Get Shopkeepers Insurance Policy Online in India
Shop Insurance is a type of property insurance policy designed to cover for a shop’s property and the contents kept inside. At Digit, our shop insurance covers for fire and natural calamities such as floods and earthquakes through our Bharat Sookshma Udyam Suraksha policy (IRDAN158RP0080V01202021).
However, since properties like shops are always at a risk of burglary, we also offer a separate burglary policy i.e., Digit Burglary Insurance Policy (IRDAN158RP0019V01201920) in combination with 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?
Fire is voted as the fourth disruptive risk as per India Risk Survey, 2021.(2)
In India, a total of 9,329 cases of fire accidents were reported in 2020. (3)
What’s great about Digit’s Shopkeeper Insurance Policy?
Complete Protection: From natural calamities like floods, earthquakes and fire; our shop insurance comes is a complete package that offers all benefits within one policy.
Sum Insured: We give you the option to customize your sum insured based on the nature and size of your business!
Quick Online Claims: Our shopkeepers' insurance is technology enabled, that’s why making claims are not only easy to make, but easy to settle too. All you need while making a claim is a smartphone and our Digit app to guide you through our quick self-inspection process. (Note: Claims above Rs 1 lakh will require physical inspections as per the laws set by the IRDAI)
Value for Money: We understand that running a business involves plenty costs and a fine balance of profits and losses. That’s why, we ensure we give you the best possible shop insurance premium to easily fit your shop budget.
Covers all Business Categories: Whether you have a small general store or a large manufacturing mill; our shopkeeper’s insurance is suitable for every type and size of business.
What’s Covered in Shopkeeper's Insurance by Digit?
What's not Covered?
Digit’s Shop Insurance policy will not offer coverages for the following
Any deliberate, willful or intentional act by anyone is not covered
Any consequential losses aren’t covered
Mysterious disappearances and unexplained losses will not be covered.
Additional valuables like curios, work of art or unset precious stones 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 war, or nuclear disaster will not be covered
Types of Shop Insurance Plans
| 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. |
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 Insurance of Shopkeeper refers to the physical aspect of your store.
How to file a Claim?
After you buy our shopkeeper insurance policy, you can live tension free as we have a simple digital claims process!
Step 1
Call us at 1800-258-5956 or email us at hello@godigit.com 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?
If you own and manage a shop of your own, selling a range or selective line of products such as clothes, toys, household items, accessories, etc. You will need a shop insurance to ensure that your shop is covered against any business losses.
A shopkeeper's insurance policy is a must for shop owners who run their shops as a primary source of income. This is because the risk of losing your shop or suffering from financial losses.
Businessmen or businesswomen owning shops in popular parts of the city, as these shops would be more prone to risks.
Owners who own multiple shops will need a shopkeeper's insurance policy for each of their shops. Insuring your business doesn’t only protect your shop and goods from unforeseen circumstances but, essentially ensures you don’t face any unplanned financial losses that may affect the stability of your business.
Some businesses are more prone to dangers than others. For instance; a jewellery store is more likely to be at the risk than a general store. Similarly, some factories are probably more prone to a fire than an office. Therefore, basis the nature of your business, you can evaluate whether getting a shop insurance makes sense for you or not.
Types of Shops Covered
Businesses that primarily sell mobile phones, mobile accessories or other electronics. Stores like Croma, OnePlus, Redmi, etc are good examples of such properties. In such a case, a property insurance would help protect the store and its primary contents from potential losses and damages; one of the most common ones in this case being burglaries.
From neighborhood kirana shops to your budget friendly supermarkets and general stores; all grocery stores and general stores too are covered for in a property insurance. Shops like Big Bazaar, Star Bazaar and Reliance Supermarkets are some common examples of the same.
It is designed to suit office premises and educational institutions such as colleges, schools, and coaching classes. Insuring such a property isn’t only vital to protect losses but, also give your employees or students more confidence towards your respective institution.
This includes all your factories and mills used to manufacture your business’s final products. Whether it’s a textile mill or a chemical manufacturing centre, Digit’s Shopkeeper’s insurance policy covers for them all.
From your favorite malls and clothing stores to spas, gyms and other stores; a Property Insurance by Digit also covers for all businesses in the personal lifestyle and fitness sector. Examples of such properties includes Enrich Salons, Cult Fitness Centers, Phoenix Market City, and other stores.
The one place everyone devours! From cafes and food trucks to restaurant chains and bakeries; a Property Insurance by Digit is well-suited for all kinds of eatery joints as well. Some examples of such properties include restaurants at food courts, tea shops like Chai Point and Chayyos and fast food joints like Burger King and Pizza Hut as well.
One of the most vital properties that should be protected; a Property Insurance by Digit also covers for Hospitals, Clinics, Diagnostic Centers and Pharmacies and other Medical Stores.
This category of businesses includes everything from carpentry and plumbing repairs to motor garages and engineering workshops.
Apart from the categories mentioned above, a property insurance by Digit is suitable for all sizes and nature of businesses. If you can’t find your category in the list, feel free to get in touch with us and we’ll help you out in selecting the best suited property insurance for your home or business.
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, it is invaluable. A shopkeeper’s insurance policy 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 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, natural calamities and explosions, amongst others.
Coverage Against Unexpected Losses - Unplanned expenses can give anyone financial trouble. To avoid such crunches and secure your earnings a shopkeeper’s insurance comes in handy.
Peace of Mind - When you know you’re covered and protected for, you need not worry 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 be confused. To make thing simpler for you, here are few important aspects you could consider while picking the right shopkeeper’s insurance:
- 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 policy. For when you face losses, you need to make a claim! Therefore, make sure you pick a shopkeeper’s insurance policy based on their claim settlement records and processes.
- 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.
FAQs about Shop Insurance Policy
How much do shop insurance plans cost?
This entirely depends on the nature and size of your shop and business. You can calculate your shopkeeper’s insurance premium by giving the required details.
Is a shopkeeper’s insurance mandatory in India?
Although it is not compulsory, it’s recommended that you do get an insurance for your shop. This way, your shop and its contents will always be protected and covered for in unforeseen circumstances, thus reducing both the risks and losses associated to your business.
I have few laptops in my shop, will that be covered to?
Depends on the nature of your business. If the laptops aren’t part of your primary business (i.e for sale) then they won’t be covered.
I have a chain of stores across the city, can I buy one policy for all of them?
Yes you can but insured has to declare all the location where the shops are located and declare the sum insured separately..