Everything About Shop Insurance Plans Explained!

Everything About Shop Insurance Plans Explained!

Mumbai, June 16, 2022

A shop insurance policy is an insurance policy that is designed to protect a shop and its contents. Individuals can also opt for a few add-ons to insure a shop from natural calamities such as earthquakes and floods. Besides this, an insuree can also insure his shop from burglary and other misfortunes.

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Benefits of a Shop Insurance

A shop insurance policy has multiple benefits, and these are available for small to medium-sized shops as well. Nevertheless, a few of the most prominent benefits are:

Quick Online Claims

One of the primary benefits of a shop insurance policy is that it is technology enabled, and an insuree can easily make online claims. Also, a few insurance policy providers have mobile applications through which you can make claims through a quick self-inspection process.

Complete Protection

A shop insurance plan can protect a shop from all natural calamities such as fires, common burglaries, earthquakes, floods etc. But, for it, individuals might have to opt for a few add-ons.

Provides Value for Money

Running a shop can be costly for a few individuals; hence, premiums for shop insurance plans are made to fit within an owner's budget to provide multiple benefits.

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Everything About Shop Insurance Plans Explained!

Sum Insurance

Shop owners can customize their sum insured depending on their size of business and its nature. For example, for larger businesses, shopkeepers can choose a policy with a higher sum of insurance with higher premiums, and smaller businesses can choose a lower sum insured with lower premiums.

Covers All Business Categories

The shop insurance covers all types of businesses irrespective of their size and category. So, no matter if you are running a mill or a general store, shop insurance can provide benefits for every shop type.

Inclusions under Insurance for a Shop Insurance Policy

As per the Indian Risk Survey 2018, a fire outbreak is one of the biggest risks to business operations and continuity. So, it is essential to know about the inclusions within a shop insurance plan, such as burglary insurance, and some of the top insurance providers cover –

● Earthquakes

● Burglaries

● Floods

● Explosion & Aircraft Damage

● Storms

● Fires

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Things to Consider Before Opting for an Insurance Plan for a Shop

Buying an insurance policy for a shop can be beneficial for a shop owner in multiple ways. However, before buying an insurance plan, it is important to consider a few things that will help them settle for the most profitable one. So, here is the list of a few things that can be taken under consideration before choosing an insurance plan for a shop:

Sum Insured

It is the highest amount an individual can receive after making a claim against an unfortunate situation. Therefore, it is important to choose an insurance policy with a higher sum insured as an insuree is likely to get a higher amount against their claim. Furthermore, they should learn that a higher sum insured will also attract higher premiums.

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Coverage

Secondly, the coverage of an insurance policy is also essential to know. Again, the documentation provides these details, and individuals must scrutinize them before buying an insurance plan.

Ease of Claims

Thirdly, it is essential to understand the process of raising a claim. Some offline insurance plans have a complex process for raising a claim, and individuals must understand them if they opt for it. On the contrary, online health insurance plans have an easy claim process and allow easy claim settlement.

Hence, a shop insurance policy is unequivocally one of the easiest ways to protect a shop against natural calamities as well as burglaries. However, it is important to note that there might be certain things that are not included within a policy, such as loss due to war or nuclear disaster, consequential losses, portable assets that are not for sale etc.

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(Disclaimer: This is branded content. Readers are advised to exercise due diligence and discretion before entering into any correspondence, investment, purchase, business dealings or any other decision on the basis of this content.)

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