Shop Insurance Policy
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Our Proud Partners - Beemawala
Client Testimonials
3 months ago
Great experience with Beemawala . The customer service was top-notch, and the process was smooth and efficient. Highly recommend them for their professionalism and helpfulness!
4 months ago
One of best Policy providers I came across. Highly recommended, superb customer experience, Soft spoken and solutions oriented costumer support . ⭐️⭐️⭐️⭐️⭐️
9 months ago
They guided me through the intricacies of various insurance options, ensuring I fully understood each policy's coverage and benefits. Their transparency and willingness to address all my concerns instilled a sense of trust and confidence in their services.
7 months ago
Good service whenever we call to them they give positive response i have a claim they support and my claim got settled
7 months ago
Brilliant place for all types of insurance. Always connected with every claim settlement.. Hassle free.. Kudos to beemawala..
What is Shop Insurance ?
Shop insurance, also known as retail insurance or store insurance, is a type of business insurance specifically designed to provide coverage for the risks and uncertainties faced by retail establishments and shops. This insurance policy offers financial protection against a range of potential losses that can impact a retail business, helping shop owners manage unexpected situations and continue their operations smoothly.
Shop insurance typically combines various coverage options to create a comprehensive policy that suits the needs of retail businesses. It is customizable to cater to the unique requirements of different types of shops, whether they are small boutiques, grocery stores, electronics shops, or larger department stores.
⛦ Example Scenario: Shop Insurance came to Rajesh’s rescue when his shop was engulfed in flames during the Diwali festival in 2022 while he was at home. Thankfully, he had a Home Insurance policy covering his shop’s contents, stock, fixtures, and furniture, with a coverage of 20 lakhs. This coverage proved invaluable, allowing him to shield himself from a potential financial loss of 20 lakhs. The insurance swiftly covered the damages, helping Rajesh recover and rebuild his shop without bearing the entire burden of the loss. His foresight in securing comprehensive coverage saved him from a major setback and ensured his financial stability during a challenging time.
Coverages of Shop Insurance Policy
Property Protection
Your shop premises, including the building and its contents, are covered against risks like fire, theft, and natural disasters.
Stock Safety
Safeguard your goods and inventory from losses or damages due to unfortunate events.
Public Responsibility
Stay protected against legal liabilities arising from accidents or damages to third parties at your shop.
Business Interruptions
Don’t let disruptions hurt your earnings. Our policy covers financial losses during business interruptions.
Employee Assurance
Keep your staff covered against accidents, injuries, or illnesses while at work.
Equipment and Fixtures
Coverage for machinery, equipment, and fixtures within your shop premises.
Legal Support
Worried about legal disputes? We’ve got you covered with legal expense coverage.
Employee Trust
Secure your business against losses due to employee fraud or dishonesty.
Terrorism Shield
Opt for added protection against damages caused by acts of terrorism.
Burglary Coverage
In case of theft or burglary, rest easy knowing you’re covered.
Perishable Care
Protect perishable items from spoilage or deterioration.
Glass Coverage
Safeguard glass storefronts and windows from accidental damage.
Add-On Benefits
Enhance your coverage with extras like employee honesty, neon sign protection, and increased stock during busy seasons.
Additional Add-ons of Shop Insurance Policy
- Our Shop Insurance Policy goes beyond the basics to offer you extra layers of protection. These additional add-ons are like customizations for your policy, tailored to suit the unique needs of your shop.
Employee Dishonesty Cover
Protect your business against any financial losses caused by dishonest acts of your employees.
Neon Sign Protection
Safeguard your bright and attractive neon signs from damages due to accidents or unforeseen events
Increased Stock during Festive Seasons
During the festive rush, ensure you have adequate coverage for the increased stock in your shop.
Goods in Transit Extension
Extend the coverage of goods in transit to ensure safe transportation of your products.
Earthquake Coverage
For shops located in earthquake-prone areas, this add-on provides extra security against damages.
Equipment Breakdown Coverage
Cover the repair or replacement costs of your shop’s equipment and machinery if they break down.
Personal Accident Coverage
Protect yourself as a shop owner and employee against accidental injuries, offering financial support during recovery.
Goods Kept in Cold Storage
If your shop deals with perishable items, this add-on covers losses due to spoilage in cold storage.
Alternate Accommodation
If your shop’s premises become unfit for use, this add-on covers the costs of temporary accommodation.
Plate Glass Cover
Protect large glass windows, doors, and mirrors against breakage or damage.
Factors Determining the Premium of Shop Insurance Policy
- The premium of your Shop Insurance Policy is influenced by various factors, each playing a crucial role in determining the cost of your coverage. These factors are taken into account to ensure that your policy aligns with the specific needs and risks of your shop.
Shop Location
The geographical location of your shop plays a significant role. Areas prone to natural disasters or with higher crime rates might have higher premiums.
Basement Exposure
The Existenace and use of the basement in the business location is very important . This factor alone can increased or decrease the Premium by 40%-50%.
Coverage Limits
The extent of coverage you choose impacts your premium. Higher coverage limits generally lead to higher premiums.
Add-Ons and Riders
Opting for additional add-ons and riders enhances your coverage but can also affect your premium amount.
Security Measures
Security measures like basement exposure, the existence of CCTV cameras, and the presence of guards at the business location site can influence your premium.
Fire Safety Systems
The installation of fire safety systems such as fire cylinders, fire sprinkler systems, and other fire prevention measures can impact your premium.
Claims History
A history of frequent claims might lead to higher premiums, as it indicates a higher risk for the insurer.
Business Type
The nature of your business matters. A shop dealing with hazardous materials might have a higher premium due to increased risk.
Inventory and Stock
The value of your inventory and stock directly impacts the premium, as higher values require more coverage.
Business Experience
Newer businesses might have slightly higher premiums, while well-established shops might benefit from lower rates.
Business Revenues
The annual revenue of your shop is considered, as it gives an indication of your financial capacity to handle premiums.
Shop Age
Older shops might have slightly higher premiums due to potential maintenance issues.
What is the diffence Between Shop Insurance and Godown Insurance Policy ?
| Criteria | Shop Insurance Policy | Godown Insurance Policy |
|---|---|---|
Coverage Area |
Covers physical shop premises and its contents. |
Covers goods stored in a warehouse or godown. |
Scope of Coverage
|
Comprehensive coverage for shop structure, inventory, equipment, and liabilities. |
Coverage for goods stored in the godown against risks like fire, theft, damage, etc. |
Business Type
|
Suitable for retail shops, boutiques, small businesses, etc. |
Designed for warehouses, storage facilities, distribution centers, etc. |
Location |
Applicable to shops at various locations. |
Applicable to standalone warehouses or storage facilities. |
Inventory Value
|
Covers shop inventory and contents. |
Covers the value of goods stored in the godown. |
Property Protection |
Protects against shop-specific risks like burglary, fire, equipment breakdown, etc. |
Focuses on safeguarding stored goods from perils like fire, theft, and damage. |
Liability Coverage |
Includes public liability and employee liability coverage. |
Typically excludes liability coverage, as it mainly concerns goods protection. |
Add-Ons Available |
Offers add-ons like business interruption, employee dishonesty, etc. |
May offer extensions like goods-in-transit, and additional godown-specific protections. |
Premium Determinants |
Depends on shop size, location, inventory, business type, and add-ons. |
Depends on godown location, type of goods stored, storage conditions, and add-ons. |
Business Interruption Coverage |
Provides coverage for revenue loss due to interruptions. |
Business interruption coverage may not be as relevant since the focus is on stored goods. |
Storage Conditions |
Coverage is specific to the shop premises. |
Coverage extends to goods stored within the godown environment. |
Risk Factors Addressed |
Tailored to address shop-specific risks and liabilities. |
Addresses risks associated with goods storage, handling, and transit. |
How to Settle Shop Insurance Policy
- Steps to Settle Shop Insurance Policy
Notify the Insurer
Contact your insurance provider immediately after a covered incident or loss occurs at your shop. Provide details of the incident and the extent of the damage or loss.
Document the Damage
Gather evidence of the damage or loss. Take clear photographs and videos of the affected areas, damaged goods, and property.
File a Claim
Fill out the claim form provided by your insurer. Include all necessary details, such as policy number, incident details, and supporting documents.
Submit Documentation
Attach all relevant documents, such as the claim form, photographs, videos, police reports (if applicable), and any other evidence required by your insurer.
Inspection
The insurer may arrange for a surveyor or investigator to assess the extent of the damage and verify the claim details.
Claim Processing
The insurance company reviews the submitted documents and surveyor’s report to determine the coverage and claim amount.
Claim Approval
Once the claim is approved, the insurer will send you a settlement offer or a claims settlement letter outlining the details of the payout.
Settlement
Upon your acceptance of the settlement offer, the insurance company will process the payment according to the terms and conditions of the policy.
Repair and Restoration
You can proceed with repairing or replacing the damaged items, property, or assets using the claim payout.
Close the Claim
After completing the repairs/restoration, inform your insurer that the work has been done, and they may require proof of completion.
It’s essential to follow the steps accurately and provide all necessary documentation to ensure a smooth settlement process for your Shop Insurance Policy.
Exclusions of Shop Insurance Policy
War and Terrorism
Loss or damage caused by war, warlike activities, acts of terrorism, or any related consequences.
Nuclear Perils
Losses arising due to nuclear radiation, contamination, or radioactive materials.
Intentional Acts
Losses caused intentionally by the insured or any individual with their consent.
Wear and Tear
Normal wear and tear, gradual deterioration, or any damage due to lack of maintenance.
Consequential Loss
Loss of profits, goodwill, business interruption, or any indirect losses.
Government Seizure
Loss or damage due to confiscation, nationalization, or requisition by any government authority.
Mechanical or Electrical Breakdown
Damage to machinery or equipment caused by mechanical or electrical breakdown
Loss of Data
Loss or damage to electronic data, software, or information.
Product Liability
Liabilities arising from faulty products, manufacturing defects, or product recalls.
Employee Dishonesty
Losses resulting from fraudulent or dishonest acts committed by employees.
Illegal Activities
Losses incurred during illegal activities or in violation of law.
Documents Required for Claim Settlement under Shop Insurance Policy
In case of Theft Claim :-
Claim Form
Duly filled and signed claim form providing accurate information about the incident.
Police Report
FIR or police report detailing the theft incident, including date, time, location, and description of stolen items
List of Stolen Items
Comprehensive list of stolen items with their descriptions, values, and any evidence of ownership.
Identity Proof
Proof of identity of the insured, such as Aadhar card, PAN card, passport, or driver’s license.
Proof of Ownership
Original purchase invoices, bills, receipts, or other supporting documents proving ownership of stolen items.
CCTV Footage
If available, CCTV footage capturing the theft incident and supporting the claim.
Lock and Key Replacement
Receipts for expenses incurred in changing locks and keys after the theft.
Shop Inventory
Recent inventory record of the shop to verify the stolen items and their value.
Witness Statements
Statements from witnesses, if any, who can provide information about the theft incident.
Bank Details
Details of the insured’s bank account for claim payouts.
Any Other Relevant Documentation
Additional documents or evidence requested by the insurance company.
Final Order from Court
If applicable, the final court order related to the theft case.
Please note that the documents required may vary based on the insurance provider and the specific circumstances of the theft. It’s advisable to inform the insurance company immediately after the incident and follow their guidelines for a smooth claim settlement process.
Documents Required for Claim Settlement under Shop Insurance Policy
In case of Fire Claim
Claim Form
Completed and signed claim form with accurate details about the fire incident.
Identity Proof
If applicable, provide a copy of the Goods and Services Tax (GST) registration certificate.
Fire Department Report
Official report from the fire department indicating the cause, extent, and damages caused by the fire.
Police Report
FIR or police report if the fire was a result of arson or criminal activity.
List of Damaged Items
Comprehensive list of items damaged or destroyed by the fire, along with their descriptions and values.
Proof of Ownership
Original purchase receipts, invoices, bills, or other relevant documents to prove ownership of damaged items.
Photographic Evidence
Clear photographs of the damaged items before and after the fire, if possible.
Bank Details
Details of the insured’s bank account for claim payouts.
Shop Inventory
Recent inventory record of the shop to verify the damaged items and their value.
Building Damage
Assessment report from a structural engineer or surveyor confirming the extent of damage to the building.
Estimate of Repairs
Estimates from contractors for the cost of repairs and restoration.
Witness Statements
Statements from witnesses who can provide information about the fire incident.
Any Other Relevant Documentation
Additional documents or evidence as requested by the insurance company.
Promptly informing the insurance company about the fire incident and following their instructions can help facilitate a smooth claim settlement process. The required documents may vary based on the insurance provider and the specific details of the fire incident.
Contact Information for Claim Settlement: related to Shop Insurance Policy
If Policy Obtained through Agent/Broker
Claims are the reason we get a car insurance in the first place! Therefore, ensure the claim process of your desired car insurance is smooth and doesn’t take too long. When you’re in trouble, the last thing you want is, to spend all your time and energy in just filing a claim!
If Policy Obtained Directly from Insurance Company
Claim Settlements are basically getting your compensations done right. Claims being such an important part of a car insurance, check for your desired insurer’s claim settlement ratio so that you’re assured that no matter what, your claims will be settled!
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: services@beemawala.com
Frequently Asked Questions: (FAQs) on Shop Insurance
The cost of shop insurance in India can vary based on factors like the size of the shop, location, coverage options, and the insurer. It’s recommended to request quotes from different insurers to get an accurate estimate.
Shop insurance provides coverage to protect businesses from various risks, including damage, theft, liability, and more. It helps safeguard your shop against unexpected financial losses.
Shop insurance covers a range of risks, including damage to property, theft, liability, business interruption, equipment breakdown, and more. It can be customized to suit your specific needs.
Any business that operates a physical shop or retail outlet should consider shop insurance to protect against potential losses and liabilities.
To shop for shop insurance, research different insurance providers, understand coverage options, compare quotes, and choose a policy that suits your shop’s needs.
You can buy shop insurance online by visiting insurance company websites, using insurance aggregator websites, or contacting insurance agents.
The shop insurance premium in India varies based on factors like the type of shop, location, coverage selected, and insurer. Request quotes from insurers to get an accurate premium estimate.
Shop insurance includes coverage options like property insurance, liability insurance, business interruption insurance, employee coverage, and more.
Shop insurance includes coverage options like property insurance, liability insurance, business interruption insurance, employee coverage, and more.
For a theft case, documents like the FIR copy, insurance policy, invoices, and proof of ownership are required. In a fire case, documents include the claim form, policy copy, fire department report, and other supporting documents.
Shop insurance provides financial protection against various risks, ensuring that your business remains operational even in adverse situations.
You can compare shop insurance policies by analyzing coverage features, premiums, exclusions, and additional benefits offered by different insurance companies.
Shop insurance usually doesn’t cover losses due to wear and tear, intentional acts, nuclear risks, and certain excluded perils. It’s important to review the policy’s exclusions carefully.
Yes, shop insurance is available for businesses of all sizes, including small businesses. It can be tailored to meet the specific needs of your shop.
Shop insurance includes liability coverage, which protects against claims of bodily injury or property damage that may occur on your shop’s premises.
Yes, you can obtain shop insurance quotes online from various insurance companies. It’s a convenient way to compare options and select the best policy for your shop.
The claim process for shop insurance involves notifying the insurance company about the loss, submitting required documents, undergoing inspection if necessary, and awaiting claim approval and settlement.
Yes, shop insurance policies offer add-on covers such as burglary and theft coverage, employee dishonesty coverage, plate glass coverage, machinery breakdown coverage, and more.
Yes, business interruption coverage is available as an add-on with shop insurance. It provides financial support in case your business operations are interrupted due to a covered event.
Yes, most insurance companies allow you to renew your shop insurance policy online by visiting their website and following the renewal process.
The time taken to settle a shop insurance claim can vary depending on factors like the complexity of the claim, availability of required documents, and the insurance company’s processing timeline.
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