Shop Insurance

What is a Shop Insurance?
A shop insurance is a type of insurance policy designed to cover for a shop's property and its contents within. At Digit, our shop insurance covers for fire and natural calamities such as floods and earthquakes through our Standard Fire & Special Perils policy.

However, since properties like shops are always at a risk of burglary, we also offer a burglary policy as part of our shop insurance. This way, your shop isn't only protected from fires and natural calamities but also from damages and losses that could occur due to a burglary.

Why is a Shop Insurance important?

1) Fire Outbreak is ranked as the 3rd biggest risk to business continuity and operations (Indian Risk Survey, 2018).

2) Businesses affected by building fires see a 25-30% dip in footfall and business (FICCI Report, 2018).

3) Every 3 minutes, a burglary, robbery or a break-in is taking place in India (National Crime Records Bureau, 2017).

What's great about Digit's Shopkeeper Insurance Policy?
Complete Protection: From natural calamities like floods, earthquakes and fires to common burglaries; our shop insurance comes is a complete package that offers all benefits within one policy.

Sum Insured: We give you the option to customize your sum insured based on the nature and size of your business!

Quick Online Claims: Our shopkeepers' insurance is technology enabled, that's why making claims are not only easy to make, but easy to settle too. All you need while making a claim is a smartphone and our Digit app to guide you through our quick self-inspection process. (Note: Claims above Rs 1 lakh will require physical inspections as per the laws set by the IRDAI)

Value for Money: We understand that running a business involves plenty costs and a fine balance of profits and losses. That's why, we ensure we give you the best possible shop insurance premium to easily fit your shop budget.

Covers all Business Categories: Whether you have a small general store or a large manufacturing mill; our shopkeeper's insurance is suitable for every type and size of business.

What's Covered in Shopkeeper's Insurance by Digit?
Fires: Protection from any accidental fires that cause damage to your shop or the contents in your shop.

Explosion & Aircraft Damage: Covers your shop from any damages or losses caused due to an explosion or even an aircraft damage!

Storms: For times when a storm storms into your shop too! Covers for damages due to nature's furies such as a dreadful storm or lightnings.

Floods: Protects your shop from losses and damages when the rains are out of control, leading to floods that could also impact your business.

Burglaries: Unfortunately, burglaries are so common in India! However, your shop insurance will help protect both your property and its contents from any losses that occur due to the same. Covered in Digit Burglary Insurance Policy.

Earthquakes: Nobody can avoid nature's furies but, what you can do is ensure you're covered for any potential losses that could come your way due to the same. A shopkeeper's insurance also covers for damages and losses that occur due to natural calamities such as earthquakes.

What's not Covered?
Damages and losses caused in shops that are in basements are not covered.

Fixed structures, fittings and electrical installations are not covered.

Any consequential losses aren't covered for.

Mysterious disappearances and unexplained losses will not be covered.

Portable assets like laptops, mobiles, iPads and cameras will not be covered. (unless you're dealing with the sale of these items)

Valuables like Curios, Art and Jewellery unless the shop deals with the sale of these items will not be covered.

Machinery breakdowns that aren't a result of a natural calamity, fire, explosion, implosion, etc will not be covered.

Losses caused due to a war, or nuclear disaster will not be covered.



Who needs a Shopkeeper's Insurance policy?
Family Business Owners: If you own and manage a shop of your own, selling a range or selective line of products such as clothes, toys, household items, accessories, etc. You will need a shop insurance to ensure your shop is protected and covered to prevent any business losses.

Independent Shopkeepers: A shopkeeper's insurance policy is a must for shop owners who run their shops as a primary source of income. This is because the risk of losing your shop or suffering from financial losses due to the same is a lot higher than someone who runs a shop as part of a side business.

Shopkeepers with Shops in Prime Areas: Businessmen or businesswomen owning shops in popular parts of the city, as these shops would be more prone to more risks.

Multiple Shop Owners: Owners who own multiple shops will need a shopkeeper's insurance policy for each of their shops. Insuring your business doesn't only protect your shop and goods from unforeseen circumstances but, essentially ensures you don't face any unplanned financial losses that may affect the stability of your business.

High-Risk Businesses: Some businesses are more prone to dangers such as fire or burglaries than the others. For instance; a jewellery store is more likely to be at the risk of a burglary than a general store. Similarly, some factories are probably more prone to a fire than an office. Therefore, basis the nature of your business, you can evaluate whether getting a shop insurance makes sense for you or not.

Types of Shops Covered
Mobile and Other Electronics: Businesses that primarily sell mobile phones, mobile accessories or other electronics. Stores like Croma, OnePlus, Redmi, etc are good examples of such properties. In such a case, a property insurance would help protect the store and its primary contents from potential losses and damages; one of the most common ones in this case being burglaries.

Grocery and General Stores: From neighborhood kirana shops to your budget friendly supermarkets and general stores; all grocery stores and general stores too are covered for in a property insurance. Shops like Big Bazaar, Star Bazaar and Reliance Supermarkets are some common examples of the same.

Offices and Educational Spaces: This category as part of our Property Insurance is designed to suit office premises and educational institutions such as colleges, schools, and coaching classes. Insuring such a property isn't only vital to protect losses but, also give your employees or students more confidence towards your respective institution.

Manufacturing and Processing: This includes all your factories and mills used to manufacture your businesses final products. Whether it's a textile mill or a chemical manufacturing center, a Property Insurance by Digit covers for them all.

Personal Lifestyle and Fitness: From your favorite malls and clothing stores to spas, gyms and other stores; a Property Insurance by Digit also covers for all businesses in the personal lifestyle and fitness sector. Examples of such properties includes Enrich Salons, Cult Fitness Centers, Phoenix Market City, and other stores.

Food and Eatables: The one place everyone devours! From cafes and food trucks to restaurant chains and bakeries; a Property Insurance by Digit is well-suited for all kinds of eatery joints as well. Some examples of such properties include restaurants at food courts, tea shops like Chai Point and Chayyos and fast food joints like Burger King and Pizza Hut as well.

Healthcare: One of the most vital properties that should be protected; a Property Insurance by Digit also covers for Hospitals, Clinics, Diagnostic Centers and Pharmacies and other Medical Stores.

Home Repair Services: This category of businesses includes everything from carpentry and plumbing repairs to motor garages and engineering workshops.

Others: Apart from the categories mentioned above, a property insurance by Digit is suitable for all sizes and nature of businesses. If you can't find your category in the list, feel free to get in touch with us and we'll help you out in selecting the best suited property insurance for your home or business.