Shop Insurance Policy Online
As the trends for grocery shopping are increasing & if you have started a new grocery shop. There might be various questions in our mind; What is Insurance for Shop? How to get the best insurance for the shop? How to choose the best plan?
Shop insurance is a particular kind of insurance plan created to protect the assets and goods stored inside of a store.
At Digit, our Bharat Sookshma Udyam Suraksha policy provides shop insurance that includes coverage for fire and natural catastrophes like floods and earthquakes (IRDAN158RP0080V01202021).
However, because buildings like shops are always at risk of burglary, we now provide shop insurance in addition to a separate burglary policy called Digit Burglary Insurance Policy (IRDAN158RP0019V01201920).
In this way, your store is safeguarded against any burglary-related losses and damages in addition to fires and other natural disasters.
Why is Shop Insurance important?
- In 2021, 1.6 million fire incidents were reported nationwide.
- According to the India Risk Survey, 2021, a fire was ranked as the fourth disruptive risk.
- 9,329 different fire accidents were reported in India in total in 2020.
What’s great about Digit’s Shopkeeper Insurance Policy?
- Complete Security: Our shop insurance is an all-inclusive plan that provides all advantages under a single policy, protecting you against natural disasters like fires, earthquakes, and floods.
- Sum Insured: Depending on the kind and scale of your business, we provide you the choice to choose your sum insured!
- Quick Online Claims: Our shopkeepers’ insurance is technologically enabled, so filing claims is not only simple but also straightforward when it comes to resolution. A smartphone and our Digit app are all you need to complete our rapid self-inspection process when filing a claim. (Note: In accordance with IRDAI regulations, claims above Rs 1 lakh would necessitate physical inspections.)
- Worth the Money: We are aware that operating a business has significant expenses and requires careful management of earnings and losses. To conveniently match your store budget, we make sure to provide you with the finest shop insurance rate we can.
- All Business Categories have Included: Our shopkeeper’s insurance is appropriate for every kind of business, regardless of size, whether you own a tiny general store or a major manufacturing plant.
What’s Covered in Shopkeeper’s Insurance by Digit?
The Shop Insurance policy offered by Digit offers the following coverages
Damage to the insured property resulting from fire caused by self-fermentation, natural heating, or spontaneous combustion is covered by the insurance. The policy also includes coverage for damage brought on by forest and jungle fires.
Explosion or Implosion
An explosion, implosion, or impact/collision with any exterior physical item that results in damage to the office building is covered.
The insured property is covered for physical loss caused by storms, earthquakes, volcanic eruptions, cyclones, tempests, floods, etc., as well as landslides and rock slides.
Property damage resulting from riots, strikes, terrorist acts, and malicious intent is covered. Property damage resulting from riots, strikes, terrorist acts, and malicious intent is covered. Property damage resulting from riots, strikes, terrorist acts, and malicious intent is covered.
Theft is reported within seven days of any of the aforementioned events occurring on the insured premises.
Property damage is brought on by water tanks, equipment, and pipelines that burst or overflow as a result of automated sprinkler installations leaking.
What’s not Covered?
The following are excluded from coverage under Digit’s Shop Insurance:
- Any purposeful, willful, or deliberate behavior on anyone’s part is not covered.
- Any resulting losses are not protected.
- Unsolved deaths and mysterious losses will not be reimbursed.
- The insurance will not cover additional items like curios, works of art, or unset precious stones.
- Failures of machinery not caused by a natural disaster, fire, explosion, implosion, etc. are not covered.
- Losses resulting from a nuclear catastrophe or a war are not covered.
Types of Shop Insurance Plans
|Option 1||Option 2||Option 3|
|Covers only the contents of your shop.||Covers both your shop building and the contents of your shop.||Covers your building.|
Information about Shop Insurance
- What is the Shopkeeper’s Insurance’s “content”? The main products in your business are referred to as contents in a shopkeeper’s insurance. For instance, if you own a clothes store, this section’s contents would relate to all the various items you currently have on hand and are offering for sale.
- What exactly does “building” entail under Shopkeeper’s Insurance? In Shopkeeper’s Insurance, the term “building” refers to the actual structure of your business.
How to file a Claim?
You won’t have to worry after you get our shopkeeper insurance coverage since we offer an easy digital claims process!
Your loss will be reported to us when you call us at 1800-258-5956 or email us at email@example.com.
You will receive a self-inspection link so you can quickly upload pictures and videos of the damage done to your store or its goods.
Following the self-inspection procedure, the damage is evaluated, validated, and, if necessary (in particular cases where the losses cannot be digitally studied), a loss assessor may be recruited.
Our customer service will inform you whether we require any extra papers, such as an FIR, non-traceable report, fire brigade report (in the event of a fire), invoices, purchase paperwork, sales reports, etc., depending on the circumstances.
If all goes well and the loss is confirmed, you will be compensated and paid for the corresponding losses and damages.
NEFT transfers are used to process the payment.
Who needs a Shopkeeper’s Insurance policy?
Family Business Owners
You need shop insurance if you own and operate a store that sells a variety of goods, such as apparel, toys, home goods, accessories, etc. You need shop insurance to protect your store from any financial losses.
Shop owners who rely on their businesses as their main source of income must get a shopkeeper’s insurance policy. This is due to the possibility of losing your business or incurring financial losses.
Shopkeepers with Shops in Prime Areas
Owners of businesses in prominent areas of the city, as these businesses would be more vulnerable to dangers.
Multiple Shop Owners
Owners of several businesses will require a shopkeeper’s insurance coverage for every one of them. Insuring your company assures that you won’t suffer any unanticipated financial losses that might jeopardize the viability of your company and protects your store and items from unforeseen events.
Some companies are more vulnerable to risks than others. A jewelry business is more likely to be in danger than a regular store, for example.
In a similar vein, certain factories definitely have higher fire risks than offices do. You can thus determine whether or not having shop insurance makes sense for you based on the type of your business.
Types of Shops Covered
Mobile and Other Electronics
companies that specialize in selling electronics, mobile accessories, or other mobile devices. These kinds of businesses may be found at stores like Croma, OnePlus, Redmi, and others.
In such a scenario, property insurance would aid in defending the shop and its main assets against potential losses and damages, one of which in this instance would be burglaries, one of the most frequent ones.
Grocery and General Stores
Every grocery store and general store, from your local kirana shops to your price-conscious supermarkets and general stores, is protected by property insurance. Examples of the same include stores like Big Bazaar, Star Bazaar, and Reliance Supermarkets.
Offices and Educational Spaces
It is made to fit both business locations and educational establishments including colleges, schools, and coaching sessions. Such a property has to be insured not just to prevent losses but also to boost employee or student confidence in your school.
Manufacturing and Processing
This covers all of your mills and factories that create the finished goods for your company. Digit’s Shopkeeper’s Insurance policy provides coverage for many types of industrial facilities, including textile mills and chemical factories.
Personal Lifestyle and Fitness
A Property Insurance by Digit also provides coverage for all companies in the personal lifestyle and fitness industry, including your favorite malls, apparel stores, spas, gyms, and other retailers. Enrich Salons, Cult Fitness Centers, Phoenix Market City, and other businesses are examples of such assets.
Food and Eatables
the one location everyone loves! Property Insurance by Digit is appropriate for all types of eating establishments, including cafés, food trucks, chain restaurants, and bakeries.
Restaurants at food courts, tea shops like Chai Point and Chayyos, as well as fast food restaurants like Burger King and Pizza Hut, are a few examples of these types of establishments.
Property Insurance by Digit also provides coverage for Hospitals, Clinics, Diagnostic Centers, Pharmacies, and other Medical Stores, making it one of the most important assets that should be insured.
Home Repair Services
This group of companies covers anything from mechanic shops and construction services to plumbing and engineering firms.
In addition to the categories indicated above, Digit’s property insurance is appropriate for enterprises of all sizes and types. If you are unable to locate your category in the list, please contact us and we will assist you in finding the best property insurance for your residence or place of business.
How to choose the right Sum Insured for your Shopkeeper’s Insurance Policy?
Think about it: what would be the complete loss of your company in the worst-case situation (let’s suppose your shop is irreparably damaged)? The answer to that question is likely how much you ought to charge for shop insurance.
The best way to explain this is to imagine that you own a toy store where each toy costs Rs 1,000 on average. There are around 1000 pieces of goods currently available in your store. You should insure for Rs. 1,000 x Rs. 1,000, or Rs. 10,000, in this instance. If you need further clarification, view the video below.
Note: Don’t include the cost of fixtures and moveable assets like your laptop and phone when calculating your total insured because they are not covered by this shop insurance plan.