Shopkeeper's Package Policy
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Shopkeeper's Package Policy Advantage
Property Protection
This
comprehensive policy gives protection to your building and
content against the risk of fire, explosion, earthquake,
impact damage, riots and other natural perils. Loss and
damage due to burglary and housebreaking is also covered
under this package policy. The electrical, electronic and
mechanical equipment breakdown are also covered
Protection for Money
Loss of money in
transit between the insured premises and bank and vice versa
occasioned by theft, robbery or any other unpredictable
event; money in counter and money in safe is covered under
this policy so your business will not be interrupted due to
these reasons
Liability Cover
This policy will
cover you against the legal liability because of third party
bodily injury or property damage. Shopkeeper's package
policy will also protect you from the liability towards your
Worker Compensation Act 1923 and Fatal Accident Act 1855
Cost-effective
This comprehensive
policy is cost-effective. Premium depends on the type of
cover you have opted for, condition of the valuables, and
provisions taken for keeping the valuables safe. If you have
good security measures we lower your premiums appropriately
Why Claims Get Rejected?
Fraudulent Information
If you provide false information in the proposal form or make a fraudulent claim the Insurance becomes void and all claims forfeited. Claims can also be denied if you hide or omit material facts to reduce premium.
No provisions for safeguarding property
Property related claim may be rejected if you do not make specific provisions to minimise damage or theft. Some basic arrangements like burglary alarm, fire alarm, fire extinguisher, CCTV cameras, security guard should be employed. Absence of these arrangements may result in claim rejection, particularly if these are part of the warranties you gave to the insurer.
Non-Disclosure
Non-disclosure of important information may cause the Insurer to deny the claim. For example, if you have an ongoing claim but do not disclose that. So make sure you disclose all the relevant information to the insurer.
FAQs
Shopkeeper's package insurance
policy provide wide range of cover to mitigate the risk to your
property and its content. This policy is developed specifically
for shopkeepers and covers risks such as fire, burglary,
business interruption, accident and third party damage.
As the name indicates, this policy
is meant for shops only. This policy can be taken by any small
shopkeeper whose building and contents are exposed to some
contingencies like plate glass, pedal cycles, money in transit
etc. However Restaurants and Coffee shops cannot take this
policy.
Sum insured depends upon the
different sections you want to cover under the policy. The sum
insured can be selected on the basis of market value of the
building and also the cost price of the content.
Following perils are covered under the policy:
- Fire and lightning
- Bursting of water pipes and tanks
- Riots and strikes
- Terrorism
- Natural disasters
In case you want to file the claim, you must do the following:
- Take necessary steps to minimise the damage or loss.
- Inform the insurer within 24 hours of the damage.
- Inform the police in case of theft and burglary.
- Inform fire brigade immediately in case of fire.
- Submit the claim forms and relevant documents to surveyor.
The common exclusions under this
policy are manufacturing defects, pre-existing damage, willful
negligence and violation of policy conditions.
