Britain is a nation of shopkeepers, so the saying goes. So welcome to the club if you have joined their number.
You can buy practically anything at one kind of shop or another – no two shops are exactly the same. And because no two shops are the same, neither is the shop insurance which keeps the premises, its contents and the business as a whole in a financially safe and sound condition.
Building and contents insurance may speak for itself, but there are other risks which might catch out the unwary shopkeeper. Did you know, for example, that as the owner of the shop you might be held liable and ordered to pay hefty compensation to any customer – or passing member of the public – who is injured or has their property damaged in some way connected with your actions, or failure to take action, in the course of your business?
Public liability insurance is designed to provide you with protection against just such claims. Were you also aware that if you employ anyone – paid or not – to help run your shop, that employers’ liability insurance is also imperative?
Even for a modest corner shop, the risks of physical loss or damage and the possibility of claims alleging your liability may pose a serious financial burden – you might want to make sure, therefore, that you seek suitable shop insurance quotes.
Why seek those quotes from constructaquote.com?
- As specialist business insurance brokers, we are familiar with the insurance needs of shop owners such as yourself
- Our shop insurance quotes may be delivered to you directly online
- We have been providing insurance for small businesses since 1990
- Our call centre is based in the UK alone
- If you need employers’ liability insurance, we can provide £10 million of cover is provided as standard
Tell me more about what’s likely to be included in my shop insurance
What you choose to include is very much up to you. We make it our business to ensure that any insurance package we supply is suitable for our customer’s particular needs and circumstances – recognising that all shops are different and exposed to potentially different risks.
Even so, there are some elements of cover you may wish to consider as key to the typical shop insurance package.
Protection for the shop itself
If you have invested in the property from which you want to run your shop, you are only too well aware of the amount of money you have sunk into the bricks and mortar. This needs the protection of building insurance – to guard against some of the most common risks, such as fire, flooding, storm damage, impacts, vandalism and theft.
You may also need shop front cover if yours has a big glass window, and cover for any signage.
Protection for the contents
If you are leasing the property from which your shop is run, your landlord is likely to be responsible for building insurance – but you may need to check exactly what is and what is not covered.
In any event, any shop by its very definition contains a good deal of stock – all of which may be at risk of loss, damage or theft. In addition, you may have spent a good deal on the necessary fixtures and fittings to display and show off the goods you have for sale. Perhaps most important of all is the money in cash that you need to keep in your till or safe, but which is nevertheless vulnerable to theft.
All of these risks may come safely under the protection of your shop’s contents insurance.
Whilst building and contents insurance may be providing insurance to enable the repair or replacement of lost damaged or stolen items, there may still be occasions when the damage caused means that your shop needs to close for a day or two – or even longer.
When an insured risk leads to such a closure, you naturally lose any income your shop might have been earning. Therefore, business interruption insurance is available to help compensate for such loss of income.
A shopkeeper’s liabilities
The minute any customer enters your shop – or, for that matter, any member of the public happens to be walking past – there is the risk of an accident which causes injury or damage to property. Someone might trip over goods displayed, for instance, or a stack of tins might topple on top of them.
If it is shown that due care on your part might have prevented the accident from happening, you may be held liable and ordered to pay compensation.
If you employ anyone to help run your shop that duty of care for their safety and well-being is greater still. In fact, the law requires that you hold a minimum of £5 million employers’ liability insurance to cover the possibility of a claim by an injured member of staff, or one who has contracted an illness or other medical condition because of their work.