Comparisons between premiums and deductibles for different types of insurance
24 MAY 2023
Shop Insurance is a type of insurance where the insurance company promises the policyholder, in this case, the shopkeeper, to provide financial aid, in case of any loss, in return for paying premiums. It is often known as Shopkeeper Insurance. This insurance is designed to protect the small to medium-sized entrepreneurs and shopkeepers/owners who work for daily profits and have less margin in their business.
Shop Insurance comes with a package policy coverage which covers the loss occurred by fire, burglary, MBD (Machinery Break Down), EEI (Electronic Equipment Insurance), All risk, GPA (Group Personal Accident), Neon sign, Plate and glass, Baggage, Personal Accident, Fidelity Guarantee, Money, Public Liability, Liability of Employers (WC).
The key benefit of this insurance is property/business protection which means the damage that happened due to fire, earthquake, explosion, riots, burglary, and natural perils. In addition, this insurance not only covers the shop and its structure but also covers the goods and commodities inside of it. Furthermore, the add-on of third-party cover adds extra protection to the shop. Additionally, if the shopkeeper loses money in the process of monetary transactions in the form of cash in the sale, there comes this insurance for protection.
It is important to read and understand the terms and conditions of the insurance policy to better understand what covers and what does not cover under any policy. Need help? We got your back! Call us on 1800 309 0203 for professional advice from our subject experts.