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Step 6 D:- Shop Insurance

shop insurance

What is shop insurance?

Shop insurance as the name suggests is basically a composite policy offered by various Insurance companies for your shop and covers not just the structure or the core infrastructure but also the items kept in the shop for sale like Stocks ,Furniture and other valuable items, thus protecting you from financial losses on cases like fire, fraud, earthquake, burglary and loss of profit.

What the shop insurance covers?

The shop insurance policies and scope of such policy may vary depending upon each company, however generally what it may include has been summarized below:

  • Fire:- It covers loss to the building; contents or items kept in shops but does not insure loss or damage to bonds/securities, precious stones, jewelry, cash, livestock, etc.
  • Baggage:- It covers loss or damage of personal baggage of the insured person and any other such accompanied bag which relates to the trade. However, does not include cash, jewelry, and travel tickets, personal goods like consumable goods, sun-shades, and umbrella.
  • Burglary:- It covers the contents of the shop against any damage or loss caused by the burglar.
  • Burglary of cash in safe:- It covers losses of cash kept in safe due to burglary.
  • Forgery:- It covers all sort of direct financial losses caused by forgery of cheque or even by material alteration of the cheque. It may also cover any other sort of negotiable instrument issue in your favor or by you.
  • Fidelity:- It covers financial losses caused by you due to any fraud or dishonest act your employee played upon you.
  • Electric Equipment:- It covers all the electric equipment in your shop such as Desktops, Laptops, Computers, CCTV cameras, and so on.
  • Electric Appliances:- It covers all the electric appliances which suffer break-down during the course of business and have been installed in the shop, such as refrigerator, Air-conditioners, and so on.

Why should you take shop insurance?

Losses without recovery can put a big question mark on the very existence of your business and without proper safeguard, it can be a death blow to your business. To safeguard yourself from this situation you must ensure that you are immune from these forms of risks. Though we should all think positive there is no harm in staying prepared for the negative ones because precaution is better than cure. It’s important for us to remember that the future is uncertain and you really don’t know that when a problem may knock your door. This shop is the source of your survival and the way how you earn your bread and butter so it’s always advisable that you should get all the precious things of your life insured like your shop.

              

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