Shop insurance policies in India typically provide comprehensive coverage to protect shop owners or businesses from a wide range of risks. The coverage generally includes protection against the following —
Fire and allied perils, such as lightning, explosion, storm, flood, and earthquake
Burglary and theft
Money in transit
Public liability for third-party injuries or property damage
Employee dishonesty
Business interruption losses
Additional coverage options might include electronic equipment insurance, fixed plate glass breakage, terrorism, and more.
However, it is equally essential to understand the shop insurance exclusions. Standard exclusions include damages due to wear and tear, depreciation, war and nuclear risks, wilful negligence, pre-existing damage, consequential losses, illegal activities, and mechanical or electrical breakdowns not caused by insured perils. Being aware of both the inclusions and exclusions helps shop owners make informed decisions and set realistic expectations about their insurance coverage.
Navigating through various insurance plans can seem daunting, but understanding a few factors can simplify the decision-making process. Here are a few important aspects you could consider while picking the right shop insurance plan
Sum Insured: The sum insured is the maximum amount you can receive in an unfortunate situation for which you need to make a claim. Choose a shop insurance plan that provides adequate coverage in terms of the sum insured. Assess the total value of the goods and contents in your shop.
A higher sum insured means a higher premium. However, prioritise the adequacy of the coverage over the cost of the premium based on the value of your inventory.
Ease of Claims: Efficient and easy claim processes are key factors to consider while picking a shop insurance policy. Therefore, select an insurer with a transparent and swift claim settlement process.
Scope of Coverage: Before buying, carefully evaluate whether the insurance policy merely covers the physical shop or the inventory as well. Thoroughly review your policy documents and go for a plan that meets all your requirements.
Add-On Covers: Check for optional add-ons that can enhance the scope of the policy’s coverage. Common add-ons include protection for electronic equipment and temporary relocation expenses.
Best Value: Finally, assess all aspects, from the coverage amount and premium cost to the scope of coverage and add-ons available and go for a policy that offers you the best value.
Smooth sailing starts with secure coverage. Navigate with confidence!
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If you are looking to buy a shop insurance policy, you can simply do so offline or online.
Offline Process
Visit the closest branch of an insurance provider of your choice if you’d prefer to buy the coverage in person. You can get all the necessary information when you visit the branch. You can also get in touch with the insurance provider's customer service team to clear any doubts you have. Choose a plan matching your requirements and budget and make the necessary payment.
Online Process
If you want to acquire shop insurance online, all you have to do is go to the insurer’s website, follow the instructions, fill out the necessary information, and then submit your payment to complete the transaction.
Mentioned below is the general renewal process for a shop insurance policy. The process varies for different insurance providers.
Visit the official website of the insurer.
Click “Renew Online”
Enter the policy number and date of birth.
Click “Payment”
Make payment through the different available modes like a debit/credit card, UPI, etc.
Mentioned below is the claim process for a shop insurance plan:
Notify the insurance provider about the claim within 24 hours of loss or damage.
Call the police if there has been a theft or break-in.
In the event of a fire, immediately dial the emergency number. Take photographs and record videos of the loss/damage to your shop and inventory.
Submit the duly filled-in claim form along with other related documents to the surveyor.
A surveyor will analyse the authenticity of the claim along with the supporting documents.
After successful verification, the insurer will settle the claim.
Payment will be credited to the policyholder's bank account.
Claims made under a shop insurance policy are usually settled within 30 days from the date the last document is received. However, no claim will be settled if any document is missing or fraudulent activity is involved.
Shop insurance policies offer invaluable protection to shop owners against a range of risks. By comparing different policies, understanding their coverage, and following the proper procedures for buying, renewing, and claiming insurance, shop owners can ensure their businesses remain safeguarded against unforeseen events.