Shop Insurance made simple!
If you own a shop, one of the first things you've probably done is, have a security camera set up to ensure your shop is protected in a way. After all, a huge part of your income depends on this. You secure it every night with locks and shutters, hoping it’ll be just as it is when you return the next day. Whether you own a general store, a specialty store or a full fledge showroom, your shop holds a large number of goods waiting to be sold. The value of it all which is invaluable. That’s where a shopkeeper's insurance plan comes into use, in protecting your shop and its contents from all unforeseen situations and risks. Whether it’s a burglary, natural calamity, fire or any other unfortunate incident like an explosion or a malicious damage; with a shopkeeper insurance policy, both your shop and the goods in it will be protected and covered for.
What’s great about Digit’s Shopkeeper Insurance Policy?
What’s Covered in Digit’s Shopkeeper Insurance Policy
Know how much you should cover your shop for
A simple example of a toy shop
Shop has1000 toys
Each toy costs₹ 1000/-
₹10,00,000/- is the correctcoverage amount
With us, get access to VIP claims
After you buy our shopkeeper insurance plan, you live tension free as we have a simple digital claims process!
Call us at 1800-10304448 or email us at email@example.com and your loss will be registered with us.
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.
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.
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.
If all is good, and the loss is verified, you will receive payment and compensations for the respective damages and losses.
The payment is either processed via PayTM or a NEFT transfer.
Who needs a Shop Insurance policy?
What is a Shop Insurance?
A shop insurance or a shopkeeper’s insurance is a type of insurance policy customized to cover for people who own and run a shop as part of their primary mode of business. For example; stationary shops, jewelry stores, toy shops, boutiques, general stores, etc. In a shopkeeper’s insurance policy, the owner is protected from unforeseen damages and losses caused to his/her shop and the goods present in his/her shop. These include damages and losses caused in circumstances such as natural calamities, fires, burglaries, malicious acts, explosions, etc.
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, the shop and its goods put together are invaluable. A shopkeeper’s insurance or retail shop insurance 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 be at peace, 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:
a. Saves you time: Buying a shop insurance online can be bought in a matter of few minutes.
b. Quick claims: With a shop insurance online like ours, claims can be made and settled easily, thanks to our smartphone enables self-inspection process.
c. 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
1. Safeguard your shop against all unforeseen losses and damages such as fires, burglaries, natural calamities and explosions, amongst others.
2. Unplanned expenses can give everyone that crunch. Avoid such crunches and secure your earnings as no matter what happens, your shopkeeper’s insurance will have you covered!
3. Peace of mind. When you know you’re covered and protected for, you need not worry and stress about your shop and its protection.
How to choose the right shop insurance plan?
In the process of protecting literally the core of your business, it’s only natural to bes confused and baffled on the right way to choose what’s best for your shop. To make thing simpler for you, here are few important aspects you could consider while picking the right shopkeeper’s insurance for your shop:
a. 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.
b. Ease of Claims: Claims are the most important part of any insurance. For when you face losses, that’s what you need to do. Make a claim! Therefore, make sure you pick a shopkeeper’s insurance based on their claim settlement records and processes. You would want to go for someone who has a great claim settlement ratio and one, that will settle claims quick!
c. 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.
d. 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.
How to select the right Sum Insured for my Shop Insurance Plan?
Sum insured is nothing but the maximum amount you’ll be covered for, in the case of unfortunate and unforeseen situations. So, it’s vital that you select an amount that you know will actually cover for maximum losses. The best way to choose the right sum insured is, calculate the average cost of an item in your shop and multiply that to the estimated quantity of the same. For example; If you have a shop selling clothes, and the average cost of one kurta set is 1200 and you have about 1000 of kurta sets in stock. In this case, the right sum insured would be Rs 12,00,000.