Shop insurance is a comprehensive policy cover to protect the premises and contents of your shop. It also offers accident benefits and financial assistance against indemnity claims.
Shop Insurance: Scope of Coverage
While buying shop insurance, you need to ascertain the scope of cover you wish to opt for. Typically, shop insurance policies offer the following coverage:
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Building and contents: This covers damage to the premises and contents in case of an accident or fire. The contents, as defined under this policy, include fixtures, fittings and electrical equipments that are used within the shop premises.
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Stocks: Shop insurance also covers the contents stocked in the shop for loss or damage due to unforeseen circumstances.
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Cash burglary: This insurance policy offers financial cover against loss arising from burglary of cash that is kept in a safe at the shop.
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Cash in transit: This covers loss of cash while it is being carried to the bank.
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Glass break: This policy covers the financial expenses of repairing or replacing fixed plain glass in the shop due to accidental or external damage.
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Damage to signboards: This insurance covers loss or damage to neon or other signboards displayed within the shop premises.
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Check forgery: This policy compensates for financial loss in case the payment check or draft fails to be realized. It covers financial instruments issued by the policyholder or in favor of the policyholder.
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Fidelity: Shop insurance also covers loss or damage due to unfaithful act(s) of a salaried employee.
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Tenant's liability: Many shops carry out business from leased or rented premises. Here, shop insurance offers tenant's liability cover to take into account property damage due to fire, flood, riot, earthquake or accident.
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Employer's liability: This insurance policy offers financial protection if an employee faces injury while at work. Employer's liability insurance cover is mandatory in some countries, such as the UK, to cover employees against possible dangers at the workplace.
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Public liability: This insurance plan offers financial assistance in case the policyholder faces an indemnity claim following public injury within the shop premises.
Choose your shop insurance plan prudently to get maximum coverage at affordable rates. Some insurance companies have reservations against specific products. Make sure that the insurance company offers cover for the products you deal in.