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What is Retail Business Insurance?
Retail business insurance plans are those plans that are designed to protect the property and interests of retail businesses in India. Retail business insurance plans are those that a customer buys directly from the insurance company to cover certain unforeseen events which would cause loss or damage to the insured’s property. Retail business insurance plans cover the insured’s legal liability towards third parties and property damage to third parties and employees. Retail businesses form the majority of the businesses in India. It is important to take at least the property and liability insurance policies to safeguard their interests in case of accidents due to an insured peril.
Types of Retail Business Insurance Policies in India:
There are many retail business insurance policies in India, such as shop or office insurance, retail health insurance, and liability insurance for retail businesses in India.
Retail Shop Insurance Policy
Coverage & Highlights:
- Fire, explosion & implosions, Lightning.
- STFI, RSMD, Earthquake and Volcanic eruption.
- Overhand tank explosion equipment and leakage from sprinklers.
- Theft and Burglary.
- Injuries to portable electronic devices like phones, laptops, phones etc.
- Intentional damages caused by an accident outside or in the course of transport.
- The breakdown can be electrical or mechanical. The equipment is insured.
- Insurance for personal accidents to both the owner and his housekeepers.
- Costs of alternative accommodation.
- Loss of Valuables or retail business.
Exclusions:
- Injuries to the retail sector due to the industrial boilers or other equipment used in industrial production.
- Injuries to retail businesses because of demolition, repair or structural modifications as components of the remodeling.
- The erosion of rivers, the coastal settlement, or displacement of ground in the form of a defective design, work, or the use of inadequate raw material.
- Conflict and the dangers of allied conflict.
- Devastation or damage to retail property caused by natural fermentation, warming, and spontaneous combustion.
- The destruction or damage caused by any drying or heating process.
- The retail establishments due to directives from authorities of the Public Authority.
Steps to Buy:
Step 1: The first step is to visit the Ethika Insurance brokerage website, then click the Get Quote option. The website will take you to fill in the initial information, and you will be contacted by the specialists in business insurance for retail at Ethika Insurance.
Step 2: The next step is to provide details about the retail store you wish to protect. The details of the insured include contact details such as name, job title, etc., details of the property like the address of the property, Market value/Sum of covered, the number of years of required insurance, etc., required to get the most appropriate price.
Step 3: The following step is making payments and obtaining the insurance for the retail business’s home policy. Find the most competitive commercial property insurance for retail businesses right now.
FAQs
Can I buy retail business property insurance for my business if it is rented?
Yes. Property insurance can be taken for both the building as well as the contents of the business. If you own the building and the content of the business, then you can take insurance for both. If you rent the building, you can take the content insurance only.
How is the premium calculated in retail business property insurance?
The retail business property insurance premium is calculated based on the sum insured chosen. The sum insured can be calculated based on the content’s market value and the building’s reinstatement value. The higher the sum insured, the higher would be the premium payable.
What happens to the insurance if the business is sold?
The insurance policy should be changed in the new owner’s name as the insurance interest ceases to exist after the business is sold to the new owner. The new owner should take appropriate insurance for the retail business property.
Retail Health Insurance Plans
Coverage & Highlights:
- Pre and post-hospitalization expenses covered up to a certain number of days before and after the hospitalization.
- Pre-existing disease medical expenses are covered after a certain waiting period.
- Maternity expenses are covered over and above the basic sum insured.
- Newborn babies cover up to 90 days under the maternity or basic sum insured.
- Pre and post-natal expenses are covered up to a specific limit under the maternity cover.
- In-patient hospitalization expenses, outpatient hospitalization expenses, day care hospitalization expenses.
- Ambulance charges up to a certain amount per hospitalization.
- Organ donor expenses for morgan transplants such as harvesting the organ are covered.
- Daily hospital cash cover up to a certain number of days per hospitalization
- Critical illness covers over and above the base sum insured, payable after the diagnosis report is shared with the company.
- Room rent and nursing charges up to a certain limit as specified under the plan.
- No medical screening is required for taking the group health insurance plan.
- Installment premium payment options for the premium under the group health insurance policy.
- Covid-19 related hospitalization expenses covered up to the mentioned limit.
- Accidental hospitalization expenses up to the sum insured limit.
- No co-payment for each and every claim and also no sub limits on certain diseases
Exclusions:
- HIV/AIDS and related conditions
- Alcohol or drugs related conditions
- Suicide attempt or intentional self injury
- Congenital diseases
Steps to Buy:
Step 1: The first step is to visit the webpage of Ethika insurance broking and click on the get quote option. This will redirect you to enter the basic details, after which you will receive a call from the Retail health insurance experts of Ethika Insurance.
Step 2: The next step is to give the details of your health you are willing to insure. Details of the insured such as contact details, name, occupation etc, Details of the employees such as age, employee code, gender of the employees, Sum insured, period of insurance required etc. should be given to generate the best quote.
Step 3: The next step is to pay and get the Retail Health insurance policy. Get the best Retail health insurance quote now.
FAQs
What is the sum insured in retail health insurance?
The sum insured in retail health insurance is the maximum amount of liability the insurance company is willing to accept in case of any one or many claims during the policy period. The sum insured includes:
- The basic sum insured is taken at the time of the policy.
- No claim bonus sum is added to the policy.
- Any other disease-specific sum insured taken by the insured.
What are the minimum requirements to take retail health insurance?
The minimum requirement to take retail health insurance is that the proposer should be 18 years of age and a citizen of India. The sum insured should be selected when availing the retail health insurance and the insured should submit satisfactory health records before being provided with the retail health insurance.
How to get the best retail health insurance premium?
The best retail health insurance premiums can be availed when the policy is taken from insurance brokers. Insurance brokers have tie-ups with many insurance companies, giving the retail business owner an advantage to negotiate with insurance companies, which the insurance broker would do.
Is it compulsory for retail businesses to take retail health insurance?
No, retail businesses don’t need to take retail health insurance. But retail companies should take the retail health insurance policy to provide health insurance coverage for their employees which would boost the motivation of the employees.
Retail Commercial General Liability (CGL) Insurance
Coverage & Highlights:
- Bodily injury and property damage of third parties
- Personal and advertising injury includes intentional or unintentional use of copyrights of some other company. This can also be extended to include slander or libel, causing indirect harm to a third party’s reputation.
- Medical expenses of third parties due to bodily injury at the insured’s premises or arising from the insured’s negligence.
- Cover for products-completed operations hazard
- Extended medical expenses coverage
- Premises liability which includes damage to the premises rented by the insured.
- Operations liability which includes accidental pollution liability
- Product liability includes losses or damages to third parties after using the product.
- Duty to defend a form
- Defense costs apart from the damages incurred.
Exclusions:
- Expected or intended injury under which the insured expects or intends the damage or loss. This does not include bodily injury from using adequate force to protect property.
- Employer’s liability does not cover the employer’s liability towards the bodily injury of the employees performing duties related to the employee’s business.
- Intoxication liability does not cover the bodily injury or property damage caused due to the intoxication of any person.
- Pollution liability resulting in bodily injury or property damage arising from alleged, actual discharge contaminants or pollutants released at any time owned or occupied by the insured.
- Damage to the insured’s property.
Steps to Buy:
Step 1: The first step is to visit the webpage of Ethika Insurance broking and click on the get quote option. This will redirect you to enter the basic details, after which you will receive a call from the CGL insurance experts of Ethika Insurance.
Step 2: The next step is to give the details of the home you are willing to insure. Details of the insured, such as contact details, name, occupation, etc., and Details of the property, such as the address of the property, Market value /Sum insured, period of insurance required, etc., should be given to generate the best quote.
Step 3: The next step is to make the payment and get the CGL insurance policy. Get the best CGL insurance quote now.
FAQs
Who should take the Commercial General Liability policy?
Any retail business that risks facing legal claims from property damage or bodily injury to third parties can purchase the commercial general liability policy. The aggregate limit under the policy can be decided by the insured when taking the policy based on the turnover or any other factors.
Are the legal suit expenses covered under CGL?
Yes, the legal expenses incurred by the insured to defend the suit are covered under the CGL policy and the compensation is payable to the aggrieved third parties.
Is Contractual liability covered under CGL policy?
No. The CGL policy does not cover contractual liability as it falls under exclusions.
Is pollution related liability covered under CGL policy?
No. The pollution-related liability is not covered under the commercial general liability policy. Pollution liability resulting in bodily injury or property damage arising from alleged, actual discharge contaminants or pollutants released at any time owned or occupied by the insured.
Top Retail Business Insurance Plans in India 2023
| Plans | ICICI Lombard | Oriental | New India | TATA AIG |
| Name | Shop Insurance Plan | Shopkeeper Insurance Policy | Shopkeeper Insurance Policy | Shop Insurance Plan |
| Fire & Allied perils | Covers Fire, lightning, Man made perils as well as Act of God perils | Covers Fire, lightning, Man made perils as well as Act of God perils | Covers Fire, lightning, Man made perils as well as Act of God perils | Covers Fire, lightning, Man made perils as well as Act of God perils |
| Burglary & Theft | Covered for the content in the retail shop | Covered for the content in the retail shop | Covered for the content in the retail shop | Covered for the content in the retail shop |
| Money in Safe & Transit | Covered as per the Per Sending Limit mentioned under the plan | Covered as per the Per Sending Limit mentioned under the plan | Covered as per the Per Sending Limit mentioned under the plan | Covered as per the Per Sending Limit mentioned under the plan |
| Employee Fidelity | Covered | Covered | Covered | Covered |
| Personal Accident | Covered | Covered | Covered | Covered |
| Public Liability | Covered | Covered | Covered | Covered |
| Plate Glass | Covered | Covered | Covered | Covered |
| Pedal Cycle | Covered | Covered | Covered | Covered |
| Baggage | Covered | Covered | Covered | Covered |
| Electronic Equipment | Covered | Covered | Covered | Covered |
| Breakdown | Covered | Covered | Covered | Covered |
| Neon Sign Board | Covered | Covered | Covered | Covered |
| Employer’s Liability | Covered | Covered | Covered | Covered |
| Earthquake | Covered as an add-on | Covered as an add-on | Covered as an add-on | Covered as an add-on |
| Terrorism | Covered as an add-on | Covered as an add-on | Covered as an add-on | Covered as an add-on |
| Escalation | Covered as an add-on | Covered as an add-on | Covered as an add-on | Covered as an add-on |
