What Is A Shop Insurance Plan?
A shop insurance plan is an exclusive kind of business protection. It helps safeguard you from risks and claims that could come up. For example, if your shop gets damaged by a flood and you have to close down, or if a customer complains about a bad item they purchased from you.
Different sorts of businesses require insurance policies that fit their specific demands. Whether you sell expensive things, run a small shop, or handle stock transportation, having the right kind of shop insurance is important. Simply, It can make or break your business.
Benefits Of Shop Insurance In India
Some of the Benefits of Shop Insurance in India:
Protection: Shop insurance protects your shop and its belongings from numerous hazards such as fire, theft, and natural catastrophes.
Financial Security: It covers the cost of damages and losses, releasing the store owner of financial pressure.
Business Continuity: In the event of an unforeseen event, insurance helps in the speedy recovery and ensures the shop's steady operation.
Liability Coverage: Shop insurance also protects the shop owner from legal liabilities by covering third-party injuries or property damage.
Peace of Mind: Shop owners who have insurance can relax knowing that their company is secure and concentrate on its expansion.
Why Choose Okbima For Your Shopkeepers Insurance?
There are many reasons why you should select Okbima, including:
Approachable
Insurance is important when an unfortunate event happens and you need help. Our team has highly intelligent individuals who know what to do in emergencies. If you have any questions or require assistance, please do not hesitate to contact us. We're here for you.
Transparent
Insurance products are designed and priced through complicated mathematical models. However, we make every effort to clarify the scope of coverage to you in a straightforward manner. From policy issuance to claims, you can count on us for keeping it simple. We have always gone above and beyond to make things clear, right from pre-sales to claims support.
Affordable rates
We ensure that our competitive premiums stay unmatched in the market by doing meticulous cost analysis. Experience high-quality coverage at a low cost. You can have peace of mind knowing that you will receive complete coverage at reasonable costs because of our dedication to providing outstanding value.
What Does Shop Insurance Cover In India?
Shop Insurance policy includes the following coverages:
Fire: Your property will be insured if it is damaged by fire. This may occur if objects inside the building catch fire unintentionally, such as when something warms up or burns on its own. The insurance also covers damage caused by forest or jungle fires
Explosion or Implosion: Insurance will cover any damage caused by something within or outside the business, such as an explosion or implosion, or if something strikes the office
Calamities: This insurance covers damage to your property caused by natural disasters such as storms, earthquakes, volcanoes, cyclones, floods, and landslides
Terrorism: Property damage caused by attacks, riots, terrorist acts, and malicious intent is covered
Other Coverages: Property damage is carried by water tanks, machinery, and pipes that burst or overflow as a result of automatic sprinkler installations leaking
Theft: Following the occurrence of any of the points listed above, the theft must be notified within 7 days from the insured premises.
What it doesn’t cover?
Things not covered under shop insurance
- If someone does anything on purpose, they are not protected.
- If something bad happens as a result, it's not protected.
- If something goes missing unusually or is lost without a reason, it's not protected.
- Extra special items, such as interesting objects, art, or precious stones that are not set in jewelry, are not protected.
- If machines break because of something like a big accident, fire, explosion, or collapse, they're not protected.
- If something bad happens because of an international conflict or nuclear disaster, it's not protected.
Documents Needed For Purchasing Shop Insurance Online
You'll need certain important documents to purchase shop insurance online. You will require the following items:
Shop details: You must include information about your shop, such as its name, address, and phone number. This allows the insurance provider to locate your shop.
Proof of ownership: You need to provide proof that you own the shop. This can be an ownership document or a rental agreement.
Identification proof: You must show proof of your identity, such as your Aadhaar card or passport. This allows the insurance company to confirm that you are the legal owner.
Previous insurance details: If you have previously had insurance for your shop, you must provide the details of that policy. This can assist the insurance business in understanding your insurance history.
Shop Inventory: Make a list of the items and equipment in your shop that you want to insure. This includes items like furniture, technology, and inventory. It assists the insurance company in determining the coverage you require.
Top Five Shop Insurance Companies In India
Shop insurance companies in India determine the cost of insurance depending on parameters such as shop location, size, and prior claims. In India, there are numerous insurance companies that provide shop insurance. The following are the top five shop insurance providers in India:
- National Insurance Firm Limited: This is a renowned insurance firm that provides coverage for all types of businesses. They have a strong reputation and cover a variety of dangers that shop owners may face.
- ICICI Lombard General Insurance: This firm is well-known for providing dependable insurance services. They provide shop insurance coverage that covers hazards such as fire, theft, and shop damage. They also offer fast claim settlement.
- HDFC ERGO General Insurance: This company offers comprehensive insurance coverage for shops. They have customizable plans and cover risks such as natural disasters, burglary, and damage that is unintentional.
- Bajaj Allianz General Insurance: Bajaj Allianz is a well-known insurance company in India. They offer insurance for several types of enterprises, including small and medium-sized businesses. Their insurance covers a variety of hazards and provides perks such as cashless claim settlement.
- United India Insurance Company Limited: United India Insurance is a government-owned insurance company that provides dependable shop insurance plans. They cover hazards such as fire, burglary, and unintentional damage. They also have a wide network of offices across India.
How To Renew Shop Insurance Plans In India 2023?
Here's what you can do if you own a shop and want to renew its insurance plan in India in 2023.
Step 1. First, get in touch with your insurance provider or agent. They will walk you through the steps.
Step 2. Fill out the renewal form with information about your business. Make certain that the information you enter is accurate.
Step 3. Pay the premium amount given by the company.
Step 4. Keep a copy of the receipt for your records.
Step 5. Your shop insurance plan will be renewed for the next year after the payment is made.
Step 6. In order to protect your store from unforeseen circumstances, it's important to update your insurance.
How To File A Shop Insurance Claim?
Follow these easy steps to submit a shop insurance claim:
Step 1. First, gather all the relevant details about the occurrence, including the date, the time, and what was damaged.
Step 2. After that, call the insurance company and inform them about the claim.
Step 3. They will guide you on which documents to submit.
Step 4. Fill out the claim form completely and attach any supporting documentation, such as photos or invoices.
Step 5. Finally, send the completed form and supporting documentation to your insurance company for processing.
