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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.