Retail shop insurance tailored to your business
Why do I need shop insurance for my retail business?
If you own or manage a retail business of any sort, you could benefit from a shop insurance package whch can be tailored to provide cover for all aspects of your business. Premises, contents, stock as well as public and employers liability can all be included, along with a host of ‘extras’ depending on your partcular requirements.
Shop insurance can be provided for where you retail goods or where you offer a service – for example a hairdressers. The exact types and levels of cover can be flexed as appropriate to your needs, meaning you get the adequate protection that you need without paying for cover you dont require.
You need shop insurance in place to protect you from costs arising as a result of something going wrong. It could be a theft or a flood at your premises that sees stock and content damaged or stolen. It could be a claim brought by a member of the public that states that they have suffered injury, illness or loss as a consequence of your business activities. Sometimes its a simple as a customer slipping on a freshly mopped floor and hurting themselves. Having the rght shop insurance policy in place gives you the peace of mind that you’re covered for a range of hazards, meaning you can get on with the business of selling your goods and services!
What is Shop Insurance?
Shop insurance is really something of a catchall term. The idea is to provide a range of policies, as required by your particular retail business, under a single, easy to administer policy. Buying a packaged shop insurance policy this way not only cuts down on administration (trying to remember various renewal dates and potentially dealing with a multtude of insurers) but it can also be a more cost effective way to buy your insurance.
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What is covered by a shop insurance policy?
Well, no two shops are exactly the same. An excellent policy for one might have huge gaps if used by a different shop, or might be inappropriate in other ways. Fish and chip shop insurance places a great deal more emphasis on fire cover than insurance tailored for an aquarium pet store. Similarly, if you run a newsagent, you’re probably most concerned about opportunist theft of desireable goods such as cigarettes and alcohol as well as cash being taken from the till. If you run a jewellery shop, you’re likely to have some high value items that need to be reflected in your stock cover.
Many shop owners choose to go to a skilled insurance Broker such as Real Insurance. We can help determine exactly what type and level of cover might be appropriate, as well as source a range of quotes.
All that being said, there are some key cover types that typically crop up as part of a shop insurance policy:
Liability cover – public, employers liablity protect you against the costs associated with claims made by members of the public and staff. Product liablity cover can protect you in the event that an item you have supplied is alleged or deemed to be faulty or not fit for purpose.
Buildings and / or Contents cover. If you own your own premises, they are likely to be amongst you biggest assets as a business. Where they are mortgaged, its likely that your lender will insist on buildings insurance being in place anyway. Contents cover provides protection for fixtures and fittings, from your till and IT equipment through to retail display cabinets.
Business interruption cover. If, for example, you suffered a flood and couldn’t trade for a period due to damaged stock or needing repairs to the premises, you’re likely to have some fixed overhead costs that you still need to meet. That could be rent or mortgage payments, or even staff wages. You can insure against these potential costs and ensure you’re not out of pocket until you’re back up on your feet and trading again.
Goods in transit cover. You may have items of stock that need protection either while on their way to you, or else while out for delivery to customers. Goods in transit insurance provides exactly that cover.
Theft of money and / or stock cover. While we do live in a digital age and many transactions use card and other digital payment methods, most shops still have cash on the premises. Theft from the till, as well as valuable stock being stolen can be insured against.
Loss of license cover. If you run an off license, suddenly losing your alcohol or tobacco retail license could spell disaster for your revenues. You can insure against the possibility of losing your license.
Portable equipment cover. Mobile phones, tablets are commonly used in retail these days and are likely to be taken by members of staff when out on deliveries, for example. Insurance cover can be taken out, protecting contents even when off the business premises.
Legal expenses cover. Even the best run retailers sometmes run into legal disputes. It could be a disgruntled customer who isnt happy with the service or product you’ve supplied. Even where a claim is ultimately disproven, the legal bills spent on mounting a defense can soon stack up. Legal expenses cover can help, protecting you from the costs arising.
Crime, deliberate harm or terrorism cover. Unfortunately, high street shops sometimes suffer vandalism on a Saturday night. But you can again protect your retail business from the costs associated with replacing a window or repairing the shutters, should the worst happen.
Why should I choose Real Insurance for my shop insurance?
Real Insurance Brokers have many years of experience helping shop owners find cover that meets all of their insurance needs without cutting into profits.
Going through Real Insurance Brokers gives you the peace of mind that you’ve chosen your cover from a wide range of appropriate options.