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Shopkeeper Insurance Policy

Shopkeeper Insurance Policy    
    Shop keeping is an economic activity pursued with the aim of earning maximum profits within the limits of Government Rules & Regulations as well as social values. To ensure that one can focus on this primary activity, it is necessary that the mind should be free from other worries not related to trading such as accidents, which could hamper the business activity.
    
    Now you can buy and renew policies Online. Buy a new Shop Insurance policy, Renew an existing Oriental's Shopkeeper Insurance policy or renew policies bought from any other general insurance company by registering yourself on our Portal and paying online through your debit card / credit card or Net-banking. To check out various online facilities available, you may login on the Portal.


coverage     
    Shopkeeper Insurance Policy covers all the probable risks and perils faced by small to medium sized shop owners.It provides protection for the property and the interests of the Insured in the business venture.

                      

Type of Insurance       What is covered
Fire Loss to the Building. Perils as per Standard Fire & Special Perils Policy including Earthquake Risk.
Fire   Loss to the Contents (Stock in Trade & FFF). Perils as per Standard Fire & Special Perils Policy including Earthquake.
House Breaking    Loss/damage to contents (excluding Money and Valuables) by Housebreaking excluding where any partner or any employee of the insured or member of the insured family is concerned as principal or accessory.
Money    (A) Loss of money due to any accident or misfortune between any two places within a radius of 25 Kilometers from the insured shop whilst in the hands of the insured &/or his authorized employees.
(B) Cash in safe / Steel cupboard / Steel Cash Box under lock & key due to housebreaking.
(C) Cash in till / Counter during business hours following assault &/or violence &/or threat
Pedal Cycle    Loss/damage to pedal cycle as per Standard Fire & Special Perils Policy includinghousebreaking or theft.
Legal liability Rs.10, 000/- (Third party accidental death or bodily injury & accidental damage to property)
A. Plate Glass    Accidental breakage to fixed plate glass (Plain & ordinary glaze quality) in the insured building.
 Note: Damage to framework & other than plain glass such as embossed, silvered ornamental etc. can also be covered provided specifically declared.
B. Neon Sign    Loss or damage to Neon sign (glow sign by accidental external means.Fire, lightning external explosion.
Baggage    Loss/Damage to personal baggage of the Insured and accompanied baggage related to the trade.
Personal Accident    Death or bodily injury by accidental violent, external & visible means to self & employees up to 10 times the annual salary. (Age group 16 to 65 years should only be insured
Medical benefit extension at additional premium.
Weekly compensation for TTD while hospitalization.
Fidelity Guarantee    Direct pecuniary loss caused by Act of Fraud or dishonesty (Forgery, embezzlement, larceny) by the employees of insured.
Electronic Equipment         Insurance    Electronic Equipment including Personal computers, CCTV and related equipments.

Break Down - Electrical      Appliances   

Break down of appliances installed in the shop such as AC, Refrigerator etc.
A. Public Liability    Legal liability of the Insured to the public for bodily injury or accidental death– Rs.2,50,000/-
B.Liability of                           Employers(WC)    Legal liability of Insured to his employees as per WC Act.
 
Business Interruption       Loss in respect of following items: -Loss of Gross Income  Expenses towards-charge of Accountan


Salient Features of the policy:    


    1. The Shopkeeper Insurance Policy may be taken for any shop of Pucca construction where the cumulative value for building and contents is up to Rs.2 (Two) Crores.

    2. 15% of the sum insured is waived for the purpose of under insurance for section I.
    
    3. Minimum four sections are to be taken out of which section 1B & 2 are compulsory. The Business Interruption (Section 13) can also be opted as one of the optional section.
    
    4. Shops selling confectionery and sweet meats items can be covered provided no process of manufacturing is done in the shop premises.
    
    5. Restaurants / cafes may not be covered.
    
    6. Dry Cleaner shops may be covered provided no process is carried out in the shop premises.
    
    7. Jewellery shops may not be covered.
    
    8. Tailor shops; watch repairers may be covered provided no process is carried out. Incidental repairs are however allowed.
    
    9. No Shopkeeper Insurance Policy may be issued for showrooms and display centres where no sales are carried out.
    
    10. Electrical & electronic goods like CCTV, Personal Computer and related equipments installed in shop of Insured may also be covered against the risk of fire, housebreaking, electrical or mechanical breakdown.
    
    11. For taking coverage under more than four sections 15% (fifteen percent) discount is allowed. For more than six sections 20% (twenty percent) discount is allowed.
    
    12. Long term policy for upto 4 (four) years at discounted rate is also available.
    
    13. The policy carries varying excess applicable to different sections.
    
    14. Terrorism risk may also be covered at additional premium at the opinion of Insured and sole acceptance of company.
    
    15. For taking Business Interruption cover proposer should have a Sales Tax No. and if he is tax payee then Permanent Account No. (PAN) is also required.
    
    16. Reinstatement of sum insured subsequent to loss is available for all Sections except PA, Fidelity Guarantee, Public Liability and WC.
    
How does one select the sum insured?    


    For building, the sum insured must cover the full cost of rebuilding the property including architect fee etc and the cost of clearing away the debris and cost of meeting any new building regulations or by-laws.
    
    For contents, the sum insured should be the replacement value.
    
    For the remaining sections such as Money Insurance (Section 3), Fidelity Guarantee (Section 9), Personal Accident (Section 8), Public Liability & Workmen Compensation (Section 12) and Business Interruption (Section 13), the sum insured is as opted by the proposer.
    
General Exclusions    
    This policy does not cover loss or damage;
    
    i) Caused by war and allied perils
    
    ii) By nuclear radiation and related causes.