Get Shopkeepers Insurance Policy Online
What is a Shop Insurance?
A shop insurance is a type of insurance policy designed to cover for a shop’s property and its contents within. At Digit, our shop insurance covers for fire and natural calamities such as floods and earthquakes through our Standard Fire & Special Perils policy.
However, since properties like shops are always at a risk of burglary, we also offer a burglary policy as part of our shop insurance. This way, your shop isn’t only protected from fires and natural calamities but also from damages and losses that could occur due to a burglary.
Why is a Shop Insurance important?
What’s great about Digit’s Shopkeeper Insurance Policy?
What’s Covered in Shopkeeper's Insurance by Digit?
Fires
Protection from any accidental fires that cause damage to your shop or the contents in your shop.
Explosion & Aircraft Damage
Covers your shop from any damages or losses caused due to an explosion or even an aircraft damage!
Storms
For times when a storm storms into your shop too! Covers for damages due to nature’s furies such as a dreadful storm or lightnings.
Floods
Protects your shop from losses and damages when the rains are out of control, leading to floods that could also impact your business.
Burglaries
Unfortunately, burglaries are so common in India! However, your shop insurance will help protect both your property and its contents from any losses that occur due to the same. Covered in Digit Burglary Insurance Policy (UIN: IRDAN158RP0019V01201920).
Earthquakes
Nobody can avoid nature’s furies but, what you can do is ensure you’re covered for any potential losses that could come your way due to the same. A shopkeeper’s insurance also covers for damages and losses that occur due to natural calamities such as earthquakes.
What's not Covered?
- Damages and losses caused in shops that are in basements are not covered.
- Fixed structures, fittings and electrical installations are not covered
- Any consequential losses aren’t covered for.
- Mysterious disappearances and unexplained losses will not be covered.
- Portable assets like laptops, mobiles, iPads and cameras will not be covered. (unless you’re dealing with the sale of these items)
- Valuables like Curios, Art and Jewlery unless the shop deals with the sale of these items will not be covered.
- Machinery breakdowns that aren’t a result of a natural calamity, fire, explosion, implosion, etc will not be covered.
- Losses caused due to a war, or nuclear disaster will not be covered
Types of Shop Insurance Plans
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Option 1 |
Option 2 |
Option 3 |
|
Covers only contents of your shop. |
Covers both your shop building and contents of your shop. |
Covers your building, contents of your shop and, valuables such as the cash in your shop counter. |
Things to know about Shop Insurance
- What is ‘content’ in Shopkeeper’s Insurance: Contents in a Shopkeeper’s Insurance refers to the primary items in your shop. For example; if you run a Clothing Boutique, the contents here would refer to all the different garments you have present in your shop, for sale.
- What do you mean by ‘building’ in Shopkeeper’s Insurance: Building in Shopkeeper’s Insurance refers to the physical aspect of your store.
How to file a Claim?
After you buy our shopkeeper insurance plan, you live tension free as we have a simple digital claims process!
Step 1
Call us at 1800-10304448 or email us at [email protected] and your loss will be registered with us.
Step 2
A self-inspection link will be sent to you so you can easily upload photos and videos of the loss incurred at your shop or its contents.
Step 3
Once you’ve completed the self-inspection process, the damage is assessed and verified and if required (in specific situations where the losses can’t be analyzed digitally), a loss assessor may be appointed.
Step 4
Depending on the situation, our customer care will let you know if we need any additional documents such as a FIR, non-traceable report, fire brigade report (in the case of fire), invoices, purchase documents, sales reports, etc.
Step 5
If all is good, and the loss is verified, you will receive payment and compensations for the respective damages and losses.
Step 6
The payment is processed via NEFT transfer.
Who needs a Shopkeeper’s Insurance policy?
Types of Shops Covered
How to choose the right Sum Insured for your Shopkeeper’s Insurance Policy?
Think about this, in the worst-case scenario (say your shop is damaged beyond repair) what would be the total loss of your business? The answer to that is probably how much you should cover your shop for. The simplest way to put this is, say you have a toy shop and on an average, each toy costs Rs 1,000. The stock quantity available in your shop, is about 1000 pieces. In this case, you should cover for Rs 1,000 x 1000, i.e Rs 10,00,000. Watch the video below for further clarity, if needed.
Note: Fixtures and portable assets like your laptop and phone are not covered in this shop insurance plan, so don’t consider the price of the same while calculating your sum insured.
Know more about Shop Insurance Plans in India
Why are Shop Insurance Plans Important?
Running a shop is a primary source of income for many of us. No matter what shop you run, the shop and its goods put together are invaluable. A shopkeeper’s insurance or retail shop insurance is extremely vital as it allows you to protect your shop and the contents of it against all unforeseen and unfortunate situations. This way, you can be at peace, secure your profits and savings and instead focus on the growth of your business and take your shop to new heights.
Why should I take up a Shop Insurance Policy online?
There are many shop insurance policies available offline, with traditional insurance companies present. However, buying a shop insurance online benefits you in the following ways:
- Saves you time: Buying a shop insurance online can be bought in a matter of few minutes.
- Quick claims: With a shop insurance online like ours, claims can be made and settled easily, thanks to our smartphone enables self-inspection process.
- No paperwork: Being a digital insurance company, we barely have any paperwork involved. After all, everything can be done with soft copies too! Only if absolutely necessary and based on the situation, we might just ask for one or two documents.
Benefits of Shop Insurance Plans
- Coverage Against Unforeseen Circumstances - Safeguard your shop against all unforeseen losses and damages such as fires, burglaries, natural calamities and explosions, amongst others.
- Coverage Against Unexpected Losses - Unplanned expenses can give everyone that crunch. Avoid such crunches and secure your earnings as no matter what happens, your shopkeeper’s insurance will have you covered!
- Peace of Mind - When you know you’re covered and protected for, you need not worry and stress about your shop and its protection.
Calculate Premium using a Shopkeeper Insurance Premium Calculator
A Shopkeepers Insurance Premium Calculator will help you ascertain the amount your shop can be insured up to, and the respective premium that needs to be paid for it.
Why is a Shopkeeper Insurance Premium Calculator Important?
Every shop, business, retail is different. Right from the nature of the business to its size and financial costs involved. Likewise, no two shop insurance policies will cost the same.
Various factors like type of shop, size, number of goods, city, etc will determine your shopkeepers insurance premium. That’s where a shopkeepers premium calculator comes in handy, as it directly helps you understand the risks your shop faces, and determine the right premium to secure it.
Factors affecting a Shopkeeper Insurance Policy Premium
No two shops will have the same shopkeeper insurance policy premium and that’s simply because every shop and the business they’re part of, is different. Following are the factors that affect your shopkeeper’s insurance premium:
- Nature of the shop/business: Every business is different and deals with the sale of different goods. Some goods are more valuable than the other and hence, your premium will factor this in. For example: a jewelry store would have a higher shopkeeper’s premium than that of a general store.
- Size of the shop: The bigger your shop, the higher its value. Hence, your shopkeeper’s insurance premium will also factor in the size of the shop being insured.
- Stock Quantity: Your sum insured depends on this. The greater number of items you need to insure, the higher would be your sum insured. Therefore, your insurance premium too will be influenced by this.
- City: Just like any insurance policy, the city you live in or the city your shop is being insured in will affect your shopkeepers insurance premium for the simple reason that, every city comes with its distinctive levels of risks. Whether those risks are natural or manmade. For example; a shop situated in a city with high crime rates would have a higher premium than that of a similar shop in a safer city.
How to Compare Shop Insurance plans?
In the process of protecting literally the core of your business, it’s only natural to bes confused and baffled on the right way to choose what’s best for your shop. To make thing simpler for you, here are few important aspects you could consider while picking the right shopkeeper’s insurance for your shop:
- Sum Insured: Sum insured is the highest amount you can receive for when there’s an unfortunate situation for which you need to make claim. Pick a shop insurance that allows you to customize your sum insured based on the total value of goods and contents present in your shop. Note: Higher sum insured implies your shopkeeper’s insurance premium too will be higher but don’t base your decision on the price of the premium, but more so on the value of your shop’s goods.
- Ease of Claims: Claims are the most important part of any insurance. For when you face losses, that’s what you need to do. Make a claim! Therefore, make sure you pick a shopkeeper’s insurance based on their claim settlement records and processes. You would want to go for someone who has a great claim settlement ratio and one, that will settle claims quick!
- Coverage: What does your shop insurance cover you against? Does it cover only your shop or also includes the contents of your shop? Different kinds of shopkeeper insurance policies offer different coverage plans. Read your policy documents carefully and go for a shopkeeper’s insurance that covers for all that you and your shop require.
- Best Value: Finally, evaluate all factors together. Right from the sum insured, premium to the coverages included and go for a shopkeeper’s insurance policy that offers you the best value.
