Storekeeper’s Burglary And Robbery Insurance
What Does Storekeeper’s Burglary And Robbery Insurance Mean?
Storekeeper’s robbery and burglary insurance is a comprehensive package that combines various insurance coverages into one policy, providing protection for the storekeeper against losses and damages to assets and property caused by several criminal hazards. These hazards include robbery both inside and outside the business premises, kidnapping, safe burglary, theft, forcible taking of the insured’s property, and damages to the premises and any property owned by the insured. This type of policy is common among owners of small retail operations, including those who carry convenience store insurance.
Insuranceopedia Explains Storekeeper’s Burglary And Robbery Insurance
Storekeeper’s burglary and robbery insurance covers losses caused by these various hazards, provided that the losses are not the result of fraudulent or dishonest acts by the owner or their authorized representative. For example, the policy will cover the loss of money due to robbery, both inside the premises and while the money is in the possession of the insured. Additionally, the policy will cover damages to the premises, as long as the damages are caused by the hazards specified in the policy. However, the policy will not compensate for property damages caused by fire. Because the coverage extends to the building along with its contents, it overlaps with several types of commercial property insurance that storekeepers purchase. Owners who want to know what these policies typically cost can compare figures on our guide to retail business insurance costs.
