If you are a shop owner, then you must have already invested in the product. You would have doled out the money and earning are yet to flow in. Now, imagine that one day you happen to lose everything to the fate of a fire or theft? I am sure this would be the worst nightmare of your life because you make a livelihood from that shop. Buying a Shopkeepers Insurance is a foolproof option to safeguard you against such scenarios. Let us first see the benefits of buying the policy.
Events or liabilities in which the Shopkeepers Insurance will save you:
A shopkeeper’s insurance policy pays you because the occurrence of any event mentioned below will hinder your functioning. Without a policy, these worst-case scenarios affect your income leading to financial losses. Other than the income loss, if the operation of the shop remains suspended, it further compounds the loss. Here are the events when a Shopkeepers Insurance Policy will cover for you:
- Fire: It covers you for accidental fires that may cause damage to the shop or the belongings you have stored in the shop.
- Natural Calamities: Pays you for the losses that may arise from natural calamities like earthquakes, floods, hurricanes, etc.
- Explosion/Implosions: Losses from any accidental explosion/implosion will also be covered. An explosion can lead to damages to the content and the building.
- Riots and Terrorism: In the event of riots and terrorism also the losses will be covered.
- Burglary: You will also be protected for any theft of goods stored in the shop.
- Malicious Damage: Any malicious act like intentional damage caused to the goods or the shop will also be protected.
6 Types of shop owners who can buy a Shopkeepers Insurance policy:
If you run any of these types of shops, then you can consider buying a Shopkeeper’s insurane policy.
Restaurant Owners: A Restaurant Owner should buy the Shop Insurance as along with the food items, it also stores inflammable items. It may anytime lead to an explosion. A restaurant is a public place where footfall is high. Anyone can walk in and cause malicious damage to your property.
Kirana Shops: Small Kirana Shops store too much of stock for sale. Not all of these have good storage. The Kirana shop owners keep products in bulk. Any kind of incidents like fire, natural calamity, or burglary may lead to heavy loss. But Shop Insurance will save you in case any unexpected event takes place.
Electronic shops: If you run an electronics shop then the kind of content you store is susceptible to damages. Such damage may arise from fire, malicious damage, or burglary. Owning a Shop Insurance will help to recover such losses.
Furniture shops: Furniture shop mostly store items made of wood. Any fire, natural disaster or malicious damage may cause loss to your income. But a Shop Insurance policy will pay you for the damages. It will help you recover losses that may arise from any of these events.
Jewellery Showrooms: If you run a Jewellery showroom, then the contents in your shop are way too expensive. Such showrooms may suffer loss from burglary. The amount of loss will be huge and will be a major dent in the income. But owning a Shop Insurance Policy will help you recover such losses.
Showrooms: Being a showroom owner, you should own shop insurance as the items you sell may be of different categories. You may be selling electronic goods like washing machines, TV, refrigerators, etc. Any fire, burglary or natural calamity may lead you to bankruptcy. But you can recover the cost of insurance with a policy.
It is your responsibility to declare in your policy the maximum amount of items that you wish to get covered in the policy. If there is a change, it should be intimated to the insurance company.
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