What is included on an insurance policy for a retailer?
A Shop Insurance policy can be arranged to cover all risks associated with owning and running a shop. The level of cover (maximum amount the policy would pay out) can be flexed, too. So, it’s worth thinking about:
Employers Liability Insurance
If you have anyone working for you, this is a legal requirement by law , even if they are part-time or volunteers. It provides cover if they have an accident or are injured while working for you.
Public Liability Insurance
This is designed to protect you and your customers should a member of the public have an accident in your shop. As a shop owner, you take responsibility to ensure that your shop floor is a safe place. However, accidents do happen, so you will need to be insured for this. It can cover legal bills and cover any pay out awarded.
Buildings Insurance protects your building against accidental damage. It could, for example, be caused by a fire or flood. If anything were to happen to your building you may be without a place to work and face bills to fix it. Buildings Insurance can help cover the costs of temporary accommodation as well as the costs of fixing your building.
This will cover your possessions in the building. It could, for example, be your furniture, clothing rails, tills and computers. If they were to be damaged or stolen you may have to cease trading and pay for replacements. Individual items may not cost a lot, but could you afford to buy everything in one go if you had to? Contents Insurance can cover these costs.
Stock Insurance is separate to Contents Insurance. It covers any stock you may keep on site from accidental damage or theft. It will usually only cover the cost price, not the retail value. You could have to pay for replacements as well as lose income if anything were to happen to your stock and you weren’t insured.
Business Interruption Insurance
If for any reason you have to stop trading, because of building damage or destroyed stock, for example, you could be making losses on your income. But you’d still have fixed outgoings like rent, wages and bills. Business Interruption Insurance will cover these costs where necessary.
You may have other things that you need to consider. For example, if you have a delivery vehicle or offer a shipping service to customers. It is worth talking to our broking team. They will be happy to take time to understand your business and recommend covers you should think about.