Wholeseller 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
4 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.
2 months ago
Good service whenever we call to them they give positive response i have a claim they support and my claim got settled
2 months ago
Brilliant place for all types of insurance. Always connected with every claim settlement.. Hassle free.. Kudos to beemawala..
8 months ago
Beemawala and team is a best Company for take any type of insurance. They support and take care of your claim . Thanks a lot for your support of my claims many times .
2 years ago
Shantanu is professional and very prompt in responding to my questions. I’m a repeated client and he’s been supportive throughout. I highly recommend his services. I wish him and his team good luck for future.
What is WholeSeller Insurance ?
Wholesaler Insurance, tailored for wholesalers who operate both shops and godowns, is a comprehensive policy that combines coverage for their retail establishments and warehousing facilities under a single insurance umbrella. This specialized insurance safeguards the wholesaler’s stock in their shop against perils like fire, theft, and damage, ensuring that their retail business remains resilient.
Simultaneously, it extends coverage to the godown, shielding the stored inventory from risks such as fire, natural disasters, or theft. By bundling these protections, Wholesaler Insurance offers convenience and cost-effectiveness, simplifying insurance management for businesses that require both shop and godown coverage.
Example: Mr. Patel owns a wholesale business, including a shop and a godown, worth more than 5 crores collectively. Unfortunately, riots broke out in his city, leading to the vandalism of his shop and a fire that engulfed his godown. The financial loss exceeded 5 crores.
How Whole Seller Insurance Helped:
1. Property Coverage: His Comprehensive Whole Seller Insurance policy covered both the shop and godown, ensuring that the damage caused by vandalism and fire was compensated.
2. Rebuilding the Business: The insurance provided funds to rebuild his shop and godown, allowing him to get back to business swiftly.
3. Inventory Replacement:Mr. Patel’s insurance covered the cost of damaged or stolen inventory, ensuring he didn’t have to bear the burden himself.
4. Liability Protection: In case any third party was affected during the riots, his insurance would also cover any liability claims against him.
5. Financial Stability: With the substantial coverage provided by his policy, Mr. Patel didn’t face severe financial setbacks. He could recover and continue his wholesale business without significant interruptions. In summary, Mr. Patel’s Comprehensive Whole Seller Insurance policy acted as a financial safety net, helping him recover from extensive losses caused by the riots and fire, and enabling him to rebuild his business effectively.
Coverages of Whole Seller Insurance Policy
Building Coverage
This policy safeguards the physical structures of both the shop and godown against various perils like fire, riots, vandalism, natural disasters, and more.
Contents Coverage
It covers the inventory, machinery, equipment, and other items stored within the shop and godown. In case of damage or theft, the policy compensates for the loss.
Burglary and Theft
Protection against theft or burglary of goods from both locations, ensuring that any losses due to theft are reimbursed.
Fire and Allied Perils
Coverage for damages caused by fire, lightning, explosions, and other allied perils like earthquakes and floods.
Riot and Strike
If riots or strikes lead to damage to the shop or godown, the policy covers the repair or replacement costs.
Public Liability
In case third parties are injured or their property is damaged on the insured premises, the policy covers legal liabilities.
Business Interruption
If the shop or godown is temporarily unable to operate due to damages, the policy compensates for the loss of income during the downtime.
Money Insurance
Protection for cash kept on the premises against theft or loss.
Plate Glass Coverage
Covers the replacement cost of glass windows or doors in case of breakage.
Machinery Breakdown
If machinery in either location breaks down, the policy assists in repair or replacement costs.
Transit Insurance
Protects goods while they are in transit between the shop and godown.
Employee Dishonesty
Safeguards against financial losses arising from employee theft or fraud.
Signboard and Hoardings
Covers damage to outdoor signage or advertising hoardings.
Electronic Equipment
Protection for electronic devices, computers, and related equipment.
Earthquake Coverage
Optional coverage for earthquake-related damages to both locations.
Fidelity Guarantee
Protects against financial losses resulting from employee dishonesty.
Legal Expenses
Covers legal costs in case of disputes or lawsuits related to the insured properties.
Additional Add-ons of Whole Seller Insurance Policy
Certainly! Whole Seller Insurance offers additional add-ons that enhance the coverage for both shop and godown, including building and content protection in a single policy.
Business Interruption Coverage
This add-on compensates for the income loss during the restoration period after an insured event. It ensures you don’t suffer financially due to temporary business closure.
Earthquake Coverage
Protects your shop and godown from damages caused by earthquakes or related events. Given India’s seismic activity, this add-on can be crucial.
Terrorism Coverage
Provides coverage against losses caused by acts of terrorism, including damages to property and business interruption.
Mechanical & Electrical Breakdown
Offers protection against the repair or replacement costs of machinery and electrical systems in your shop and godown.
Plate Glass Coverage
Protects glass storefronts and windows in your shop, covering the costs of repair or replacement in case of damage.
Money & Securities Coverage
Safeguards your cash and valuable securities in transit or on your premises
Public Liability Insurance
Covers legal expenses and compensation in case a third party files a liability claim against your business.
Employee Dishonesty Coverage
Protects your business from financial losses resulting from fraudulent activities by employees.
By including these add-ons in your Whole Seller Insurance policy, you ensure comprehensive protection for your shop and godown. It not only secures the physical structures but also safeguards your assets and income, allowing your wholesale business to operate with peace of mind.
Factors Determining the Premium of Whole Seller Insurance Policy
Location and Peril Risk
The geographical location of both the shop and godown plays a crucial role. Areas prone to natural disasters or higher crime rates may have higher premiums
Building Value
The insurance premium depends on the total value of the buildings at both locations. The higher the value, the higher the premium.
Content Value
The value of the contents within the shop and godown is also a significant factor. Premiums increase with higher content values.
Security Measures
Implementing security measures like CCTV cameras, alarms, and fire suppression systems can lead to premium discounts as they reduce the risk of damage or theft.
Deductibles
Opting for a higher deductible (the amount you pay before the insurance kicks in) can reduce premiums, but it means you’ll pay more out-of-pocket in case of a claim.
Business Type
The nature of your wholesale business and the goods stored can affect premiums. Riskier businesses may face higher premiums.
Claim History
A history of frequent claims can lead to higher premiums, as it suggests a higher risk profile
Policy Add-Ons
Including additional coverages or riders, such as coverage for business interruption or flood insurance, will increase premiums.
Discounts
Insurers may offer discounts for bundling policies, having a good risk management plan, or having a long-term relationship with the insurer.
Building Age and Condition
Older buildings or buildings in poor condition may result in higher premiums due to the increased risk of damage.
Business Size
The size of your wholesale business, in terms of revenue and employees, can impact premiums. Larger businesses may pay more due to their higher exposure.
Policy Type
The specific type of Whole Seller Insurance policy you choose, including the level of coverage and endorsements, will affect premium costs.
What is the diffence Between Whole Seller Insurance , Shop Insurance & Godown Insurance Policy ?
| Aspect | Whole Seller Insurance | Shop Insurance | Godown Insurance |
|---|---|---|---|
Coverage | Typically covers both shop and godown locations, including buildings and contents. | Primarily covers the shop, including the building and its contents. | Primarily covers the godown or warehouse, including the building and its contents. |
Policy Type
| Comprehensive coverage for wholesale businesses with multiple locations. | Tailored for retail shops, providing coverage for storefronts and their contents. | Designed for warehouses or storage facilities, focusing on storage-related risks. |
Building and Contents
| Covers both the building structures and the contents within them. | Covers both the building structures and the contents within the shop. | Covers both the building structures and the contents within the godown. |
Business Type | Suitable for wholesalers and distributors with multiple locations or storage facilities. | Suited for retail businesses with a physical storefront. | Geared towards businesses that require storage space for inventory or goods. |
Perils Covered
| Protects against a wide range of perils, including theft, fire, natural disasters, and more. | Typically covers risks like theft, fire, burglary, and damage to the shop's contents. | Focuses on risks related to storage, such as fire, theft, and damage to goods stored. |
Business Interruption | May include business interruption coverage for income loss due to damage at any location. | Often includes business interruption coverage specific to the shop's operations. | May include business interruption coverage, particularly for interruptions at the godown. |
Policy Flexibility | Offers flexibility to adapt to a wholesaler's unique needs, including multiple locations. | Tailored to suit various types of retail shops, from small boutiques to larger stores. | Customizable to address the storage requirements of different businesses. |
Premium Factors | Premiums depend on building and content values at multiple locations, security measures, and more. | Premiums based on the shop's building and content values, security measures, and location. | Premiums determined by the godown's building and content values, location, and safety features. |
How to Settle Whole Seller Insurance Policy
Notify the Insurer
As soon as an incident occurs that may lead to a claim (such as damage to your wholesale business locations or inventory), notify your insurance company immediately. Most insurers have specific time limits for reporting claims, so prompt notification is crucial.
Document the Damage
Take photographs or videos of the damaged property or inventory. This visual evidence can be valuable during the claims process and can help your insurer assess the extent of the damage.
Prepare a Claim Report
Complete the claim form provided by your insurance company. Ensure that you provide accurate and detailed information about the incident, including the date, time, and location of the loss, a description of the damage, and an estimate of the financial loss.
Provide Supporting Documents
Gather any supporting documents related to the claim. This may include invoices, purchase orders, inventory records, and any other relevant financial documents that can substantiate your claim.
Cooperate with the Investigation
Your insurance company may assign an adjuster to investigate the claim. Cooperate fully with their inquiries, providing any additional information or documentation they request.
Assessment and Settlement
The insurance company will assess the claim based on the information provided and the terms of your policy. They will determine the amount to be paid out for the covered loss. This assessment may include evaluating the extent of damage, the cost of repairs or replacement, and any applicable deductibles.
Review the Settlement Offer
Once the insurance company has completed its assessment, they will provide you with a settlement offer. Review this offer carefully to ensure it aligns with your policy coverage and the extent of your loss.
Acceptance and Payment
If you are satisfied with the settlement offer, you can accept it. The insurer will then process the payment, which may cover the repair or replacement of damaged property, lost inventory, business interruption costs, or other covered losses.
Claim Closure
After accepting the settlement and receiving payment, your claim will be considered closed.
Exclusions of Whole Seller Insurance Policy
Intentional Acts
Any loss or damage resulting from intentional actions or deliberate misconduct by the policyholder or employees is typically excluded.
War and Terrorism
Losses due to war, acts of foreign enemies, civil war, terrorism, or rebellion are often excluded. However, some policies may offer optional coverage for terrorism.
Nuclear Incidents
Damage caused by nuclear accidents or radiation is usually excluded. This is a standard exclusion in most insurance policies.
Pollution
Contamination or pollution of any kind, including environmental damage, may be excluded. Pollution liability insurance can be purchased separately.
Wear and Tear
Normal wear and tear, gradual deterioration, and maintenance-related issues are typically not covered. Insurance is designed for sudden and unforeseen events.
Employee Dishonesty
Losses due to fraudulent or dishonest acts committed by employees are often excluded. Separate Employee Dishonesty insurance may be available.
Business Interruption Due to Utility Failure
If your business is interrupted due to utility failures like power outages, it’s typically not covered. Business Interruption insurance can provide coverage for such situations.
Government Actions
Losses resulting from government actions, such as confiscation, destruction, or seizure of property, are commonly excluded.
Unlawful Activities
Any loss or damage related to illegal or unlawful activities conducted on the premises is typically excluded from coverage.
Loss of Data
Damage or loss of electronic data, software, or computer systems may be excluded. Cyber Insurance can provide coverage for data-related losses.
Animals and Pests
Damage caused by animals, pests, or insects, like rodents or termites, is generally excluded.
Mold and Mildew
Damage caused by mold, mildew, fungi, or spores is often excluded, although some policies may offer limited coverage.
Documents Required for Claim Settlement under Whole Seller Insurance Policy
In case of Theft Claim
Claim Form
Start by filling out the claim form provided by your insurance company. This form serves as the official request for a claim settlement.
FIR (First Information Report)
Immediately report the theft to the local police and file an FIR. Provide a copy of the FIR to the insurance company as evidence of the theft.
List of Stolen Items
Prepare a detailed list of all the stolen items, including their descriptions, quantities, values, and purchase dates. This inventory will be essential for assessing the claim.
Invoices and Receipts
Provide copies of invoices, receipts, or purchase records for the stolen items. This helps establish the value of the stolen goods and proves ownership.
Photographic Evidence
Include any photographs or visual evidence of the stolen items, especially if they are unique or identifiable. This can assist in the claims assessment.
Witness Statements
If there were any witnesses to the theft, collect their statements and contact information. Witness accounts can corroborate the incident.
Security Measures
Share details of the security measures in place at your premises, such as alarm systems, surveillance cameras, or security personnel. This can help demonstrate that reasonable precautions were taken.
Insurance Policy
Provide a copy of your Whole Seller Insurance Policy, highlighting the relevant coverage sections and terms.
Proof of Loss
Prepare a statement of the actual loss incurred due to the theft. This should detail the financial impact on your business.
Police Investigation Report
If the police conducted an investigation, obtain a copy of their report, which may include findings and details related to the theft.
Any Other Supporting Documents
Include any additional documents that may be relevant to the theft claim, such as expert opinions or assessments.
Documents Required for Claim Settlement under Whole Seller Insurance Policy
In case of Fire Claim
Claim Form
Start by filling out the claim form provided by your insurance company. This form serves as the official request for a claim settlement.
FIR (First Information Report)
Immediately report the theft to the local police and file an FIR. Provide a copy of the FIR to the insurance company as evidence of the theft.
List of Stolen Items
Prepare a detailed list of all the stolen items, including their descriptions, quantities, values, and purchase dates. This inventory will be essential for assessing the claim.
Invoices and Receipts
Provide copies of invoices, receipts, or purchase records for the stolen items. This helps establish the value of the stolen goods and proves ownership.
Photographic Evidence
Include any photographs or visual evidence of the stolen items, especially if they are unique or identifiable. This can assist in the claims assessment.
Witness Statements
If there were any witnesses to the theft, collect their statements and contact information. Witness accounts can corroborate the incident.
Security Measures
Share details of the security measures in place at your premises, such as alarm systems, surveillance cameras, or security personnel. This can help demonstrate that reasonable precautions were taken.
Insurance Policy
Provide a copy of your Whole Seller Insurance Policy, highlighting the relevant coverage sections and terms.
Proof of Loss
Prepare a statement of the actual loss incurred due to the theft. This should detail the financial impact on your business.
Police Investigation Report
If the police conducted an investigation, obtain a copy of their report, which may include findings and details related to the theft.
Any Other Supporting Documents
Include any additional documents that may be relevant to the theft claim, such as expert opinions or assessments.
Contact Information for Claim Settlement: related to Whole Seller 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 Whole Seller Insurance:
– Whole Seller Insurance is a specialized insurance policy designed to provide coverage to businesses involved in wholesale activities, protecting them against various risks and potential financial losses.
– Whole Seller Insurance generally covers both the physical assets, such as the building and its contents, and liability risks associated with wholesale operations.
– It’s not mandatory by law, but many businesses opt for Whole Seller Insurance to protect their assets and financial interests.
– Coverage typically includes building insurance, content insurance, liability insurance, and additional optional coverages.
– Premiums are calculated based on various factors, including the value of insured assets, location, security measures, and the type of coverage selected.
– Yes, the policy usually covers stock and inventory against risks like fire, theft, vandalism, and more.
– Yes, many policies offer business interruption coverage to compensate for lost income during a covered event, such as a fire that disrupts operations.
– Yes, policies are often customizable to meet the unique requirements of your wholesale business.
– Insurance companies may have security requirements, such as alarm systems, in place for coverage eligibility.
– Yes, liability coverage is typically included to protect against claims related to injuries or property damage.
– Common liability risks include slip and fall accidents, product liability, and damage caused by the delivery of goods.
– Flood insurance is usually not included but can be added as an optional coverage.
– The process involves notifying your insurer, providing documentation of the loss, and working closely with the claims adjuster.
– The timeframe varies depending on the complexity of the claim, but insurers aim to settle claims promptly.
– Yes, you can change providers, but it’s essential to review the terms and conditions carefully.
– Yes, it’s advisable to assess risks and ensure that your insurance adequately covers potential threats.
– Underinsurance can lead to reduced claim settlements, so it’s essential to accurately value your assets.
– Yes, policies are typically renewable on an annual basis.
– Implementing safety measures, maintaining a claims-free record, and bundling coverage can help reduce premiums.
– Insurers may offer discounts for specific safety features or multiple policies with the same provider.
– Yes, you can cancel, but it’s crucial to review the terms and potential penalties.
– Terrorism coverage is often available as an optional add-on.
– Contact your insurer to adjust your coverage to reflect changes in your business.
– Policies typically have a waiting period, so it’s essential to understand when coverage begins.
– Compare policies from different insurers, assess your specific needs, and consult with an insurance professional to find the right coverage for your wholesale business.
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