Shop insurance is vital if you want to ensure that your livelihood is protected against potential risks. Whether you are operating as food retailer, bakery or book shop, financial protection is available for all types of customer-facing companies.
Shop insurance will protect your business against the various risks and potential claims associated with operating a customer-facing business. From customers and employees which could suffer an injury whilst on your premises, to potential loss of stock and contents due to a natural disaster or vandalism. Whatever the scenario, it is possible to arrange protection which will provide financial support for your premises, stock, contents, customers, and employees.
Running any type of company comes will always come with risks, which could leave you struggling to stay afloat. The main benefit of store insurance is the ability to protect your company, through a variety of specific policy types designed to protect you from every risk you face.
Coverage is available to protect your business from the worst-case scenarios, whether that is a customer injuring themselves in store or a fire which damages your premises and ruins your stock. Taking out adequate protection will enable you to open your store with confidence, knowing that you are financially protected from every eventuality. Whatever products you sell, there is never a guarantee that your commercial future is safe and arranging sufficient coverage now will prevent financial issues and stress in the event of a future claim.
The exact type of policy you require will depend on the specific risks which you want protection from. There are many types available, which will offer various levels of coverage to suit your particular requirements, with the most common being:
Public liability - As you are likely to be in regular contact with the general public and suppliers, this is one of the most important policies for your store. It will pay for the cost of compensation and legal fees, if a member of the public is injured or their property is damaged as a result of visiting your premises.
Employers liability – If you employ other people to work in your store, legally you are required to hold employer’s liability insurance. This is the only coverage which is mandatory and will protect you if any employee is injured or falls ill because of their employment.
Business contents – This type of protection is similar to home contents coverage and will protect your equipment, furniture, shelving and any other items which are not classed as stock.
Buildings insurance – If you own your building and it is destroyed or damaged, though a natural disaster, vandalism or burglary, this type of protection will provide the financial pay-out you need to carry out repairs and reopen. If your shop is rented your landlord may have this cover in place, however you should always double check.
Business interruption – If you are disrupted from opening as usual, due to an illness, injury or natural disaster, this type of policy will pay your business for any lost income during the closed period.
Stock protection – This will protect any items of stock which do not fall under your content’s coverage. If your stock is stolen or damaged, your insurer will provide the pay-out you need to replace your missing stock. You will need to insure your stock based on its cost price rather than the retail value, as your insurer is likely to decide this is overvaluing and any claims could be invalidated.
Product liability – This cover will provide compensation and payment of legal fees if any of the items you sell causes injury or illness. Even if the products you sell are not manufactured by you, as the owner you could still be held liable, so this type of cover is very important.
Professional indemnity – This will cover your store if you offer expertise or advice relating to the products you sell, which could later be found to be incorrect. If a customers makes a claim and believes you were negligent, this cover will pay for any compensation and legal fees.
Although the above policy types are the most popular options, every store is different and there are also more specific coverage options available. For example, if you sell products online you could take out protection against cyber-attacks. Alternatively, if you deliver your own products you may require a goods in transit policy. You may even sell very high-value items such as jewellery and fine art, which may require a more specialised policy.
When it comes to arranging coverage, your store will have a unique set of requirements. However, this doesn’t mean that finding the ideal policy has to be complex and time-consuming. We have partnered with a wide range of leading UK insurers to provide you with access to extensive cover at excellent prices.
We can help you compare multiple quotes which are tailored to the unique requirements of your store, so that you can quickly arrange specific cover at a competitive price. It is possible to combine multiple cover types within just one policy, so that you have a single premium and renewal date with just one insurer.
All you need to do is provide us with some details about your business and we will arrange quotes from our partners. Once you find the right deal, simply complete the purchase and your chosen policy will be arranged. To find out more about our services, please contact our team today.