Shop Insurance

A shop insurance policy is specifically designed for small and medium-sized shop owners to provide cover against damage or loss of the structure of the shop and its contents. Most of the policies under shop insurance cover financial loss incurred due to unfortunate events like fire, flood, earthquake, riot, and burglary of cash placed in a safe place or while it is in transit from shop to bank or vice-versa.

Why is Shop Insurance Required?

Small to medium-sized shopkeepers work in day to day profit that means they do not have much margin in their business. Therefore, it may become difficult for them to handle situations like burglary, fire, etc. in their shop and its contents. Therefore, to safeguard a shopkeeper against various risks related to the shop and its contents, a shop insurance policy came into the picture.

Having shop insurance as well frees an insured from the worries of a financial crisis in the situation of some accident in his/her shop or other related incidents.

Key Features & Benefits of Shop Insurance

The major benefits that one gets with shop insurance policy are:

  • Protection of Property: This type of insurance policy covers the property loss incurred due to fire, earthquake, explosion, natural perils, and riots. Apart from the shop it also covers its contents. Moreover, damage incurred due to housebreaking and burglary is also covered. Breakdown of electrical, mechanical, and electronic equipment are as well covered.
  • Liability Cover: Some policies under this plan also cover the legal liabilities against third-party. Additionally, third-party bodily injury or property damage is covered as well. Worker compensation as per act 1923 and fatal accident act 1855 are also incorporated in some plans.
  • Money Protection: Another major advantage that one gets with shop insurance is the protection of money. If insured's money gets lost in the transit between shop's premises to bank or vice-versa because of robbery, theft, or another unpredictable event, then the insured shopkeeper need not worry. This is because money in safe and money in counter both are covered in the policy.
  • Cost Effective Way: Most of the policies under this plan are cost effective and provide comprehensive coverage in affordable premium.

Shop Insurance Plans in India:

The following are the shop and small business insurance plans available in India:

  • Fire
  • Aircraft damage
  • Implosion/ lightning explosion
  • Malicious damage and riot strike
  • Cyclone, storm, flood, tornado, typhoon, tempest hurricane
  • Machinery breakdown
  • Burglary
  • Perils
  • Infidelity
  • Personal accident

Add-On Covers Provided by Shopkeeper Insurance

Apart from the above-mentioned covers, a shopkeeper insurance policy also provides the following covers as add-on or rider by paying an extra premium:

  • Earthquake
  • Escalation
  • Terrorism

What is Not Covered in a Shopkeeper Insurance Policy?

The common exclusions of shop insurance policy:

  • Loss, damage, and destruction caused due to:
    • War or warlike operations
    • Losses of earnings
    • Contamination or pollution
    • Contamination s caused due to radioactivity, waste, or nuclear fuels, ionizing radiations
  • Burglary caused due to:
    • Explosions or fire
    • Member or inmates of the household of the insured or insured’s business staff
  • Loss, damage or destruction of electronic equipment caused due to:
    • Tear and wear
    • Defects or faults existing during the commencement of insurance in the knowledge of the insured or his/her representative.

How to Compare and Select the Best Shop Insurance Online?

Since there are various shop insurance plans available online, thus it may become difficult for anyone to select the most suitable plan. However, if one compares shop insurance policies online on the website of insurance web aggregator, then he/she will be able to find the best policy of this category. All one needs to do is to provide his/her requirements and the web aggregator will give the most suitable result.

How to File Claim for Shop Insurance?

A policyholder needs to follow the below process in order to file a claim for shop insurance plan:

  • The first and foremost thing is to inform the insurance provider within 24 hours of loss or damage.
  • Inform the police in case of burglary or theft.
  • Call the fire brigade immediately in case of fire.
  • Duly fill and submit the claim form and other relevant documents to the surveyor.
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