Gurgaon: In a first for the state, eight lakh businesses and traders will get an insurance cover from Rs 5 lakh to Rs 20 lakh, depending on their annual turnover, with Haryana govt rolling out two schemes aimed at strengthening the financial security of traders and small industrial units.The initiative aligns with the Centre’s emphasis on empowering MSMEs and the need to safeguard small enterprises from disruptions and financial shocks.Officials expect the insurance scheme will replace the business owners’ reliance on private insurance or self-managed risk buffers, which often leave small units vulnerable due to high premiums, limited coverage and low claim settlement rates. Industry minister Rao Narbir Singh said, “The schemes are expected to enhance the state’s disaster-response support system for businesses, ensuring quicker recovery and reducing economic interruption.”The first one is Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana (CM group traders insurance for personal accidents), which will provide an insurance cover of Rs 5 lakh to registered traders. The registration fee is Rs 50, making it accessible even for micro businesses. It covers permanent disability and death due to accidents.The second scheme is Mukhyamantri Vyapari Kshatipoorti Yojana (CM Traders Damage Scheme), which offers compensation for damage or loss of goods due to fire, riots or natural calamities. The insurance cover for this scheme ranges between Rs 5 lakh and Rs 20 lakh, depending on the annual turnover. Compensation will be provided for verified stock loss caused by unforeseen events.Companies with a turnover of up to Rs 20 lakh will get an insurance cover of up to Rs 5 lakh on payment of an annual premium of Rs 100. Traders with a turnover of Rs 20–50 lakh will get an insurance cover of up to Rs 10 lakh on a annual premium of Rs 500. Businesses with Rs 50 lakh–Rs 1 crore turnover will get an insurance cover of up to Rs 15 lakh for a premium of Rs 1,000. The last category is for companies with a turnover of Rs 1 crore–Rs 1.5 crore, which will get a coverage of up to Rs 20 lakh on a payment of Rs 2,500. The online application window is open until March 31.
