Mumbai, December 28: Natural calamity, burglary, arson, fire breakout, riots are few of the many reasons that pose dangers to shop. The only way to safeguard against such unfortunate incidents is a shopkeeper insurance.
Such a policy will give you peace of mind by providing financial security and protection to your business. Most shopkeeper insurance covers shops against loss or damage to both the structure and it’s content which will result to financial loss due to fire, earthquake, flood, riot, fraud and burglary.
Most of the general insurers offer shopkeeper insurance. However, one must choose the right plan according to the requirements and buy cover according to the value of the contents. One can also opt for comprehensive shopkeeper insurance plan. The insurers charge the premium according to the types of shop and value of the contents.
In general, shopkeeper insurance covers loss or damage to buildings and contents due to fire, lightening, strike, riot, fraud, storm, cyclone, flood and burglary. Comprehensive policy also covers loss of money due to burglary of cash in a safe place or in transit from shop to bank or atm and bank to shop as well as financial losses due to fraud or dishonest act of salaried employees. Bodily injuries due to an accident resulting in death or permanent total disability.
It also provides legal liability on behalf of the proposer for accidental death or bodily injury to third party excluding resident employee or domestic staff as well as accidental damage to third party property.
If the shop owner wants to cover terrorism, escalation and few others over and above the normal cover one can opt for add-on covers option by paying extra amount. Under shopkeeper insurance plan the covers and exclusions varies from insurer to insurer. Always compare and choose the best plan before buying any shopkeeper insurance. It is advisable to read the policy documents carefully about covers for all that you and your shop requires.
Most of the common exclusions under shopkeeper plans are if the actual value of the sum insured is less when compared to the loss occurred under fire then claim would be reduced in the same proportion. If the incident was found involvement of the insured’s or insured’s staff directly or indirectly. If the premises or building was unoccupied, for a period of more than 30 days consecutively.