What does shop insurance cover and do I need it?
Shop insurance is a comprehensive policy that will cover many aspects of a commercial shop/retail business.
If you run a retail business, there are a number of things that would be of great value to you and the success of your business. If an unfortunate incident were to occur where your business finances or operations would suffer in some way, you could find yourself victim to bankruptcy or closure.
A shop insurance policy can help safeguard your business from such risks, ensuring your business is protected whatever may arise.
Shop insurance is a comprehensive package designed to cover any business that operates in the retail sector such as a shop, pub, restaurant, takeaway or retail outlet. It is not a legal obligation to purchase a complete shop insurance package but it is definitely worth considering.
What does shop insurance cover?
The policy can be tailored so that you can choose the specific types of cover to protect the specific areas of your retail business.
Summary of shop insurance cover:
• Public liability insurance is crucial in the retail sector. Shops, pubs, restaurants and takeaways are open for the public and can get very busy. The likelihood of an accident taking place can be high. There is always the possibility that a member of the public could make a claim against your business after suffering an injury or damage to their property which they believe was directly caused by your business operations.
• You are legally obliged to have employers’ liability insurance if you have any employees working for you, which is highly likely in the busy retail sector. If an employee was injured, made ill at work or suffered a work related illness, employers’ liability insurance would cover the cost of compensation.
• Buildings and stock and contents insurance are available on request. These will cover the tangible assets of the business. The building from where you operate and its stock and contents (including equipment and fittings) will be covered from damages caused by risks such as fire, flood or theft.
• Shop money insurance will protect the financial assets of your business from theft. This includes cash, stamps, vouchers and postal orders.
• Shop insurance can also include business interruption protection. This will cover any lost income or additional expenditure in the event of an unexpected claim.
As you can see, shop insurance protection covers a broad range of risks, demonstrating just how valuable it can be to retail businesses who cannot afford to be hit with unfortunate claims and costs. Get a shop insurance quote to ensure perfect peace of mind while you operate.