- Shop Insurance
- What is Shop Insurance?
- Why is Shop Insurance Required?
- Key Features & Benefits of Shop Insurance
- Shop Insurance Plans in India:
- Add-On Covers Provided by Shopkeeper Insurance
- Types of Shops Covered Under Shopkeepers Insurance:
A shop insurance policy is a specially designed insurance policy that provides coverage for a shop’s contents and the property. This shop insurance for small to medium-sized shops cover burglary along with any mishaps due to natural calamities, accidental fire, etc. just like fire insurance.
Shopkeeper insurance provides coverage against any potential risks or mishaps that the insured small and medium-sized shop owners are likely to face. Thus, it safeguards the policyholder’s business interests besides protecting his property.
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*Premium varies on the basis of Occupancy, Business Activity & Coverage Type
Table of Content
A shop insurance policy is the type of insurance policy that provides financial aid to a shop owner in case theft, manmade disaster, natural calamity, etc. It is a legal contract between the insurer and policyholder and the insurer reimburse the amount for any incident that resulted into loss or damage.
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 involving 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.
A shopkeeper insurance policy shields a small/ medium-sized shopkeeper from any perils that he may face. It protects the property and the business interests of the shop owner. It also offers coverage of a standard fire & special perils policy that includes any loss to the building from earthquake risk.
Shop insurance plans offer protection to the insured against financial crisis in case of some accident in his/her shop or any other related incident.
Many people are not sure whether they need a shopkeepers insurance policy to protect their shop or not. To give you some clarity, here is a list of different kinds of people who must buy shop insurance plans:
The major benefits that one gets with a shop insurance policy are:
Comprehensive Liability Insurance
Contractor's All Risk Policy
Contractual Liability Insurance
Corona Group Insurance
D&O Liability Insurance
Employee Wellness Programs
Erection All Risk Insurance
E & O Insurance
Group Health Insurance
Best Group Health Insurance
Group Personal Accident Insurance
Group Travel Insurance
Group Life Term Insurance
Contractor's Plant & Machinery
Professional Indemnity Insurance
Public Liability Insurance
Workmen Compensation Policy
The following are the shop and small business insurance plans that are available in India:
Apart from the above-mentioned covers, a shopkeeper insurance policy also provides the following covers as an add-on or rider by paying an extra premium:
Here is a list of shops that are covered under shop insurance plans:
Others – This category includes all other kinds of shops and business that are not covered in the above-mentioned category of shops.
The common exclusions of a shop insurance policy are as follows:
Loss, damage, and destruction caused due to:
Burglary caused due to:
Loss, damage or destruction of electronic equipment caused due to:
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. All one needs to do is to provide his/her requirements and the web aggregator will give the most suitable result.
The process to calculate shop insurance online is very simple. Anyone can easily calculate the premium of their shop insurance policy online, which varies from one insurer to another. To calculate the premium for shop insurance online, follow the steps given below:
Along with all the online features provided by insurance companies to make their customers buying experience smooth, they also offer an online tool that helps their customers in calculating an estimated premium amount of their desired shop insurance policy. You can look for it online on the insurer’s website and calculate the premium amount after selecting the kind of coverage you require along with add-ons that you might want to add to the plan.
A policyholder needs to follow the below process in order to file a claim for shop insurance plan:
1. Employers liability cover for injury or sickness claims
2. If your business is being sued for causing damage to a third party’s property, injury within the premises, the public liability insurance comes in handy to bear the liabilities on you.
3. You will be sued by a person harmed by your product. The liability can be huge if the condition is serious. Shop insurance covers such cases as well.
4. If your business premise is damaged by some of the external forces such as fire, flood, the loss is covered by compensating the cost of repair or rebuilding
1. Fire Insurance
2. Aircraft Damage Cover
3. Burglary Insurance
4. Coverage Against Perils
5. Infidelity Cover
6. Machinery Breakdown Cover
7. Personal Accident Cover
8. Malicious Damage Cover
9. Natural Calamities Like Flood, Earthquake, Storm, Hurricane etc.
1. Lose, damage, destruction due to war or war-like situation
2. Loss of earnings
3. Burglary cased due to the explosion
4. Damage due to wear and tear