglary insurance is a type of business insurance that specifically covers losses or damages to property as a result of burglary. Burglary refers to the unlawful entry into a building or structure with the intent to commit a theft, typically involving forced entry.
This insurance policy may cover stolen items, damages caused to the property during the burglary, or both.
Financial protection
It covers stolen items and property damage.
Replacement costs
Helps replace stolen items.
Legal assistance
Some policies offer help with legal fees if needed.
Here are the key differences between theft and burglary insurance:
Here are the common inclusions (coverage included) of a burglary insurance policy:
Stolen Property
Coverage for items stolen as a result of a burglary where there is evidence of forced entry or unlawful access into the insured premises
Damage to Property
Reimbursement for damages caused to the insured property during the burglary, such as broken windows, doors, or other structures.
Theft-related Costs
Some policies might cover costs associated with the replacement of stolen items, repairs to damaged property, and in some cases, temporary accommodation if the property is rendered uninhabitable due to the burglary.
Security Measures
Coverage for losses related to damage or destruction of security systems or alarms during a burglary.
Legal Expenses
Coverage for legal fees and related expenses in the event of a lawsuit arising from the burglary.
If there are specific concerns or valuable items that might require additional coverage, discussing these with the insurance provider can help tailor the policy to better suit individual needs.
Here’s what is generally not covered in a burglary insurance policy:
Non-Forced Entry
Theft or losses without evidence of forced entry may not be covered. If there's no visible sign of forced entry or violent break-in, the claim might get denied.
Unoccupied Porperty
Some policies might have exclusions if the property remains unoccupied for an extended period, such as 30 days or more.
Certain Valuables
High-value items like jewellery, art pieces, or collectibles might have specific limits or require additional coverage. They could be excluded or have limited coverage unless declared separately.
Negligence or Fraud
Any losses resulting from negligence on the part of the insured or fraudulent claims will likely not be covered.
War or Civil Unrest
Damage or losses due to war, civil unrest, or acts of terrorism might be excluded.
It's essential to thoroughly read and understand the terms and conditions of the burglary insurance policy to know precisely what is excluded.
Choose your insurer and offerings
Pazcare provides you quotes from top insurance companies for your burglary insurance policy. Hence, you can choose the insurer and also get customized coverage
Dedicated account managers
Have questions or require assistance with your burglary insurance policy? A dedicated account manager from Pazcare will guide you through your questions.
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Pazcare’s customer support team ensures you are provided with 24/7 customer service in case of queries, policy assistance, or claims
Burglary insurance is a type of commercial insurance coverage that provides financial protection to businesses in the event of theft or burglary-related losses.
A burglary insurance can be classified into the following: total loss policy, stock declaration policy and first loss policy.
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