What does retail shop insurance cover, and do I need it?
IF you own a shop, pub, takeaway, restaurant or retail outlet, you’ll be well aware of the never-ending list of things which can affect your business. If you want a comprehensive policy that will cover you for a range of unforeseen events, then shop insurance is for you.
When you think about incidents that can impact on your business, you’ll want to be prepared. After all, it is your livelihood and if your shop can’t operate and your income suffers, you’ll be glad you were protected.
You are not obliged by law to have shop insurance, but the laws of common sense dictate that it’s a must.
What does shop insurance cover?
As one famous burger place said: “Have it your way.” Let’s face it, if you own a newsagent’s, your needs are going to be slightly different from a pub landlord’s. Shop insurance cover can be designed to suit the needs of your business.
You can select the different aspects which are relevant to you, ensuring you’re not paying for what you don’t need or you don’t have sufficient cover where you need it.
So what’s involved? Here’s a quick round-up of what’s on offer:
Public liability insurance
For your business to thrive, you’ll want people coming through the door. But this creates its own set of risks. If a member of the public is injured or has their property damaged while on your premises, they could bring an expensive claim against you. Public liability cover will protect you against such claims.
Employers’ liability insurance
This is a legal requirement if you are running a retail business and employ people. It covers you if one of your employees is injured or becomes sick while at work. It also covers the cost of compensation if an employee suffers a work-related illness.
Buildings, stock and contents insurance
This can be added on to your shop insurance as an extra. It will cover shop fittings and equipment as well as what you sell in your shop. It will pay out if the building or your stock and contents are damaged by fire or flood or are stolen.
Shop money insurance
This will protect your cash against theft. It also covers other items of monetary value such as cash, stamps, vouchers and postal orders.
Business interruption protection
This can help you out if you are unable to keep your shop open due to damage. It will pay your for lost income while your retail business isn’t trading.
So, while it’s not a legal requirement to have shop insurance, there are many reasons to consider it.
At a time when business are trying to keep costs down, the last thing you want is to be hit with a costly claim out of the blue.
Get a quote for shop insurance with BusinessInsured.co.uk today and protect yourself against the unexpected. You can also call our friendly UK-based team on 0800 1073404.
Find commercial, retail and shop insurance cover today at BusinessInsured.co.uk
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