Things To Know Before Applying For Shop Insurance

Before You Apply For Shop Insurance Know 

– Who should buy it
– Benefits
– How you can find it
– The exclusions
– What it covers

A shop insurance safeguards your shop from financial losses that can incur due to theft, burglary, accidents, employee mistakes, technical failures etc. it minimizes your risk and optimizes the damage control.

A Shop Insurance Can Be Bought By

1- Mobile and Electronics shops
2- Education and Corporate Offices
3- Gyms and fitness centers
4- Lifestyle Complexes
4- Grocery and general stores
5- Process shops
6- Packaged goods and eatery
7 – Additional service shops
8- Hospitals, Clinics

A Shop Insurance Provides

1- Coverage of loss due to fire etc.
A shop insurance insures the shop’s products and services from the loss due to fire. It protects the owner from the damaged product liability.

2- Property Protection
Shop insurance covers any mechanical or technical loss or property damage incurred due to natural perils, fire, burglary, house breaking, etc.

3- Liability Coverage
The shop owner is covered from the legal liabilities towards a third party. It also includes worker’s compensation that protects against the third party bodily injuries and property damage.

4-Money Protection
If the sum of insured money is lost in the transit between the shop to bank or vice versa because of robbery, accident etc then the shop owner is protected from the loss that may incur as the money is insured in the policy.

5- Cost-effective plans
Most shopkeeper’s policies are taken by small or medium sized business owners. The insurance policies consider that and have made the plans cost-effective comparatively which then makes it more feasible for the keepers

6- Fidelity
The shopkeeper’s insurance also safeguards the business from the financial loss due to fraudulent activities or dishonest trials by salaried employees.

7-Forgery
If any attempt to forge or alter the cheques, drafts or any negotiable instruments issued by you or in your favor is done, all the losses incurred by the following are also covered in the policy.

8-Glass breaking or neon sign
The glow signs displayed by the shop and the glasses of the shop are all protected against the loss that may occur due to breakage, theft or accidents.

9- Medical expenses benefit
This insurance gives you the medical expenses benefit to the extent of sum insured under this cover for any treatment needed due to any mishap or accident.

10- Tenant’s legal liability
If your shop is rented then you are insured against any legal liability imposed by the owner of the shop to pay for the damage incurred to property by fire, theft or accident.

Here’s how you can buy an affordable shop insurance. 

1- Make a smart choice. Depending on the need of your shop and the functions of your business, analyze the kind of shop insurance your business needs

2- Research and do comparison of policies in the market and make a list of what includes most coverage, less premium and other additional benefits.

3- Manage your risks to make your policies more affordable manage your risks well by taking a few preventive measures. Install the security alarms and fire suppression systems.

6- Check the deductibles and Make sure your choice is need based

7- Examine the plan’s waiting period, co-payment and exclusions. Read the fine prints well to understand the every detail that the insurance can offer you.

MAKE A NOTE OF ALL THE EXCLUSIONS.

Any loss, damage or destruction due loss of income, warlike situations, pollution or contaminations. Explosions through fire or theft by employee. Damage due to wear and tear of machinery or existing defaults are not inclusive in the shop insurance.

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