What is Shop Insurance?
Shops insurance is designed to cover your retail business against loss or damage as well as claims arising from the public.
A policy to cover your shop will be tailored to protect things such as stock, fixtures and fittings, public liability and any other aspects you require to cover your business.
We work with leading business insurance brokers to help you find you cover whether your shop be located in the high street or on a retail park.
What does business insurance for retail cover?
Your shop cover can be tailored to protect you against all sorts of challenges that your business may face. More often than not though, you will be able to add the below insurance covers.
Stock insurance is a large aspect of owning a shop. It is designed to cover the cost of any stock lost through damage or if required, theft.
Stock cover is not covered under business contents and is totally separate. It is also worth noting that some insurers may require your stock stored in a certain way especially if it is valuable.
If you own the building your shop trades from, then you will be required to have buildings insurance. The insurance cover is designed to cover the cost of repairing your building if your property is damaged.
If you rent your premises however, the building is likely to be protected by your landlords landlord insurance.
Public liability insurance
Public liability insurance is a legal requirement for any shop as you will be allowing members of the public onto your premises to browse your stock or the goods you sells.
If I member of the public hurts themselves whilst in your shop, you can be liable and a claim against your can arise.
Employers Liability Insurance
Most shops employ staff especially to help cover busy periods of trading. If you employ staff, it is a legal requirement that you include employers liability cover within your shops insurance policy.
It will protect your business against claims that may arise from staff members hurting themselves whilst working for you.
Business Interruption Cover
Business interruption insurance is there to pay out when your business is stopped from operating for any reason.
When shops are stopped from trading, it is usually through causes out of the shop owners control, this is where business interruption cover will kick to help cover the cost of lost trading.
Contents insurance is designed to cover you against loss of contents that is not stock. This can include things such as till hardware, stands, machinery or anything else your shop requires to operate but is not stock that you sell.
Product Liability Insurance
Product liability cover provides you protection against against damaged caused to a consumer by a product that you sold or supplied them. In the event the consumer chooses to sue you, it can cover the cost of things such as legal fees or court costs.
Online Shop Insurance
If you trade online, it is still extremely wise to have an insurance policy in place. Although you may not need cover such as public liability insurance (assuming no numbers of the public visit you), cover for your stock is still a wise move.
Many people think their home insurance will cover them against loss or damage to their stock without realising that most home insurance does not cover for any commercial activity.
Why use Total Insurance?
We work with leading retail insurance brokers who are authorised and regulated by the financial conduct authority. The will help you compare shop insurance and advice on what your business should have in regards to insurance.