Protecting your Shop with Retail Insurance
If you’re running any type of retail outlet from a commercial building, there are some essential insurance covers you should consider to protect your business and income.
Why Is It Important to Have Shop Insurance?
Retail insurance is essential for protecting your business. Many sections of cover come as standard within a shop policy the option to extend and include additional covers where necessary. Cover benefits include:
- Contents – including computer and office equipment
- Buildings insurance
- Public Liability insurance
- Employers Liability insurance
Loss of stock, premises damage, or compensation claims are all ways that can damage your income. Therefore, shops and retail outlets should be protected for the unexpected.
Unexpected events may include:
- Theft by forcible entry
- Water leaks
- Accidental damage
- Claims from member of the public and staff
Things to Know When Insuring My Shop Including Pop-up Shops and Restaurants
Premises and Stock:
To protect your shop and its stock, you should acquire Building and Contents insurance. Building insurance is only required if you own the premises and protects the fabric of the building such as walls, doors, and ceilings. Contents Insurance is essential, as it protects all of your stock, displays, equipment, and any fixtures and fittings in your shop.
It’s the law to have Employers’ Liability insurance which ensures you can pay any compensation to staff who have a claim against your business regarding an injury or illness caused by business negligence. If you employ any staff, you’re required to have at least £5million worth of cover.
Protecting the Public:
Public Liability insurance covers businesses in the event of an accident or injury occurring to a member of the public or third party as a result of business negligence.
Loss of Income:
The best way to protect yourself from loss of earnings in the event of not being able to trade as normal, due to something like a fire or a leak, is to get business Interruption insurance. This covers you for certain outgoing costs such as staff pay, rent, utility bills and increased costs.
Before launching a pop-up, you need to ensure you’re adequately protected. Speak to a broker to see what insurance they can put together for you. It may be that putting together a short-term business insurance is the ideal option.
Other considerations you may like to speak to a broker about includes:
- Goods in Transit cover
- Shared premises or grounds
- Stock of an unusual nature
- High value stock
- Working from home
- Multiple premises including chains of shops
Do I Need additional Insurance for Things like Glass for the Front of the Shop?
If your frontage contains glass or additional features such as signage, window graphics or illumination then you must draw the insurers attention to it to ensure it is adequately insured. The good news is that many insurers include glass/frontage cover within your general contents sums insured so it is imperative this figure is factored in.
Insuring My Retail Business
At Invicta Business we understand that every shop and retail business is different. Our team of commercial insurance brokers can help tailor policies for your specific needs. However prepared you think you are for unexpected events, shop insurance gives businesses the peace of mind to know their income is protected. To stay protected, call 0330 0450032to speak to one of our team.