Shopkeepers Insurance

As a shop owner, you trust your workers whom you considered the reason for your success, but what if any of your workers betrays your trust? It could give rise to mental and financial issues in your business. To safeguard your business interests from crooked employees, it is essential to have a shop insurance policy which includes fidelity guarantee cover and gives coverage to shop owners against fraud or dishonesty committed by employees while discharging their duties.
A fidelity guarantee cover available under shop insurance offers coverage to the policyholder in respect of any act of dishonesty or fraud committed by a salaried person employed by him/her on the insured premises. The insurer offers coverage for financial loss arises due to any act of dishonesty, fraud committed by employees on or after the commencement of the policy.
As a shop owner, your business may involve numerous goods and money transactions, and therefore, it is strongly advised to go with a comprehensive shop insurance which comes with a fidelity guarantee cover. The cover becomes apt for those shop owners who have employees who are handing goods and/or money and are also keeping records of all the transactions.
Benefits of fidelity guarantee cover under shop insurance
A fraud committed by an employee is not only mentally and emotionally exhausting, but it can also give rise to financial repercussions for business also. Though, a fidelity cover can’t do anything when it comes to emotional loss, the fidelity guarantee cover available under shop insurance can offer you coverage for monetary and pecuniary losses that your business may have to face in this situation.
Coverage available under plan
The fidelity guarantee cover offers coverage to the policyholder for fraud or dishonesty services which are committed and discovered during the policy continuance or within twelve calendar months of the expiration. It is feasible to extend the policy to cover the risk of terrorism by paying an additional premium.
The fidelity guarantee cover proves to be highly useful when any of your employees commits fraud. However, there are certain situations where the cover doesn’t offer coverage, like loss or damage from consequential losses, outside territorial limit, losses incurred from the inception of the policy, willful acts or gross negligence, etc. Moreover, the shop insurance company would not cover those fraudulent activities which may arise outside India.
Things to consider while taking a shop insurance that comes with fidelity guarantee cover
Though you can purchase fidelity guarantee as a separate insurance policy; it is feasible to get it covered under shop insurance and get coverage for both the structure and the content of your shop against various perils like fire, earthquake, burglary, etc.
While buying a shop insurance for fidelity guarantee cover, it is essential to consider some important factors to safeguard yourself as a shop owner. It is necessary to clearly define the role of your employees, like managers, team leaders along with your role as the owner. Further, it is necessary to carefully check the record and reputation of those employees whose actions you would like to cover under fidelity guarantee policy. The insurer may ask you to submit the complete details about those employees whom you would like to include under fidelity guarantee cover.
Your shop is the result of your hard work and determination and therefore, don’t let any event hampers its growth.
You don’t build a business, you build people, and then those people build the business, and therefore, when these people, i.e., your employees play such a crucial role, it is essential to get coverage in case any of your employees commit a fraud.
You can go with a shop insurance, which covers both the structure and content of your shop against financial losses in case unfortunate incidents, like an earthquake, strike, burglary, fire, etc.
Remember, trusting your employees is good, but getting the fidelity guarantee cover is like a safety net which would be there in case you get deceived!