SmartPlan Shop is specially designed for retail shop owners. It combines all the essential business insurances in one simple packaged policy. Covers are provided for the shop contents, stock as well as employees' compensation and legal liability.

Product Features

1. All Risks on Contents and Stock
2. Business Interruption
3. Loss of Money
4. Shop Assault - Personal Accident
5. Glass Breakage & Neon Sign
6. Public Liability
7. Employees' Compensation (Optional Cover)

 

Eligibility

• Retail shops
• "Type of business" within our underwriting acceptance

(Business like restaurant and jewellery shop are typical examples that do not fit into this plan)

 

Shop Contents Sum Insured

• A simple rating method is used for SmartPlan Shop
• The Insured has to declare the Sum Insured of the shop contents and stock
• Claims for the loss or destruction of contents (other than stock and personal effects) will be settled on a "new for old" replacement basis. The Sum Insured declared, therefore, must be on the same basis

 

Brochure

Click to read/download our product brochure

Product Features 

1. All Risks on Contents and Stock

1. Any one item of shop machinery or equipment - $100,000
2. Computer systems' records - $35,000
3. Any one document, card, tape file or transparency - $5,000
4. Personal effects belonging to any one employee - $5,000

• Additional benefits:

1. Alterations or repairs - Coverage for shop contents if they are damaged during alterations or repairs, provided the contract value not exceeding $100,000
2. Temporary removal - Loss of or damage to shop contents (excluding stock) temporarily removed from the shop for cleaning, repairing and maintenance, up to 10% of the Sum Insured
3. Debris removal - Pay for debris removal costs after an insured loss, up to 10% of the shop contents sum insured
4. Fire extinguishing expenses - Cover the replacement or refilling costs of fire extinguishers and sprinklers following a fire or an explosion, up to $10,000 per year
5. Architects' and surveyors' fees - Pay the fees for hiring professional architects and surveyors for the reinstatement of the shop, up to $5,000 per year
6. Locks replacement - Pay for the costs of replacing damaged door locks due to theft or burglary to the shop, up to $2,000 per year
7. Damage to Premises by Theft – Cover loss of or damage to shop premises caused by theft or attempted theft, up to $20,000 per year
8. Damage to Property in the Open – Cover loss of or damage to shop contents including canopy which is left in the open caused by fire, lightning, explosion or vehicle impact, up to 5% of Sum Insured
9. Roller Shutters and Gate - Pay for accidental damage to roller shutters and gate, up to $20,000 per year.

• The maximum limit of Stock:

1. any one item of trade samples - $35,000
2. any one item of stock-in-trade - $35,000
3. any one item of stock-in-trust - $35,000

• Additional benefits:

1. Stock in transit - Cover loss of or damage to the stock whilst in transit within Hong Kong, up to $50,000 per year
2. Seasonal increase - The Sum Insured on stock will be automatically increased by 20% during the peak sales season from November to March without any additional charges

Note:

• Excess for each and every loss is $1,000
• Loss due to water damage subject to a minimum excess of $3,000 or 10% of the loss

 

2. Business Interruption

• Pay for the additional expenditure that may be incurred after an insured loss and interruption of the business for more than 48 consecutive hours, including the cost of fitting out temporary premises, for a period up to 12 months from the date of damage, up to $500,000
• Additional benefits:

1. Denial of access - Cover the loss as a result of denial of access to the shop for more than 48 consecutive hours due to an emergency or damage to neighbouring property, up to $500,000 per year
2. Professional accountants' fees - Cover the charges paid to accountants for the purpose of claims verification, up to $50,000 per year

• Optional cover:

1. Loss of gross profit, gross revenue and/or wages - Provide optional protection on loss of gross profit, gross revenue and/or wages resulting from business interruption due to an insured loss

Note: Time excess - 48 hours

 

• Reimburse loss of cash, bank notes, cheques, money orders and postal orders, up to the following limits per year:

1. Crossed cheques and other non-negotiable items - $300,000
2. Inside premises during business hours - $30,000
3. In transit in Hong Kong in the custody of the shop owner or the authorized employees - $30,000
4. In a bank night safe - $30,000
5. Inside premises after business hours and in locked safe or strongroom - $20,000
6. Inside premises after business hours but not in a safe or strongroom - $5,000

• Additional benefits:

1. Sundays and public holidays - Provide an extra protection on Sundays and Hong Kong public holidays (including the following day) since a larger amount of money is likely to be kept in the shop. The limits will be automatically increased by 20%
2. Damage to the safe, strongroom or cash register - Cover up to $10,000 per year for the damaged safe, strongroom or cash register caused by theft
3. Counterfeit currency – Cover up to $1,000 per year for counterfeit currency, excluding renminbi and all foreign currencies

 

• Provide compensation of accidental death or permanent total disablement for the shop owner or the employees as a result of a robbery or attempted theft in the premises, up to $75,000 per person
• Cover the shop owner or the employees who suffer from temporary total disablement, up to $25,000 per person

 

5. Glass Breakage & Neon Sign

• Cover accidental breakage of fixed glass, neon signs, signboard and banner up to $20,000 per year. Neon signs, signboard and banner installed should not exceed 5 meters from the shop premises or concession.

Note: Excess for each and every loss is $1,000

 

6. Public Liability

• Provide protection to the shop owner against legal liability for third party bodily injury and/or property damage arising from his/her business, up to $10,000,000 per year
• Additional benefits:

1. Signboard liability
2. Tenant's liability
3. Independent contractor's liability
4. Overseas visits
5. Social and sports
6. First aid
7. Food and/or drinks poisoning

Note:

• Third party property damage excess for each and every loss is $1,000.
• Loss due to water damage to third party property subject to a minimum excess of $3,000 or 10% of the loss.

 

7. Employees' Compensation (Optional Cover)

• Protect the shop owner as an employer under the Employees' Compensation Ordinance and Common Law for bodily injuries to employees arising out of and in the course of employment, up to $100,000,000 per event

• All amounts are in Hong Kong Dollars

To apply or for details, please contact your insurance consultant or call us.

Proposal Form

Click to download a Proposal Form