Shop Insurance

A shop insurance policy is a type of insurance plan designed for shop or business owners. Under this plan, shop owners will get coverage for the shop property and content against various mishaps such as natural calamities, accidental fire and more.

Due to this insurance policy, the insured person will get compensation based on the policy condition against the damage or loss. The policy condition for shop insurance plans may vary from insurance provider to provider.

Often, small and medium-sized businesses overlook the importance of investing in fire and burglary insurance, godown insurance, shop insurance policy, etc. However, these insurance plans are designed to cater for their needs.

Small and medium businesses like shops run on day-to-day profits compared to high-scale businesses. These businesses don't have much margin to deal with unforeseen crises like theft, fire, etc.

If such a situation occurs, it can affect the day-to-day operations of shop owners. But with a shop insurance policy, a shop owner will be safeguarded against the damage or loss caused by natural calamities, fire, etc.

Tata AIG’s shop insurance policy comes with many perks.

Extensive List of Inclusions - Tata AIG shop insurance policy offers an extensive list of inclusions, such as fire, natural calamities, public liability, etc, to offer enhanced protection to the policyholders.

Easy Claim Procedure - The disruption to business can affect day-to-day operations and cause substantial financial loss. This is the reason we offered an easy claim procedure to our policyholder. The insurer can initiate the claim procedure in just a few minutes from the Tata AIG website.

Suitable for All Business - Tata AIG shop insurance policy is designed to meet the needs of businesses of every kind. We have plans that can be suitable for big shopping malls and small Kirana stores.

Inbuilt Covers - The insurance policy comes with various in-built covers such as expenses incurred for consultant, surveyor, etc fees as per the policy condition.

Often, people are confused about whether they need to invest in shop insurance plans or not. To make it clear, below is a list of people who should consider buying shop insurance online.

Independent Shop Owners - The very first individuals who should consider buying a shop insurance plan are independent shop owners. These are the independent shopkeepers whose source of livelihood relies on the shop only. By insuring the shop, they have the finances to deal with any potential crises.

Multiple Shop Owners - Next comes in the category of the owner of multiple shops. These are the individuals who own multiple shops. But with multiple shops, the probability of risk also increases. Thus, to avoid financial risks, shop owners should consider buying shop insurance online based on their requirements.

Family Business Owners - Many family business owners run shops of garments, sweets, etc. Since the business has a long history, it also comes with emotional sentiments. Considering that investing in a shop insurance plan is a reasonable idea.

High-Risk Business - Shop owners who own a high-risk business such as electronic shops, jewellery shops, etc, consider investing in shop insurance plans to secure themselves from any unforeseen crisis.

Prime Area Shop Owners - Lastly, prime area shop owners are more prone to risk than other areas because of the shop's popularity and profits. This is why shop owners of prime locations also give thought to investing in shop insurance policies.

There are various kinds of shops that are covered under the shop insurance plans. Some of them are listed below:

Home repair Services - The very first kind of business that is covered under shop insurance online is home repair services. Various kinds of services, such as plumbing, carpentry, etc, fall into this business category.

Mobile and Gadgets Shops - Another business that sells mobile phones and other electronic gadgets should consider investing in business insurance like fire and burglary insurance or shop insurance to safeguard the shop against potential losses. Burglary is an everyday activity in the mobile and gadget business.

General and Grocery Stores - Furthermore, businesses that sell general or grocery items are also covered under shop insurance. From kirana shops to supermarkets like Big Bazaar falls into this category.

Personal Lifestyle or Fitness Space - Besides this, individuals who own personal lifestyle spaces like hair salons, spas, boutiques, etc, are also covered under shop insurance plans. Not just this, fitness spaces like gyms, weight management centres, etc, are also secured against various financial risks as per the shop insurance policy conditions.

Food and Eatery Shop - Another very vast business, which is food and eateries spaces such as cafes, restaurants, bakeries, etc, are also covered under the shop insurance.

Manufacture and Processing Mills - Various manufacturing and processing mills and factories are also eligible for shop insurance plans based on the various associated risks, such as fire, liabilities, etc.

There are various benefits one will get by investing in Tata AIG shop insurance plans. Some of them are listed below.

Property Protection - The very first benefit of investing in shop insurance plans is to get protection for property due to damages like fire, riots, etc, as per the policy conditions. Tata AIG offers various insurance plans, such as fire insurance, shop insurance, etc, that help small and medium businesses against various unforeseen circumstances.

Money Protection - Another benefit of having shop insurance online is to get money protection. Under the insurance policy, policyholders will get the protection of the money that has been in insured property, such as a safe, etc. and has been lost at the time of crises. Not just the money that has been in transit between the shop and bank or vice versa and has been lost due to robbery, etc, is covered under this policy.

Liability Coverage - Another prominent benefit of investing in a shop insurance policy is to get legal liability coverage against third party damage and loss. The insurance plan, as per the policy condition, will bear the losses of third-party accidental injury and property damages.

Burglary Protection - Further, the shop insurance plans will also cover burglary or robbery. Under the plan, all the content inside the shop will be insured in case of loss or damage and the insurance provider will reimburse for it based on the policy conditions.

Under the Tata AIG shop insurance plan, a business will get coverage against losses due to the following:

• Aircraft damage

• Fire

• Bush fire

• Lighting implosions and explosions

• Natural calamities such as cyclones, storms, typhoons, tornadoes, floods and hurricanes.

• Leakage from automatic sprinkler installations.

• Missile testing operations.

• Malicious damage and riot strike

• Damage due to railroad vehicles.

• Damage due to animals not belonging to the insurer.

Add-ons Offered Under Shop Insurance Online

The shop insurance price may fluctuate on the basis of included add-ons. Below are some of the add-ons offered by Tata AIG to enhance protection.

• Loss of rent.

• Terrorism cover

• Expenses incurred on consulting engineers, architects, and surveyors payment in excess of 3% of the claim money or amount.

• Additional expenses incurred on debris removal in excess of 1% of the claim money or amount.

• Expense of rent for alternative accommodation.

Some of the standard exclusions that are not covered under shop insurance plans are:

1. Loss or damage caused due to:

War-like operations or war.

Pollution or contamination.

Contamination due to radioactive waste, ionising rations, nuclear fuels, etc

Losses of earnings.

2. Burglary loss or damage or destruction due to:

Member of insured household or business staff.

Explosions or fire.

3. Portable equipment loss or damage or destruction due to:

Confiscation by costumes or other authorities.

Restoring, cleaning, repairing, general wear and tear, etc.

Legal liability or consequential losses.

4. Electronic equipment loss or damage or destruction due to:

Faults or defects

Wear and tear

5. Machinery breakdown loss or damage or destruction due to:

Negligence or willful act.

Deterioration by everyday use.

6. Money loss due to:

Use of duplicate keys or original keys.

Use of counterfeit money

Act of any employer or agent of an insurer.

7. Neon sign boards loss or damage or destruction due to:

Cracks or scratches.

Alliteration or replacement.

8. Personal liability or damage due to:

Injury under the influence of intoxicating substances.

Suicide.

9. Public liability due to:

Non-compliance with statutory provisions.

Exemplary damages

Fines and penalties damages.

10. Workmen's compensation arising out of:

Intentional non-compliance with statutory rules

The shop insurance policy is vital for business as it offers financial coverage against various risks. But with various business insurance plans available, such as stock insurance policy, fire insurance, etc, it is expected to become confused. Considering that, below are some listed points that should be considered while investing in shop insurance plans.

Sum Insured - The first thing to consider before investing in a shop insurance policy is the sum insured. It is the highest amount a policyholder will get for the loss or damage due to unforeseen circumstances at the time of making a claim. It is best to choose a plan that has a customised sum insured based on the value of goods and content present in shops.

Coverage Offered - Another thing to look for before investing in a shop insurance policy is the type of coverage offered. Since the shop segment is very vast, the coverage may vary depending on the insurance provider. It is best to verify if the plan offers only coverage to the property or the content inside the property, too. It is best to verify everything beforehand.

Inclusions and Exclusions- Further, paying attention to plan inclusion and exclusions is another crucial thing that helps in deciding whether to invest in a shop insurance plan or not. It gives a brief idea of what the insurance policy will cover and what not.

Ease of claims - Lastly, ease of claim is another thing to pay attention to. If the claim process is lengthy and excruciating, then the experience will become overwhelming for policyholders. It is best to invest in an insurance company that has a high claim settlement ratio. Tata AIG has a claim settlement ratio of 99%. Further we have a team of claim experts that helps in guiding through the settlement process.

Individuals whose livelihood depends on the business they run should consider investing in business insurance for small, medium and high-capital businesses.

These insurance plans, such as fire insurance, shop insurance, etc, are designed to offer financial protection against various risks. However, before investing in plans such as fire insurance or shop insurance, it is best to learn about the characteristics of fire insurance and shop insurance. This helps in making an informed decision.

Tata AIG is a renowned insurance company that offers various insurance plans, including shop insurance, fire insurance, etc, that cater to the needs of various individuals.

What insurance do I need for a shop?

The shop insurance coverage for shop owners may vary depending on their requirements. It is best to research the shop insurance plan and compare them based on coverage and premium. The plan that fits your requirements is worth purchasing.

Is shop insurance mandatory?

Buying a shop insurance policy is not mandatory, but based on challenges like fire, theft, etc, it is worth considering buying an insurance plan to protect your assets.

What is stock insurance?

A stock insurance policy is a type of plan for businesses to protect their stocks or inventory from financial losses caused due to damage, theft, or any other conditions. The stock policy premium may vary depending on the coverage and insurance provider.