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.Earthquake

2.Terrorism

3.Forest Fire

4.Removal of debris

5.Professional fees

6.Additions, alterations, or extensions

7.Temporary removal of stocks

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.

Why is Shop Insurance Required? 

Running a shop involves daily risks—be it from fire, theft, natural calamities, or accidental damage. Without insurance, a single unexpected event can lead to massive financial loss, disruption in operations, or even permanent closure. Shop insurance provides a vital safety net, protecting your assets such as the shop structure, inventory, electronics, and more. Additionally, it covers liabilities like accidents involving third parties or employees. Whether you're operating a grocery store, hardware outlet, or a boutique, this policy ensures continuity and peace of mind. It also reassures lenders, suppliers, and customers of your business stability. In today’s unpredictable world, having retail insurance isn’t just advisable—it’s essential.

Benefits of Shop Insurance 

Shop insurance offers extensive protection for shop owners against a wide range of perils. First and foremost, it safeguards the structure and contents of your shop from damages caused by fire, flood, cyclone, earthquake, and other natural disasters. It also protects against man-made risks such as burglary, theft, vandalism, and riots.
Another major advantage is liability coverage—this ensures you are financially protected in case of legal claims due to injury or property damage occurring on your premises. Shop insurance policies often include employee compensation and personal accident cover, providing security to your team and their families.
With electronic equipment coverage, you’re also shielded from losses due to breakdowns or theft of POS systems, computers, or servers. Some plans offer additional protection like money insurance for theft in transit, and plate glass coverage for your shop displays.
Moreover, the policy offers customizable packages, allowing you to tailor your insurance plan to match the specific requirements of your business. This flexibility ensures you only pay for what you need, while maintaining maximum coverage. Overall, shop insurance helps ensure business continuity, improves credibility, and offers peace of mind against everyday uncertainties.

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.

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.

Add-ons Under Shopkeeper Insurance 

Add-ons in a shopkeeper insurance policy enhance the overall protection of your business. These optional covers can be selected based on the unique needs of your shop. For example, Accidental Damage Cover ensures protection against unexpected mishaps like spills, drops, or minor damages to property or stock.
Electrical Appliance Clause protects electronic goods and appliances from power surge-related damages. Impact Damage Cover safeguards your shop against physical impacts like a falling object or vehicle collision.
For areas with snowfall risk, Snow Damage Cover is valuable. The Waiver of Involuntary Improvement ensures you're not penalized for property upgrades you didn’t authorize. Dewatering Expenses cover water removal after flooding.
Other valuable add-ons include the Escalation Clause, which adjusts the sum insured to match inflation in labour or material costs, and Immediate Repairs Cover, which allows you to start urgent repairs without waiting for insurer approval—helping resume operations faster.

Types of Shops Covered Under Shop Insurance 

Retail insurance is designed to cover a wide range of shop types, ensuring comprehensive protection across industries. It’s ideal for both small businesses and large-scale retail operations.
Grocery Stores and Supermarkets are covered for their perishable stock, fixtures, and electronic billing systems. Pharmacies benefit from protection for medicinal inventory and refrigeration units. Electronics and Mobile Stores are covered for high-value goods, display items, and gadgets prone to theft.
FMCG outlets and Department Stores can secure their diverse inventory and large footfall risk. Hardware and Home Improvement Shops are insured for their tools, power equipment, and building materials.
Fashion Boutiques and Jewellery Shops gain protection for high-value items, both on-display and in storage. Toy Stores, Bookshops, and Stationery Stores are safeguarded against accidental fire, theft, or flood damage.
Mall Stores and Franchises can benefit from comprehensive coverage across multiple locations or kiosks. Even novelty gift stores and small local retailers are eligible for shop insurance.
Regardless of size or type, any shop with physical premises, stock, fixtures, and employee interactions stands to benefit from the protection offered under the shopkeeper insurance policy.

Documents Required for Shopkeeper Insurance 

To purchase a Shopkeeper Insurance policy, only a few essential documents are needed. These typically include:

●      Proof of Identity (Aadhaar Card, PAN Card, etc.)

●      Proof of Address (Electricity Bill, Rental Agreement, etc.)

●      Shop Registration Certificate or Trade License

●      GST Registration Certificate (if applicable)

●      Inventory List and Asset Valuation (for calculating sum insured)

●      Bank Details for premium payments and claim settlement

These documents help verify business authenticity and accurately determine your coverage needs. The documentation process is quick, hassle-free, and largely paperless for faster policy issuance.

How to Compare and Select the Shop Insurance Online? 

When choosing a shop insurance plan online, comparison is key. Start by evaluating coverage scope—ensure the policy covers fire, theft, natural disasters, employee injury, and electronic equipment breakdown. Next, check for add-ons like accidental damage, dewatering expenses, or plate glass insurance that fit your business needs.
Compare premium costs vs. sum insured, and ensure there’s a waiver for underinsurance if applicable. Analyse claim settlement ratios and customer reviews of insurers to judge reliability and service quality.
Use online tools like premium calculators for transparency. Look for insurers offering customizable packages, quick claim processes, and 24x7 support.
Finally, choose a reputable brand which combines extensive coverage with trusted service. A well-researched decision can mean uninterrupted business and peace of mind.

Shop Insurance Premium Calculator 

A Shop Insurance Premium Calculator is an online tool that helps estimate the premium cost of your shop insurance policy based on various inputs. It typically requires details such as the location of the shop, area in sq. ft., type of business, value of assets, inventory worth, and desired coverage options or add-ons.
By entering accurate data, you can get an instant quote and compare different plans or insurers. This helps in better budgeting and makes decision-making easier without guesswork. You can also tweak variables to see how they affect premium cost.
The premium calculator ensures transparency, speed, and personalized planning so that you only pay for what you need. It’s a helpful tool for business owners looking for efficient, cost-effective retail insurance coverage.

Why Choose Bajaj Allianz General Insurance for Shop Insurance? 

Bajaj Allianz General Insurance stands out as a trusted name in commercial insurance, offering comprehensive and flexible Shopkeeper Insurance solutions tailored to Indian business needs. With a high claim settlement ratio, robust customer support, and a pan-India network, the brand ensures both reliability and reach.
You get coverage for everything from fire, theft, and natural calamities to public liability, employee compensation, and more. Add-ons like immediate repairs, snow damage, or electrical breakdown make your protection holistic.
The customizable plans allow shop owners to choose the level of protection they need, making it cost-effective. The digital onboarding, fast documentation, and easy claim processing help business continuity without delays.
Whether you run a pharmacy, electronics outlet, grocery store, or mall shop, We ensure your business is covered from every angle—so you can focus on growth, not risk.