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

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:
ICICI Lombard - Shop Cover
United India Insurance Co. - Protection Against Damage of Shop
The New India Assurance Co. - Policy Package For Shop

*Terms and conditions may vary in different insurance companies