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Shop Insurance | Get Shopkeepers Insurance Policy Online From India
A shop insurance plan specifically caters to the needs of shop owners as it offers financial coverage for the property, all the assets inside the property and business interests as well. Shop insurance can cover small and medium sized shops and protect them from many threats such as burglary, natural calamities, accidental fire, breakdown of appliances, etc.
Why should shopkeepers buy a Shop Insurance Policy in India?
- Shopkeepers don’t earn a lot of money due to their small profit margins hence any unfortunate loss can put them under a financial strain.
- A shop insurance also makes sure that the shopkeepers are protected from risks related to the property, the business interests and the financial security of the owner.
- Any incident that might take place in the shop such as fire, burglary, theft, etc. are all perils that the policy covers.
Who should buy a Shopkeeper Insurance Plan?
- Independent shopkeepers:
Shopkeepers that run their shop as the main source of income for them and their family need this insurance the most. This is because in case they face any adversity in the future, they will get compensated for the financial loss.
- Family business shop owners:
Shopkeepers that own a family business should also opt for this policy because the livelihood of their whole family can be affected in case of any mishaps. Hence, you should take a shop insurance policy that suits you best.
- Shop Owners who have shops in the main market:
If your shop is in a prime location, then it’s important for you to insure it because these shops have a higher risk factor than others.
- Businesses that have a high-risk factor:
Shops that have a higher risk of certain perils as compared to others should be insured. For example, a fuel station or cylinder selling shop would have high chances of a fire. Similarly shops selling expensive products are more prone to burglary than a small grocery store.
- Owners of multiple shops:
When you handle multiple shops at different locations, then your risks increase as well. Hence, it’s always better to be on the safe side by buying shop insurance.
Important Features and benefits of a Shop Insurance Policy
- Property protection:
Shop Insurance provides a comprehensive coverage for any financial loss caused due to damage or loss of property as well as the contents in the shop. It covers all kinds of perils such as fire, natural calamities, riots and strikes, explosions, burglary, electrical and mechanical breakdowns, etc.
- Coverage of financial liability:
Many plans give you an add-on benefit to cover your legal liabilities towards third-parties. These include property damage and bodily injuries to third-parties as well. You can also include liabilities arising out of Workmen Compensation Act, 1923 and Fatal Accident Act, 1855.
- Protection of money:
Money protection is one of the major benefits as it is the most important asset for shopkeepers. You can recover your monetary loss if your money gets lost in transit between the bank and shop premises or vice versa due to any unpredictable event. Money that is placed in the safe is also covered.
- Affordable plans:
Shop insurance plans provide comprehensive coverage at reasonable prices because of their low premium amount making it accessible to all shop owners.
- Flexible terms:
Shop insurance policies can cater to the specific needs of all businesses and shopkeepers can purchase add-on benefits as well.
Inclusions in Shop Insurance Plans
Shop Insurance policies provide coverage for losses related to the following:
- Aircraft damage
- Implosion/ lightning explosion
- Malicious Act, Riots and Strikes
- Cyclone, storm, flood, tornado, typhoon, tempest hurricane
- Machinery breakdown
- Personal accident
Rider Benefits of Shopkeeper Insurance Policy
These are the add-on benefits a policyholder can opt for:
Variety of Shops that can be covered:
- Electronic and Mobile shops including accessories as well.
- All types of offices.
- Educational institutions.
- Grocery and general stores.
- Lifestyle and fitness stores.
- Manufacturing and processing units.
- Food and eatables stores.
- Restaurants and cafes.
- Repair services stores.
- Healthcare spaces and pharmacies.
- Many other shops not mentioned above.
Exclusions in Shopkeeper Insurance Plans:
Destruction due to:
- War or nuclear explosions.
- Losses of earnings.
- Contamination or pollution.
- Contaminations caused due to radioactivity, waste or radiations.
Burglary caused due to:
- Explosions or fire.
- Family members, inmates and employees.
Loss or damage of electronic equipment because of:
- Defects existing during the commencement of insurance within the insured’s knowledge.
How to select the Best Insurance for your Shop?
All you have to do is compare policies of different companies online by providing all the needful information to their web aggregator. Thereafter, you can look at the terms of all the policies and select the best one based on your needs.
How can you calculate your Shop Insurance premium online?
Follow the below steps:
- Find a form at the top of this page.
- Enter all the required details into the form.
- Fill in the needful details for the coverage that you require. These include:
- Coverage against fire & allied perils, burglary, and housebreaking: Provide all the information related to stock and assets in the shop.
- Money insurance: Specify its value.
- Pedal cycle cover: Mention all the specifications about the cycle
- Neon glass cover: Enter its value.
- Fixed place cover: Provide the value.
- Baggage cover: Give a brief description.
- Business interruption cover: Describe and values and charges required along with PAN number.
- Personal accident cover, public liability cover, workmen compensation cover, fidelity guarantee cover, electronic equipment cover, and breakdown of electrical appliances can be covered as well.
- Submit all the other necessary details.
- Finally click on the calculate button to display your premium amount on your screen.
Claim Process for a Shop Insurance Policy
- First of all, the insurance company must be informed about the incident within 24 hours of it taking place.
- Then, you must inform the police and file an F.I.R. if there is a theft or burglary.
- In case of fire, the fire brigade must be called immediately.
- Fill the claim form and other relevant documents properly and hand them over to the surveyor.