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Shopkeepers Package Insurance Policy

Benefits

Reliance Shopkeeper's Package Policy

​​​​​Shops are sources of revenue for many in our country. It therefore follows that the livelihood it provides needs to be protected which may happen due to the losses to the assets. With Reliance Shopkeeper's Package Policy,​ small & medium - sized shop owners can get protection against many risks that a shop is exposed to, and also peace of mind by ensuring smooth running of business. Reliance Shopkeeper’s Package Policy is a comprehensive policy designed for shop owners to provide cover against loss or damage to both, the structure of shop as well as its contents & other incidental business activities. ​​​

Why Choose us?

We know how much you care for your workplace So we ensure that it stays covered​

​​  

Why is Shopkeeper’s Insurance P​olicy required?

​​Continuity of business is a basic requirement for survival of business and for providing financial stability to its owner. Hence it becomes very important to secure this means of livelihood. To safeguard a small & medium- sized shop owner from various risks related to its shop & contents (for e.g. fire, burglary, money, machinery & equipment b​reakdown etc.), a comprehensive insurance policy is required.​

​​​

​​Features of R​​eliance Shopkeeper's Policy :​

Provides ​protection to small & medium sized shop owner’s property:

  1. ​​​Co​vera​ge avail​able against fire & allied perils like explosion, riots, flood, earthquake etc. for insured property i.e. shop building & its contents.​
  2. Protection of insured property against loss or damage due to housebreaking & burglary.
  3. Coverage available against electrical & mechanical breakdown of insured electrical, mechanical and electronic equipment.

 

Coverage available for shop owner’s money:
The money collected in the conduct of business while in transit from shop premises to bank & vice-versa lost due to robbery, theft. It also provides coverage to shop owner’s money kept in safe & till.​​

Additional coverages​:
It provides cov​erage against risks associated with shop owner’s employees like accidental injury or death under Personal Accident section. One may also cover the Infidelity / dishonesty of employees and Legal Liability towards third party within the premises.

Customised cover:
Shop owners can select coverage under various sections of Reliance Shopkeeper’s Insurance Policy as per their requirement, affordability & choice.

Affordable Premium:
Reliance Shopkeeper’s Insurance policy provides comprehensive coverage at affordable premium. We provide additional discounts if a wider coverage is opted under the policy.

Easy Documentation for Issuance of Reliance Shopkeeper’s Insurance Policy:
For covering the various sections, only a single proposal form is required. Further, no hassle of providing proof of ownership is required at the inception.​​​​

What does the policy cover?

At Reliance General Insurance we strive to negate all possible risks that you could encounter at your shop. Keeping your requirements in mind, we've tried to 'pack in' maximum coverage for a variety of situations in our Shopkeeper's Insurance policy-​


We a​​lso provide coverage against-​

  • Baggage
  • Fixed Glass and Sanitary Fittings
  • Neon Sign/Glow Sign/Hoarding
  • Infidelity/ Dishonesty of employees
  • Legal Liability- Towards employee​
  • Legal Liability- Towards Third Party​​

​Add on covers available with the policy-

Under se​ctio​n I i.e. Standard Fire & Special Perils
1) Escalation in value of fixed assets
2) Terrorism
3) Loss of rent to the owner of premises as a result of cover provided under this section
4) Rent for alternative accommodation following a loss under this section as a result of which the premises becomes uninhabitable and hence has to be temporarily shifted.

Burglary and Housebreaking- Theft​​​​

​

What does t​​​he policy not cover?

  • Loss or damage to the insured property by pollution or contamination
  • Loss or damage due to war and/or warlike perils, nuclear and/or atomic radiation
  • Loss or damage due to wear and tear, gradual deterioration or slowly developing flaws
  • Conseq​uential loss of any kind
  • Wilful act or gross negligence of the Insured, resulting on loss or damage
  • Loss or damage due to burglary and housebreaking when a family member is involved in the same
  • Faults in electrical appliances existing at the time of commencement of policy or manufacturing defects
  • Injury or death resulting from participation in dangerous sports/hobbies, use of alcohol/intoxicants or resulting from HIV/AIDS
  • Loss or damage caused by or due to action of any lawfully constituted authority or government body
  • Loss or damage for which the manufacturer/supplier/repairer/transporter or any other third party is responsible either in law or under a contract Loss or damage due to war and/or warlike perils, nuclear and/or atomic radiation

*Disclaimer :- For complete list of exclusion & coverage details please refer policy wording​ and CIS of Shopkeeper Package Policy

FAQ

Benefits

What is shopkeeper insurance?

​​​Shopkeeper insurance is developed to protect small & medium sized shop owners from various risks. Small & medium sizes shop owner’s business is always exposed to certain risks as loss to shop building & contents within the shop building, potential liability towards property & people, money in transit or in safe etc. All these are covered under this shopkeeper insurance, where the insured is compensated for the loss.

Why shopkeeper insurance policy is necessary?

Shopkeepers Insurance policy is a comprehensive package policy which provides financial protection to Insured’s shop assets & other risk exposures related to business activity in a single documentation.

If there has been a short circuit in the shopping centre that caused a fire and damaged my property, can I claim damages from my society?

​​If the shopping centre has been insured against the risk of fire, then the spread of fire to insured premises is covered, you could claim damages.

I own a shop in a shopping centre that has been insured by the society. Do I still need insurance?

The insurance offered by your society may offer a limited cover - typically including only common property like external structure of the building, not the contents of your shop. You need to have risk cover for such contents that may include items such as business assets, stock-in-trade, equipment, and electrical and mechanical appliances. Your shopkeepers' policy insures all these against fire and allied perils, burglary and theft, accidental breakdowns, and other misfortunes.

What happens to my shopkeepers' insurance policy if I sell my shop?

You can cancel the policy and take a refund from the insurance company.

What is covered under shopkeeper insurance policy?

The shopkeeper package insurance covers:

  • Fire & Allied Perils for buildings & contents of the shop.
  • Burglary and Housebreaking
  • Breakdown of Mechanical and Electrical appliances
  • All Risk cover for Electronic appliances
  • Cover for Money during transit or when it is kept in safe.
  • Accompanied Baggage cover
  • Damage to Fixed plate glass and sanitary fittings
  • Damage to Neon Sign/Glow Sign/Hoarding
  • Personal Accident cover for shop owner and its employees
  • Infidelity/Dishonesty of employees
  • Legal Liability Towards Employees & Third Party

What are the benefits of Reliance Shopkeeper Insurance Policy?

The major benefit of Reliance Shopkeeper’s Insurance policy is as follows

  • Comprehensive coverage available in various section as per shop owner requirement, affordability and choice to opt for.
  • Affordable Premium
  • Hassle free documentation
  • Single policy document for various coverage.
  • Insured have option to other coverage in shopkeeper insurance policy like Employers Liability cover, Third Party Liability etc.

Which shop owner can take Reliance Shopkeeper Insurance Policy?

​​If you are small and medium sized shop owner with assets upto Rs 2 crore in a premises and who is responsible for providing protection to the business, customers & employees. Any shop owner can take Reliance Shopkeeper Insurance to secure the future & finances of his business.

Can a Jewellery shop owner take shopkeeper policy?

For Jewellery shop, we have a specialised product named “Jeweller’s Block” Policy to take care of various aspects of Jwellery sale and in transit. For more details of “Jeweller Block” policy please contact our nearest branch or customer care.

If Sum Insured under Fire and Allied Perils section is more than Rs.2 Cr can one buy shopkeeper policy?

Shopkeeper policy insurance is available for small & medium sized shop where maximum value of building & content put together is not exceeding Rs.2 Cr. Shops exceeding Rs.2 Cr can be covered in a separate policy named "Commercial Care Package" Policy. For more details of "Commercial Care Package" policy please contact our nearest branch or customer care.

Which is the compulsory cover under the shopkeeper policy?

Fire & Allied Perils (For Contents) is compulsory under the shopkeeper policy.​

How many minimum sections do shop owners need to opt under shopkeeper policy?

Minimum of four sections have to be selected under the policy. Out of four section at least two sections from the below mentioned list should be opted by shop owner

  • Section I A&B Fire & Allied Perils (Section I B is compulsory section)
  • Section III Electrical & Mechanical Appliances
  • Section IV Electronic Appliances
  • Section XI A Legal Liability -Workmen’s Compensation

What is covered under Standard Fire & Special Perils section?

It covers building/s (i.e. wherein proposer’s shop is situated) & content in the proposer’s shop premises against fire and allied perils.

What is money in transit & money in safe cover?

This section covers loss of money related to proposer’s trade / business due to accident or misfortune

  • While in transit between the shop and bank
  • from safe at the Insured’s shop
  • from till at the Insured’s shop

What is covered under Electronic Appliances section?

​This section covers electronic appliances, apparatus, and/or any electronic installation pertaining to proposer’s business while contained or fixed in the proposer’s shop premises.​

What is covered under Mechanical & Electrical Appliances section?

This section covers all electrical and/or mechanical appliance, apparatus, and/or any electrical or mechanical installation pertinent to proposer’s business and fixed in the proposer’s premises against electrical & mechanical breakdown.

What is not covered or excluded under shopkeeper’s insurance policy?

Loss due to following situations are not covered under shopkeeper’s insurance policy

  • Loss or Damage due to war and nuclear perils
  • Damage to property due to wear and tear, gradual deterioration or slowly developing flaws
  • Consequential loss of any kind
  • Willful act or gross negligence on the part of the insured, resulting in loss or damage
  • Damage to property if it is moved to any other location other than that stated in the policy schedule
  • Loss or damage due to burglary and housebreaking when a family member is involved in the same
  • Shortage of money due to errors and omissions
  • Loss or damage for which the manufacturer or supplier or repairer or transporter or any other third party is responsible either in law or under a contract
  • Loss of or damage caused by or due to action of any lawfully constituted authority or Government body
  • Injury or death of the insured resulting due to his/her participation in dangerous sports/hobbies, misuse of alcohol/intoxicants or resulting from HIV/AIDS

Disclaimer: - For complete list of exclusion & coverage details please refer policy wording of Shopkeeper Package Policy

Which are add on cover available under Fire and Allied Section?

Following add on cover available under fire and allied section.

  • Earthquake
  • Escalation
  • Terrorism
  • Loss of rent
  • Rent for alternative accommodation

How many minimum sections do shop owners need to opt under the shopkeeper policy?

A minimum of four sections has to be selected under the policy. Out of four sections, at least two sections from the below mentioned list should be opted by the shop owner:

  • Section I A&B Fire & Allied Perils (Section I B is compulsory section)
  • Section III Electrical & Mechanical Appliances
  • Section IV Electronic Appliances
  • Section XI A Legal Liability - Workmen’s Compensation
​

Which risk are covered under shopkeeper insurance policy which is associated with shop owner or its employee?

Following are the coverage available under shopkeeper’s insurance policy to cover risk associated with shop owner or its employees

  • Personal Accident for Shop owner & Its employees.
  • Infidelity/ Dishonesty of employees
  • Legal Liability- Towards employee

Which basic information is required for buying Shopkeeper Insurance Policy?

Following are the basic information is required under shopkeeper insurance policy

  • Nature of the Business or Type of Shop
  • Period of Insurance
  • Sum Insured details for Building /Content /Stock/ and other section
  • Shop Location Address With Pincode
  • Coverage Required
  • Previous Claim experience ( If any )

Which document are required for issuance of Shopkeeper Insurance Policy?

Following document are required for issuance of Shopkeeper Insurance Policy

  • Approved Quotation
  • Fully field & sign & stamp proposal form

How to select sum Insured of Insured property?

Under shopkeeper policy method selection of sum insured are as follows

  • For Building: - Sum insured is based on reconstruction or reinstatement value of building
  • For Content other than Stock: - Sum insured is based on reinstatement / replacement or market value of content.
  • For Stock: - Sum insured is based on market value of stock
  • For Electrical & Mechanical or Electronic appliances: - Sum insured is based on cost of replacement value of the item of similar make and configuration as the damaged item.
  • Money Insurance: -

    1. Sum Insured for money in transit should be single transit value in any day during policy period.
    2. Sum Insured for cash in safe and cash in till should be single value stored in safe or till in any day during policy period.

What is the benefit of selection of more than minimum section?

​​If proposer select more than minimum section following section discount is applicable on non-tariff section premi​um.

Section Discount
For covering 5 or 6 section15%
For covering 7 section 20%​