What is Insurance for Shop? How to Get Best Insurance for Shop?

What is Insurance for Shop? How to Get Insurance for Shop?

As the trends for grocery shopping are increasing & if you have started a new grocery shop. There might be various questions in our mind; What is Insurance for Shop? How to get the best insurance for the shop? How to choose the best plan?

What is Shop Insurance?

Shop’s insurance is a typical insurance plan for your business & shop. These insurance policies provide basic covers as it provides to live & medical. Be it a grocery, medical, or general confectionary shop, everyone is advisable to have a plan for them.

As the cost of opening a shop is huge. Either you can take franchise of a retail shop or open your own shop. Recently we have discussed how to get the D’mart franchise. The operational expense is huge enough to maintain & in case of any mishappening the cost can be difficult to manage.

What gets covers under shop Insurance?

As the name suggests; this insurance is typically for shopkeepers & retail store owners. Below is the list which is covered under the insurance policy;

  • Natural Disaster
  • Theft Related Incidents & Case
  • Disaster or incidents (Manmade)

Above is the list of incidents that are covered. If you are seeking cover for the above suggest incidents then read on.

Why Insurance for Shop is a must-have for shopkeepers?

Due to growing competition offline & online the margin has been minimizing. Earlier shopkeepers tend to earn a high margin. But with the growing online competition shopkeepers are forced to work on a thin margin.

Now if any of the incidents occurred; theft or natural disaster it will be difficult to handle. To counter these situations Shop insurance is required.

Top Reasons why you should buy Shopkeeper Insurance;-

Having an insurance plan is recommended as it supports you in difficult times. Below are the top 5 reasons to buy a policy for your business;-

Support your business in tough times-

If any natural disaster happens, so your business may be affected. Most of the plans cover your business, building, equipment’s & stocks. Having the right plan is a must-have to support in difficult times.

Protect you in a Medical emergency;-

Shops run daily & daily operations are a must for its smooth function. If you don’t open your shop that you will not earn for that day. Suppose your business stops running due to any medical emergency what may happen?
If you are hospitalized due to a medical emergency who will run your business? if you have an insurance plan which covers “Key Man” then you are safe.

What are the benefits of Shop Insurance, Why Should I Buy it?

There is a various policy in place by different companies. The main benefits of this policy are described below;-

  1. Coverage of Liabilities
  2. Property/Shop Protection
  3. Monetary Protection

Coverage of Liabilities-

You can choose the plan which covers legal liabilities. This plan covers third-party legal liability e.g. Body injuries, damage of property. Staff compensation against accidents is also covered by major policy providers.

Property/Shop Protection-

This means the insurance policy covers the damage to the shop due to natural disasters. It includes riots, explosions, earthquakes & fire incidents.

Monetary Protection-

If your money is lost while running your shop or due to robbery it’s covered in the insurance plan. Any theft attempt or due to any incident your money is lost it’s covered.

Who should opt for a shop Insurance Policy?

As there is very low information about shop insurance, people are not sure do they need a policy or not? They are not sure should they buy a shop insurance policy or not? Let’s discuss who needs a shopkeeper insurance policy;-

Shop owners (Single Owner)-

If you are the single & prime owner of the shop you should get it insured. Running your shop as your main income source then you must ensure it. As we can’t predict the future & unavoidable circumstances may occur which may lead to loss or damage. The best way is to be secured under a shop insurance plan.

Shopkeepers (Multiple Owner)-

Multiple owners of a shop also get covered under the insurance plan. Each individual owning the shop must buy a suitable plan for their shop.

High- Risk Shopkeepers-

There is a various business in which high risk is involved. Electronics, jewelry shops are facing theft attempts more frequently. These high-risk business owners must buy an insurance policy to stay covered against the said incidents.

Family Owned Shopkeers-

Running a family business involved multiple stakeholders. Protect your family business against various losses which may occur in the future.

People Running a shop in Malls-

Shopping malls attract a lot of footfall daily. These shops may be victims of theft incidents. Shopping malls are more prone to risk as compare to the local markets. You should definitely buy an insurance policy to protect our shop.

What is covered in a Shop Insurance plan in India?

There are various plans for shop insurance you can choose as per your requirements. Below is a list of which is covered under an insurance plan;-

Aircraft Damage coverCover Agains fire
Lightning/Implosion explosionRiot, Strike & Malicious Act
Strom, flood, Cyclone coverTornado, Typhoon & Hurrican cover
Breakdown of machineryBurglary cover
Infidelity coverPersonal accident cover

What types of Shops cover under Shop Insurance Plan?

Most of the shops are covered under the insurance plan. Full details are given below;-

Shops TypeExample
Educational & Offices IIT, University & Colleges
Mobile & Electronics ShopsEzone, OPP, VIVO exclusive stores
Lifestyle & Fitness ShopsReliance Trends, Pantaloons
General & Grocery StoresBig Bazaar, Dmart, Reliance Smart Point
Processing & Manufacturing UnitsPatanjali Factory & Arvind Mills
Food & Etables ShopsBurger King, Sagar Ratna
Repair Service CentersGarage, Maruti Service Center
Healthcare Services Diagnostic Centers, Hospitals
OthersOthers than above category

What is not covered in Insurance for the shop?

As every policy has its own limitations, so for the shop’s insurance as well. Below is the exclusion from the policy;-

  • Losses of earnings- If your earning is losses in any circusmtances.
  • Walike or War situations- War or warlike operations are not covered.
  • Pollution & Cantaminations- These are exluced from the policy.
  • Cantaminations occured by nuclear gas/fuel, ionizing radiations & radioactivity.

Conclusion;- I hope now your question about what is insurance for the shop is cleared. If you still have any questions you can comment below. We will revert back with the appropriate answers.

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