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
Documents Required for Shop Insurance Claim:
Copy of FIR in case of theft
List of articles loss/damage
Proof of ownership of shop
Claim form
List of Some of Insurance Companies Offering Shop Insurance:
