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Shop Insurance

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Shop Insurance

A shop insurance policy is the type of insurance policy that provides financial aid to a shop owner in case theft, manmade disaster, natural calamity, etc. It is a legal contract between the insurer and policyholder and the insurer reimburse the amount for any incident that resulted into loss or damage. Small to medium-sized shopkeepers work in day to day profit that means they do not have much margin in their business. Therefore, it may become difficult for them to handle situations involving burglary, fire, etc. in their shop and its contents. Therefore, to safeguard a shopkeeper against various risks related to the shop and its contents, a shop insurance policy came into the picture. A shopkeeper insurance policy shields a small/ medium-sized shopkeeper from any perils that he may face. It protects the property and the business interests of the shop owner. It also offers coverage of a standard fire & special perils policy that includes any loss to the building from earthquake risk. Shop insurance plans offer protection to the insured against financial crisis in case of some accident in his/her shop or any other related incident.

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WHAT IS COVERED UNDER SHOP INSURANCE.

  • • 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. 
  • • 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 IS NOT COVERED UNDER SHOP INSURANCE.

  • • 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 Jewlery 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



Shop Insurance

Who Needs a Shopkeepers Insurance Policy.

Many people are not sure whether they need a shopkeepers insurance policy to protect their shop or not.

  • • Independent Shopkeepers :
     People who run a shop as their primary source of income should get it insured under the shop insurance plans. This is because any unforeseen loss or damage to the shop will directly affect their livelihood and thus, they need to stay prepared for any adverse circumstances.

  • • Family Business Owners :
     If you run or operate a shop, which is owned by you or your family, and sell products such as clothes, footwear, furniture, stationery, etc. should get themselves as a shopkeepers insurance policy.

  • • Shopkeepers with Shops in Prime Areas :
     In case you own a shop at one of the prime locations or markets in the city, then you should definitely need insurance to protect your shop. This is important because prime locations are more prone to risks than other areas.

  • • High-Risk Businesses :
     Certain kinds of shops or businesses are more prone to risks or dangers. For example, a CNG fuel station is more susceptible to fire than a stationery shop. Similarly, an electronic shop is more likely to get robbed than a footwear shop. Therefore, it is important for people running high-risk businesses to own a shopkeeper insurance plan to stay covered against any eventuality.

  • • Multiple Shop Owners :

    Shop insurance plans are not only meant for people who own one shop but also for people who own multiple shops. The probability of facing an emergency increases with more number of shops. Thus, multiple shop owners should make sure to buy a policy for each of their shops.




  • Eligibility criteria
  • How to apply

Eligibility Criteria for Shop Insurance


Any individual who owns a medium or small shop can avail shopkeeper insurance policy. There is no such rigid eligibility criterion to purchase the insurance plan.

  • Student Shop Insurance usually provides insurance to students in a specific age-group, who are travelling abroad for higher studies.
  • International Shop Insurance and family Shop Insurance plans usually cover only two adults (up to 60 years of age) and two children (up to 21 years of age).
  • Senior Citizens usually get Shop Insurance up to 85 years of age without having to go through any medical tests.

What are the Documents Required to Apply for a Shop Insurance?

  • Business Details

How to Apply for a Shop Insurance?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

    You can visit your nearest Loan Magic branch to apply for a Health Insurance offline. Our executives there will guide you through the entire process.

  • Through the phone