Shopkeeper's Policy

Bajaj Allianz Shopkeeper’s Policy

Your shop is the most important aspect of your life because it provides the majority of your income, i.e. bread and butter. Your daily routine begins with opening the shop and delivering goods and services to customers as needed. It is critical to protect your shop from various risks and contingencies. Running a shop, as simple as it may appear, is not without risk. In an uncertain world, insurance provides the necessary assurance.

The Bajaj Allianz Shopkeeper’s Policy is a comprehensive policy that combines various covers into a single policy. Under its protective umbrella, this package policy can protect you against an array of risks. A single policy, for example, can cover you for fire, flood, cyclone, riot, burglary, robbery, equipment breakdown, theft, fidelity, personal accident, and various risks. You can choose from different available packages based on your specific needs, ensuring that you have the right coverage for your risk profile.

What is Shopkeeper’s Policy?

It provides insurance coverage for any physical loss, damage, or destruction caused by calamity to the insured property during the policy period. It also applies to furniture, stock, buildings and structures, contents, and so forth.

Key features of the Bajaj Allianz Shopkeeper’s policy include:

• ● Waiver of 15% Underinsurance
• ● Theft cover within 7 days of event occurrence
• ● Offering in-built coverages for :
  1. 1.Earthquake
  2. 2.Terrorism
  3. 3.Forest Fire
  4. 4.Removal of debris
  5. 5.Professional fees
  6. 6.Additions, alterations, or extensions
  7. 7.Temporary removal of stocks
  8. 8.Stocks on a floater basis

• And many more

In the event of a loss or damage, if the sum insured is less than the amount that must be insured, the insured's recoverable amount is reduced. This is referred to as a waiver of underinsurance. As you will be responsible for the difference and the proportionate loss share, it should not be less than 85% of the value of the assets insured.

Consider the following examples to help you understand:

The Bajaj Allianz Shopkeeper's Policy insurance for your business covers an insured amount of Rs. 5 crore. At the time of the loss, the value at risk for insurable items was determined to be Rs. 5.5 crores. A loss of Rs. 1 crore has occurred. The amount of underinsurance is 9%. We will take into account the full claim of Rs. 1 crore because it is less than 15%. The payment is subject to the independent surveyor's excess deduction and other adjustments. The Bajaj Allianz Shopkeeper's Policy's terms and conditions will govern the amount of your claim.

or

Your shop is secured with a Bajaj Allianz Shopkeeper's Policy. The structure has been insured of Rs. 3 crores and stock with Rs. 1 crores. The structure is worth 3.5 crore rupees, while the stock is worth 1.5 crore rupees. The fire burns the stock of Rs. 50 lakhs. We are unable to waive the 20% underinsurance on the stock. Only your request for payment of Rs. 40 lakhs (or 80% of Rs. 50 lakhs) should be taken into consideration. The payment is subject to the independent surveyor's excess deduction and other adjustments. The Bajaj Allianz Shopkeeper's Policy's terms and conditions will govern the amount of your claim.

Different Micro Small and Medium Level Businesses can benefit from a Bajaj Allianz Shopkeeper's insurance policy.

Eligibility Criteria to Buy Shopkeeper’s Policy

To help you understand who can receive the policy, here is a quick summary:

• ● To anyone whose total risk, across all classes of insurable assets, at one location, does not exceed Rs. 5 crores.
• ● If more than one person is covered by the policy, each of you must be a joint policyholder.
• ● The policy will include an "Agreed Bank Clause" and the name of the bank if the insured property has been hypothecated, pledged, or mortgaged with the bank. For those items whose value cannot be determined, the amount agreed upon by the insurer and insured is referred to in this clause.

Who Needs Bajaj Allianz Shopkeeper’s Policy?

Anyone who owns a shop should think about choosing a Bajaj Allianz Shopkeeper's Policy. This policy is perfect for all micro, small, and medium-sized businesses, including retail and wholesale stores and other types of shops.

Examples for Better Understanding:

• ● Owner of a business property
• ● Tenant/Lessee/Buyer of a business property
• ● A trustee acting under commission and holding a business property

Note: At the start of the policy, the total value of all insurable assets (whether they are insured or not) at any one location should not exceed Rs. 5 crores.

The Bajaj Allianz Shopkeeper's Policy offers comprehensive coverage within a single insurance policy, so it should not be overlooked. You may not require additional business insurance as you are protected from a wide range of potential risks and contingencies. Additionally, the following

examples will help you understand how having our Shopkeeper's Policy is beneficial:

1. Karan owns a clothing store. One day, a short circuit causes his store to catch fire. Buildings, Stock, and Furniture are all impacted by the fire incident. Karan has a Shopkeeper's Policy from Bajaj Allianz that covers Stock, Building and Furniture. In this instance, we will compensate Karan for his losses in accordance with the claim amount determined by an IRDAI-licensed surveyor. This will be following Bajaj Allianz Shopkeeper's Policy terms and conditions.

2. Arjun is the proprietor of a shop selling home appliances. One day, a flood or other inundation has an impact on his shop. Stock and furniture are impacted due to it. Arjun has a Shopkeeper's Policy from Bajaj Allianz that covers Stock and Furniture. In this instance, we will compensate Arjun for his losses in accordance with the loss estimate provided by an IRDAI-licensed surveyor. This will be following Bajaj Allianz Shopkeeper's Policy terms and conditions.

*T&C apply

Disclaimer:The above-mentioned information is only indicative in nature. For details of coverage and exclusions, please refer to the policy wording.

Why Should You Choose Bajaj Allianz Shopkeeper’s Policy?

• ● One of the top private General Insurance Companies in India
• ● Risk Mitigation Experts
• ● Customer-centric Approach
• ● Cutting Edge of Technology
• ● Hassle-free Claim Process
• ● Round-the-clock Support