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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?
What’s great about Digit’s Shopkeeper Insurance Policy?
What’s Covered in Shopkeeper's Insurance by Digit?
The Shop Insurance policy offered by Digit offer the following coverages
Fire
The policy will cover damage to the insured property which has resulted due to fire because of own fermentation, natural heating, or spontaneous combustion. The policy also covers damage caused because of forest fire and jungle fire as well.
Explosion or Implosion
Damage caused to the office premises due to an implosion, explosion or impact/collision with any external physical object is covered.
Natural Calamities
Coverage for physical loss to the insured property because of storm, earthquakes, volcanic eruptions, cyclone, tempest, flood, etc. or land slide and rock slide, is covered.
Terrorism
Damage to property due to strikes, riots, an act of terrorrism and malicious intent is covered.
Theft
Theft reported within 7 days from the insured premises after the occurrence of any of the above mentioned points.
Other Coverages
Damage to property because of bursting/overflowing of water tanks, apparatus and pipes, due to leakage from automatic sprinkler installations.
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?
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, 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.
