Shop Insurance for Retail, Pubs and Restaurants

What is shop insurance?

Shop insurance as the name suggests is basically a composite policy offered by various Insurance companies for your shop. So why shop insurance is required in the first place? Because It covers not just the structure or the core infrastructure but also the items kept in the shop for sales like Stocks, Furniture and other valuable items, thus protecting you from financial losses in 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, overall view of the shop insurance plans 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.

What should be taken care of before taking shop insurance?

Before taking shop insurance person should thoroughly search and compare various shop insurance plans offered by insurance companies. Companies offer different shop insurance rates for the same insurance plans.so it is the responsibility of the person to choose a plan which suits him best.

Shop Insurance Plans in India:

• Personal Accident Cover
• Burglary cover
• Aircraft Damage Cover
• Fire Cover
• Imposing explosion
• Riot and strike cover
• Machinery breakdown Cover
• Flood, Cyclone and Storm cover

Benefits and Key features of Shop insurance:

As a trader shop insurance is of utmost importance for you because it offers many benefits. 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 your self 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.