Ask any businessperson and they’ll tell you how tough maintaining a business can be. It is even tougher for the owners of small retail stores and shops because they have a limited number of people. Usually, it is the business owner who has to oversee everything from hiring new employees to increasing profit and maintaining cash flow. Apart from this, the owner also has to ensure that the shop looks good and attracts customers. A smart businessperson takes care of all that. A smarter one, however, goes beyond.
Imagine, you have a store in a prime location of your city. You have toiled hard and have been able to raise substantial profits from your business. It has started to flourish and you have built a reputation for yourself. Everything is going fine when one day your store catches fire. Everything you built over so many years is gone in an instant! This scenario doesn’t necessarily need to have a sad ending. That is why a smarter businessperson plans for every scenario – good or bad. He knows the importance of a proper contingency plan and thus, plans ahead. He opts to buy insurance beforehand.
Today, buying insurance has become easier than ever. There are a lot of good insurance plans that you can buy as per your need and requirement. NIC is a government of India undertaking and has been in business since 1906. Its shopkeepers’ insurance policy gives you a complete insurance coverage for your shop/business. This package policy combines various insurance requirements of shopkeepers and gives cover for fire, burglary, larceny, and various other perils. It covers workmen compensation, baggage insurance and can also be extended to cover terrorism. The sum insured is the market value of your property and there are various discounts available as well.