The smart way to protect your business !!
Setting up a shop of your own is not easy. You would have invested significant capital and put in lot of time and effort. And in the course of its running, your establishment will be exposed to various risks that will result in loss or damage to property as well as business. To ensure financial protection from such losses and to run your business in a smooth manner, you can now opt for the SmartPlan Shop Package Policy. It's a package policy which allows you to customize the plan as per your requirement.
The SmartPlan Shop Package Policy offers your shop comprehensive coverage. It is a package policy which offers you a basket of optional covers across different sections
What does this policy cover?
Section I - Fire and special perils
This section covers the shop building and contents against fire and allied perils including earthquake. This section can be extended to include terrorism risk, if you so desire.
SECTION II - All risks
This section covers all assets (excluding building and stock), portable equipments (excluding mobile phones) and travel baggage against all risks other than those specifically excluded. Coverage includes fire and allied perils, mechanical and electrical breakdown, accidental breakage and burglary and/or housebreaking. In case you opt for this section, Section I of the policy will cover only building and stock excluding all other assets; and coverage under Sections III (Mechanical and Electrical Breakdown), IV (Electronic Equipment), V (Burglary and Housebreaking) and XII (Baggage) are not required.
Section III - Mechanical and electrical appliances
This section covers all electrical and mechanical appliances, apparatus, gadgets and any electrical or mechanical installation pertaining to your business, which is fixed in your shop premises against loss or damage due to unforeseen and sudden physical damage caused by mechanical and/or electrical breakdown. Coverage under this section is applicable only if you do not opt for Section II of the policy.
Section IV - Electronic Appliances
This section provides all risk cover for electronic appliances, apparatus, gadgets and electronic installations fixed in the shop premises. It also covers your portable computers, when carried anywhere in the world. Data carrying materials and data contained in them are also covered. Coverage under this section is applicable only if you do not opt for Section II of the policy
Section V - Burglary and housebreaking
This section covers for items of property in the shop premises against burglary, housebreaking and theft. Coverage under this section is applicable only if you do not opt for Section II of the policy.
Section VI - Money insurance
This section covers loss of money
a. While in transit between the shop and bank due to accident or misfortune
b. From safe at the shop due to Burglary and House breaking or hold up
c. From till at the shop due to Burglary and House breaking or hold up
Bharti AXA's offerings in Commercial Insurance cater to the varied needs of different sizes and types of businesses. Our understanding of business's requirements is evident from these products which are flexible and cost-effective. From micro-enterprises, SMEs to large corporations, Bharti AXA has addressed the risks faced by all of them and provides the right insurance solution to manage those risks effectively. It brings you reliable financial protection to your business.
Section VII - Infidelity dishonesty of employees
This section covers direct pecuniary loss caused by dishonest acts of your employees including act of stealing, misappropriation, embezzlement or fraudulent conversion.
Section VIII - Fixed glass and sanitary fittings
This section covers loss or damage due to accidental breakage of
a. Fixed plate glass and sanitary fittings contained in the shop
b. Frames or framework
c. Lettering consequent upon the breakage of glass
Section IX - Neon sign/glow sign/hoarding
This section covers shop publicity tools such as neon signs and hoardings against loss or damage due to fire, lightening, explosion, theft, flood, malicious damage and other such perils.
Section X - Legal liability
Towards employees - This sub-section provides compensation to the employees under the Fatal Accidents Act 1855/Workmen's Compensation Act 1923, and in Common Law, for accidental death or injury arising out of and in the course of employment.
Towards third parties - This sub-section covers legal liability to be paid to third parties, including claimant's costs, fees and expenses incurred anywhere in India, in accordance with Indian Law.
Food and beverage's extension - This sub-section covers legal liability incurred due to death or injury to any third party arising out of any food or beverages served/provided in the shop premises.
Tenant's legal liability - This sub-section covers legal liability incurred by you as a tenant of the shop premises for damage to the building(s) due to fire and allied perils.
Section XI - Personal accident
This section provides for financial compensation to the insured person in the event of death, or disablement accidental bodily injury accident. This can be further extended to cover medical expenses incurred in the event of a valid claim under this section.
Section XII - Baggage
This section covers the loss of baggage of the proprietor, partner, principal officer or permanent employee due to accident or misfortune during an official travel. Baggage would also include personal articles, belongings and other goods being officially carried during the journey as well as traveling advance up to Rs. 10,000/-. Coverage under this section is applicable only if you do not opt for Section II of the policy.
What does this policy not cover?
Some of the general exclusions are given below:
- Loss or damage due to wear and tear, gradual deterioration or slowly developing flaws
- Loss or damage for which the manufacturer or supplier or repairer or transporter or any other third party is responsible either in law or under a contract.
- Loss of or damage caused by or due to action of any lawfully constituted authority or Government body
- The loss or damage due to war and / or warlike perils, nuclear and / or atomic radiation
- Under insurance - if the actual value of the insured property at the time of loss under the fire is found to be greater than the sum insured chosen, then the claim would be proportionally reduced.
Please Note: This literature only spells out the salient features of the cover. Please visit your nearest Bharti AXA General Insurance office for more details on risk factors, terms and conditions.