Shop Secure Plan Plus – Coverage Highlights:
- Loss or Damage Covered:
- Armed robbery and burglary.
- Riot and strike damage.
- Earthquake.
- Rain, flood, cyclone, and severe storms.
- Acts of malicious persons.
- Fire and lightning.
- Explosion.
- Falling aircraft and other aerial devices.
- Impact of motor vehicle.
- Cash and Accident Protection:
- The policy may include coverage for cash and accident protection.
- Loss of Rent:
- This feature covers the loss of rental income or additional expenses of renting an alternate shop if an insured peril renders your shop unusable.
- Applicable if the building is covered under Shop Secure Plan Plus, up to a maximum of 10% of the sum insured for the building.
- Customized Insurance Program:
- Tailored to the specific risks faced by your shop, considering the uncertainties in law and order, as well as natural calamities.
- Protection for Income:
- Recognizes that your shop is not just a physical asset but a source of income for your family.
- Aims to cushion the financial impact of loss related to the shop and its stock.
- Flexibility for Business Owners:
- Allows you to be your own boss and earn on your own terms.
- Capitalizes on the rising trend in consumer expenditure.
- Vulnerability Considerations:
- Acknowledges that, despite precautions, shops remain vulnerable to various risks, including armed robbery, riots, strikes, fire, natural disasters, and freak weather conditions.
- Financial Protection:
- Aims to provide financial protection against potential losses that could be devastating to your business.
- High Costs of Construction:
- Recognizes the challenges posed by the high costs of construction, making it difficult to repair, restore, or replace commercial property.
- Holistic Coverage:
- The coverage seems to encompass a wide range of perils, offering a holistic approach to risk management.
Considerations:
- Precautions: While insurance provides financial protection, it’s essential to continue taking precautions to minimize risks to your shop.
- Policy Terms: It’s crucial to carefully review the terms and conditions of the insurance policy to understand the scope of coverage, any exclusions, and the claims process.
- Regular Review: Periodically review your insurance coverage to ensure it aligns with the evolving needs and circumstances of your business.
Overall, having a comprehensive commercial property insurance policy like the Shop Secure Plan Plus can be crucial for business owners, offering peace of mind and a safety net against unforeseen events that could disrupt business operations.
