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What is Shop Insurance
Shop Insurance is specially designed to meet the needs of small shopkeepers. It is a comprehensive insurance, catering to different insurance needs of shopkeepers. One policy per shop is generally given by insurers. It covers damage/ loss to shop due to fire, burglary, riot, strike, loss of money in transit, fraud committed by client's employees etc. The policy is meant for shops only, hence restaurants and tea /coffee shops cannot be insured under this insurance policy.
Calculation of Shop Insurance Amount/Premium:
The shop is generally insured on a market value basis less than the depreciation cost. Articles in the shop are insured on cost price. Premium amount may vary from insurer to insurer and the number of sections a person is availing under the policy. Discount in premium is sometimes given by companies depending upon the number of sections opted for by the insured. Premium can be paid on a monthly/quarterly/half yearly/ yearly basis.
Shop Insurance Claim Procedure:
• Take necessary steps to minimize the loss/damage
• Report the claim to insurer
• A surveyor appointed by the company will analyse the damage /loss incurred
• The claim process takes anywhere between 7-21 days
Standard shop insurance benefits
• ‘All risks’ cover for contents and stock
• Plus you'll get a 25% seasonal increase to your sum insured at certain times of the year
• Business interruption cover
• Protects against the loss of business income following damage to the insured property
• Public, products and employer's liability
• Legal expenses
Shop insurance optional extras
• Buildings insurance
• Subsidence
• Computer breakdown
• ‘All risks’ on specified items
• Employee theft
• Liability cover for hairdresser's treatment risk
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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