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.
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.
The major benefits that one gets with a shop insurance policy are:
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:
The common exclusions of a shop insurance policy are as follows:
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.
You can easily calculate the premium of your shop insurance policy online. It varies from one insurer to another. Generally, you need to enter the following details to derive the cost of premium:
Declaration: Agree or Disagree with the following information:
A declaration that the shop does not deal or contain:
You need to opt for the following coverage benefits:
Click on the Calculate Premium Option and know your premium
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