Chqbook and ICICI Lombard team up to offer financial security for shop owners and merchants
- ByStartupStory | March 16, 2023
In collaboration with ICICI Lombard, Chqbook, a neobank catering to small business owners, has introduced a customised insurance cover for shops, exclusively for its digital current account clients.
This insurance policy offered by Chqbook and ICICI Lombard will provide coverage for shop owners against damages caused by natural calamities such as floods, earthquakes, lightning, storms, and cyclones, as well as losses resulting from theft or burglary of contents stored in the shop.
Small businesses contribute to 30% of India’s GDP, but they often face a lack of financial services, particularly insurance, leaving them exposed to climate-related and other human-made risks. Due to this lack of awareness and access, these businesses may have to resort to loans or deplete their savings to cover losses, which can lead to financial instability and even poverty.
With the aim of protecting small businesses from unpredictable losses caused by adverse climate conditions and the significant lack of insurance coverage in this sector, Chqbook has taken the initiative to pay the first-year premium for the shop insurance.
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