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Do you need to insure your shop?

Finance Professional November 30, 2021

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As a shopkeeper, your business is your temple. It is an asset through which you earn and provide for your family. But what happens if there is some calamity or untimely event that makes your business collapse? If you go into a loss, how can you get your shop running again? Any calamity, whether natural or artificial, has the potential to wipe out all of your assets. According to Statista, up to 2020, the average global economic loss due to natural disasters amounted to US$ 268 billion. To avoid your business from becoming a part of this statistic, you need shop insurance.

What is shop insurance?

In very basic words, shop insurance is an insurance policy that provides financial cover to your business’s physical property and the main contents. Any product that a business trades in is an asset of the company. Shop insurance provides cover when loss or damage is incurred due to natural calamities like floods, fire, earthquakes, or other events like theft, riots, shootings, etc. Having an insurance policy provides a shop owner peace of mind and fewer worries about his business.

Who needs shop insurance?

There are no set criteria you need to meet to apply for shop insurance. Even small and medium-sized businesses can use to get their stores or businesses insured. But here are a few people who would greatly benefit from such a policy. Small independent shop owners – People who operate a small business and only have that as a source of income should insure against any losses or unfavorable conditions. Family businesses: More often than not, families that operate a business together tend to involve their personal assets in the industry. To protect their wealth and support, they need to get their business insured. High-risk businesses: Any business prone to any disaster, natural or artificial, should get their businesses insured.

Main features of shop insurance

While the actual terms and conditions may sometimes prove too complicated and confusing to understand, here are the key points that shop insurance covers that will be beneficial for insuring your business. Property protection: Any damage to or loss of insured property due to natural or unnatural causes are covered under shop insurance. It ensures that the items in the property are also covered. Money: In case of theft or any other case, the cash on the premises are insured. Suppose the shop is moving location, or the contents are in transit for some reason – theft or loss of money is also covered by shop insurance. Worker liability: Most shop insurance policies cover the people working in the business. Any injury caused in industry or due to any business activity falls under this insurance. Cost-effective: Shop insurance plans try to cover even small and medium businesses. Hence, most insurance plans provide adequate coverage at affordable premiums. Although most of the instances why a business may need insurance are covered under simple shop insurance, there are certain exceptions where insurance cover is not provided:

  • During war or any warlike incident
  • Due to excess pollution or radiation
  • Due to regular wear and tear of business equipment
  • Any loss caused by employees

Why should you buy shop insurance?

A businessman always has worries about the success of his venture. Shop insurance is especially beneficial for small and medium business owners in particular. By paying a small and affordable premium amount, you can safeguard your business from losses caused by reasons beyond your control. Visit Onthewaymoney.com today to learn about a suitable and affordable insurance plan for your business.

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