Mumbai: Chqbook, a neobank for small business owners, has launched a specially designed shop insurance cover for its digital current account customers, which it launched in association with ICICI Lombard. Under this insurance, losses incurred by shop owners due to floods, earthquakes, lightning, storms, cyclones, fire, and other climate risks will be covered, including any loss due to burglary of contents in the shop.
Small businesses in India account for 30% of the GDP and often lack access to financial services, including insurance. The lack of access and low awareness leaves them vulnerable to climatic risks and other man-made risks, forcing them to either take loans or use their savings to cover the losses, potentially pushing them into poverty.
Looking at this massive under-penetration and the need to safeguard this community from unforeseen losses through inclement climatic activities, Chqbook will bear the first-year premium towards this shop insurance.
