Fire incidents reported across the country, including in Goa, have highlighted the rapid escalation of such emergencies and the lack of preparedness among many enterprises. Beyond the immediate human toll, such events expose a deeper vulnerability: the ability of small enterprises to survive a severe disruption without adequate insurance protection.
Goa’s economy is powered by a diverse mix of industries including hospitality, pharmaceuticals, shipbuilding, light engineering, food processing, mining-linked ancillary units, and a growing cluster of local enterprises operating across in around Goa. Yet, despite this industrial depth, a large proportion of units continue to remain underinsured or only partially insured, leaving them exposed to fire, natural calamities, and business interruption risks.
TATA AIG’s SME Business Insurance Solutions aim to address this protection gap. The offering includes cover for fire and allied perils, machinery breakdown, and loss of income due to insured interruptions. Coverage can also be sought for employees’ hospitalization expenses due to such accidents at very reasonable price. Whether it’s a blaze triggered by an electrical short circuit in a manufacturing unit or water damage caused during firefighting operations, such policies ensure both – protection of assets and indemnity of expenses incurred for employee care. As importantly, small enterprises must regularly reassess whether their sum insured is sufficient, so that claim payouts adequately match the scale of potential losses.
Pranay Shah, Head – SME Products at TATA AIG General Insurance, said: “Small businesses are the backbone of our economy, yet they remain the most vulnerable when disaster strikes. At TATA AIG, we are committed to delivering straightforward, reliable insurance solutions that not only protect their assets but also ensure continuity of operations and safeguard the livelihoods of countless families. Our goal is to empower local businesses to face uncertainties with confidence and resilience.”
For Goa’s business community, the recent events serve as a timely reminder: in a state where industries operate in densely populated commercial and industrial clusters, comprehensive insurance is a critical pillar of risk preparedness and long-term continuity, stated a press release.
