Buy Shop Owner Insurance
Starting @ just Rs590/month*- Umbrella Cover for all types of shops
- Customizable packages for options under various sections.
- Fire & Burglary for Contents (Stocks, FFF & equipment), Compulsory and other are optional covers
- Single Policy provides all coverage for Money Insurance, MBD, EEI, PA, FG, TV, WC, PLI
- More sections More discounts in premium
- Customized plansAffordable prices
- 24*7 SupportDedicated claims manager
- Total CareAll round wellness benefits
What is Shopkeeper Insurance?
Shopkeeper insurance is a special type of insurance for shop or business owners. This insurance helps protect the shop’s property and items from things like natural disasters, accidental fires, and more. If something happens to the shop, the owner will get compensation (money) based on the terms of the insurance policy. The rules for this insurance may be different depending on the provider.
Why You Need to Buy Shopkeeper Insurance
Small and medium-sized shops make money daily but may not have as much savings as large businesses. If something unexpected happens, like a fire, theft, or natural disaster, it can cause big financial problems that are hard to fix.
Who Should Buy Shop Insurance?
Many people are not sure if they need shop insurance. Here’s a simple list of people who should think about buying this insurance:
- Shops in Busy or Popular Areas Shops in popular places are more at risk because they earn more and attract more attention. Shop owners in such areas should get insurance.
- Shops with Expensive Items If you sell valuable things like electronics, your shop has a higher risk. Insurance can protect your business from big losses.
- People Who Own Many Shops If you have more than one shop, your chances of facing a problem are higher. Insurance can help protect all your shops from financial loss.
- Family-Owned Shops If your family runs a shop, like a sweet shop or clothing store, it often has a long history and sentimental value. Insurance can help keep it safe for the future.
- People Who Run One Shop If you own a shop and it’s your main source of income, you should get insurance. It helps you stay safe if something bad happens to the shop.
This is where Shop Insurance helps. It gives you financial protection so you don’t have to deal with the costs alone when something goes wrong. With the right insurance, you can keep your shop running smoothly, no matter what happens.
Type of Shop Covered Under Shop Owner Insurance
Shop insurance can be used for many kinds of shops, such as:
- bakery, kirana stores. Mobile shops, mobile phones, gadgets, and accessories, pharmacies, grocery, utensils, barber, salons, gifts shop.
Inclusions and Exclusions in Shopkeeper Insurance
What Is Covered (Inclusions/Add-ons):
Fire and Other Risks for Building and Contents
Your shop building (section 1A) and the things inside it (section 1B) can be protected against fire and other related risks. These include: fire, lightning, explosions, damage from aircraft, riots, storms, floods, earthquakes, and terrorism (optional). It also covers damage from things like water tank bursts, landslides, and bush fires.
Burglary and Theft
This covers your shop’s things if they are stolen or damaged during a burglary or break-in. It also covers damage to your shop or safe caused by these crimes.
Mechanical and Electrical Appliances
Covers sudden and accidental damage to electrical and mechanical devices in your shop caused by breakdowns.
Electronic Appliances
Protects your electronic devices like computers and gadgets from damage or breakdown. It also covers data and software. Terrorism cover can be added.
Money Insurance
Protects your business money if it is lost due to accidents or bad luck:While being carried aroundIn the shop safeAt the cash register
Baggage
Covers loss or damage of luggage, including goods and personal items of owners or employees while traveling for work.
Fixed Glass and Sanitary Fittings
Covers accidental breakage of fixed glass, bathroom fittings, frames, and lettering on glass.
Neon Signs and Billboards
Protects signs and billboards against fire, theft, damage, and other risks.
Personal Accident
Covers death or injury of the insured person from accidents. This can include owners, partners, directors, or employees. Medical expenses can also be covered with extra payment.
Employee Dishonesty
Covers money lost if your employees steal or act dishonestly.
Legal Liability
Towards Employees: Covers compensation you must pay if employees get injured or die while working.Towards Third Parties: Covers legal costs if someone outside your business makes a claim against you.
What Is Not Covered (Exclusions)
Loss, damage, or destruction will not be covered if caused by:
War or war-like situations: For example: fighting between countries or military actions.Loss of income: You won’t get money if you lose your earnings because of the damage.Pollution or contamination: If the damage is due to something dirty or harmful in the air, water, or ground.Radiation or nuclear-related reasons: Like damage from radioactive waste, nuclear fuel, or radiation.
Burglary will not be covered if it happens due to:
Fire or explosion: If someone robs your place during a fire or blast, it’s not covered.Family or staff: If someone in your house or someone working for you steals, it’s not covered.
Damage to electronic items will not be covered if:
They are old or worn out: Normal damage from using things for a long time is not covered.They already had problems before getting insurance: If you or your agent knew the equipment had faults before starting the policy.
Things to Think About Before Buying Shop Insurance
Shop insurance is important because it helps protect your business from risks and losses. But with many types of insurance plans available, like stock insurance or fire insurance, it can be confusing. Here are some things to think about before buying shop insurance:
1 Coverage Offered
Different insurance plans cover different things. Some may cover only the building, while others also cover the items inside the shop. Be sure to check what is covered before you buy.
2 Ease of Claims
The process of making a claim should be simple and quick. If it’s too complicated or slow, it can make things harder when you need help. Choose an insurance company that has a good reputation for settling claims.
3 Sum Insured
This is the maximum amount you can get if something happens to your shop. It’s important to choose a plan that fits the value of the items and goods in your shop.
4 Inclusions and Exclusions
Make sure you understand what the insurance will cover and what it won’t. This will help you decide if the plan is right for you.
How to File a Claim for Shop Insurance
Follow these simple steps to file a claim for your shop insurance:
- 1 Inform your relationship manager or insurer about the problem as soon as it happens.
- 2 Complete the claim form and attach all the necessary documents.
- 3 Your insurer will send the details to the insurance company to start the claim process.
- 4 The insurance company will send a surveyor to check the damage and assess the claim.
- 5 After the survey, the surveyor will help you with any paperwork needed for the claim.
- 6 Once everything is reviewed and approved, the insurance company will process the claim and pay you promptly.
We have a separate team for claim settlement to guide you in every possible way.
FAQs
Shop insurance can cover many types of shops, including retail shops, restaurants, cafes, offices, and other businesses. It protects your property, inventory, and equipment from damage or theft.
Shop insurance falls under the category of "property insurance" because it helps protect businesses or property from risks like fire, theft, or natural disasters.
Shopkeeper insurance generally covers things like theft, fire, vandalism, and damage to the building or equipment. It can also cover losses from business interruption or accidents that happen on the property.
Retail store coverage is a type of shop insurance that protects retail stores. It covers things like damage to goods, loss due to theft, and liability for injuries on the store’s premises.
The most common insurance you need for a shop includes:
- Property insurance (for the building and equipment)
- Liability insurance (if someone is injured in your shop)
- Business interruption insurance (if your shop has to close temporarily)
To claim shop insurance, contact your insurer and report the damage or loss. You’ll need to provide details like the cause of the loss, photos, and proof of ownership. Your insurer will guide you through the steps and may send someone to assess the damage.
Yes, you can claim GST (Goods and Services Tax) on shop insurance if the insurance is related to your business and you are registered for GST. Make sure to check with your insurance provider for specific details.
Shopkeeper insurance policies usually do not cover damage caused by things like floods, earthquakes, or acts of terrorism unless specified in the policy. Always check the policy for exclusions.