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Shop Insurance

Running a shop and attending to customer’s needs and wants is a great way of earning a living. But similar to any other form of business this too encounters many risks. 

Although risks are unavoidable, the Fairfirst shop policy aims to protect you against such unforeseen perils so that you never have to lose your peace of mind. 

This policy is specifically designed for small & medium shop owners whose shop building & contents value does not exceed Rs.25 Million. 

 

WHAT DOES THIS POLICY COVER

  1. Property damage
  2. Money
  3. Workmen’s compensation
  4. Public liability
  5. Personal accident
  6. Daily hospital cash benefit

 

PROPERTY DAMAGE 

Cover your business premises, its stocks and other contents against fire & allied perils and burglary.

Standard covers applicable for property damage 

  • Fire & lightning
  • Explosion
  • Cyclone, storm, tempest, hurricane, typhoon, tornado, windstorm, tsunami, tidal wave
  • Earthquake, volcanic eruption
  • Impact damage (including damage by insured’s own vehicle)
  • Bursting & overflowing of water tanks etc.
  • Aircraft & other aerial devices damage
  • Flood – optional
  • Riot, strike & malicious damage – optional
  • Terrorism – optional

Free benefits applicable for property damage

  • Burglary
  • Removal of debris
  • Temporary removals
  • Architects’, surveyors’ & consultant engineers’ fees
  • Fire brigade charges & fire extinguishing cost
  • Public authorities
  • Automatic seasonal increase of stocks
  • Replacement of locks
  • Electrical extra – wiring and electrical fittings on building
  • Electrical extra – on electrical/electronic equipment
  • Deterioration of freezer contents
  • Alternative accommodation
  • Business loan relief
  • Accidental breakage of fixed glass of the building, doors, windows & showcases
  • Loss or damage to neon sign/glow sign

 

MONEY

  • Money in transit, money within the premises during normal business hours or cash in a safe out of normal business hours, cover up to a maximum Rs.500,000/-. This includes a free cover for misappropriation of cash by shop employees.

 

WORKMEN’S COMPENSATION

  • Provides a free cover for employees for accidents and sicknesses arising out of and in the course of their employment with you.

 

PUBLIC LIABILITY

  • Provides a free legal liability cover for third party bodily injury or property damage up to a limit of Rs.1 million.

 

PERSONAL ACCIDENT 

  • Covers you and your family members and employees up to a maximum of 5 persons. Maximum limit of Rs.250,000/- per person. In the event of an accidental death of the insured, an amount for funeral expenses is paid under this cover.

 

DAILY HOSPITAL ALLOWANCE

  • Up to Rs.2,000/- for 14 days for hospitalization due to an accident for the insured.

 

WHAT THIS POLICY DOES NOT COVER (GENERAL EXCLUSIONS)

  • War & related perils
  • Radioactive contamination
  • Nuclear perils

 

HOW TO INTIMATE A CLAIM

  • In the event of loss/damage immediately dial 0112 428 428.

 

PROVISIONS RELATING TO CANCELLATION OF THE POLICY

Insurer cancellation

  • Due to Misrepresentation or any fraudulent misconduct by the insured.
  • Non-payment of premium.

Prior to cancellation of the policy, a 7 days’ notice will be sent to the insured via registered post or mailed to the last shown address by our records, stating when such cancellation shall be effective. In such event the company will return to the insured the premium paid less the pro-rata portion thereof for the period the policy has been in force.

Insured cancellation

Prior to cancellation of the policy, a 7 days’ notice should be sent to the insurer via registered post or mailed to the last shown address. In such event a refund of the premium will be paid to the insured on a short period basis.

 

This is a brief of this insurance cover. For exclusions, conditions & more details please call us on 0112 428 428 or refer the policy document.

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