Jalpaiguri Central Co-op Bank introduces business insurance scheme for small traders

Jalpaiguri: In a first-of-its-kind initiative by a cooperative bank in West Bengal, the Jalpaiguri Central Co-operative Bank has introduced an insurance scheme to protect small and medium-sized businesses from financial losses.

The “Business Guard Package Insurance Policy” was inaugurated on Tuesday by the bank’s chairman, Sourav Chakraborty. The policy offers insurance coverage ranging from Rs 1,000 to Rs 1 crore through a simple account-opening process with the bank and payment of a nominal annual premium. The scheme covers losses arising from fire, natural disasters, theft, robbery, and loss of cash. It also provides compensation in the event of a shopkeeper’s death due to any accident occurring within the shop premises. A key feature of the policy is its inclusivity. Shop owners without land ownership documents are also eligible. Only Aadhaar card, PAN card, and a valid trade license will be required.

“Over the past decade, repeated incidents of fire and floods in Alipurduar, Cooch Behar, Jalpaiguri, and Siliguri have caused heavy losses to traders. Many were denied insurance benefits due to documentation issues. This scheme aims to bridge that gap,” Chakraborty said. According to a survey, North Bengal has around 38 lakh small and medium shops. The premium structure is highly affordable, with annual deposits starting at Rs 0.95 for

Rs 1,000 coverage and going up to Rs 9,500 for insurance cover of Rs 1 crore.

Kishore Marodia, general secretary of the North Bengal National Chambers of Commerce and Industries, welcomed the initiative. The bank has tied up with both a state-owned and a private insurance company for the scheme.