Shopkeepers' FAQs on Premiums, Costs, and DiscountsLooking for answers to questions on Shopkeeper's insurance policy's premiums, costs and discounts. Here are some answers.
Apnainsurance.com Research Bureau
05 Feb 2008
Can I pay the shopkeepers' insurance premium amount on a monthly basis?
No. The insurance Act 1938 does not permit general insurance premiums to be paid in installments.
Can I reduce my premium by purchasing additional safety precautions such as fire extinguishers, smoke alarms, etc?
Installing fire-extinguishing apparatus does not lower premium in case of the shopkeepers' insurance policy.
Does the age of my shop or building have an impact on the cost of my policy?
Yes. Although it varies by company, most companies provide cover for the structure and contents in a building that is not more than 15 years to 25 years old.
Are there any discounts offered if my building and shop have enough security?
No, there are no discounts offered for sufficient or additional security in the building/shop unless specified in the policy.
Is there any way in which I can reduce my premium?
Yes you can. Most companies provide discounts if you purchase a few sections together.
Is there any tax exemption available on the premium amount paid?
Currently, income tax regulations do not offer any tax exemptions on premium paid. However, proceeds from the policy are exempted from tax.
Does my insurance policy automatically get renewed?
The insurance policy is valid for a period of one year only and can be renewed only if you pay the premium amount before the expiry date.
Can I discontinue my shopkeepers' insurance policy midway? Do I get a refund?
Yes, your policy can be discontinued and a refund is payable by the insurance company.
Shopkeepers' FAQs on Coverage
Shopkeepers' FAQs on Claims
Basic Shopkeepers' Insurance FAQs