Shop Insurance

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What is Shop Insurance?

If you run a shop, whether it is a convenience store, café, florist, newsagents or a clothing shop, the responsibilities that you have to undertake everyday can be overwhelming. To help lighten the load and allow you the peace of mind to concentrate on the successful running of your retail business, it is essential to have shop insurance which meets and covers all your needs.

Shop insurance is designed specifically for shop owners. The standard cover normally offers public liability cover, as well as buildings and contents insurance. Make sure you are covered in the event of natural disasters such as flood and fire, theft or vandalism to your shop or against accidents such as burst pipes.

A good shop insurance should also safeguard your assets, legal liabilities as well as your earnings.

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Why is Shop Insurance required?

Shop Insurance is essential if you are a busy shopkeeper for a variety of reasons.

If the worst should happen and a fire breaks out which destroys your shop, it will be devastating if you did not have shop insurance to help you through this disaster.

A good shop insurance will provide you with the finances to make repairs and replace your stock. If you have Buildings Cover, you will be helped with the huge costs of rebuilding your shop. Depending on your policy, you may also be compensated for loss of earnings while your shop is being built.

Some shop insurance policies will help you cover the cost of relocating to an alternative premise so that you can get back to running your business quickly.

What does Shop Insurance cover?

There is a good choice of insurers both on the high street as well as online which can offer you different types of coverage. As every business has very specific needs, find a policy that will satisfy your shop’s particular requirements.

Ensure that the policy you choose contains the following main options:

Business Contents and Building Cover
This should include a realistic amount to cover replacement for all your shop’s contents and stock including equipment, fixtures and fittings. Most insurers will offer as standard a range of risks including fire, explosion, theft including theft by employees, flood, storm and malicious damage. Some, not all, will provide reimbursement for damage to glass and shop fronts, loss of cash and damage to outdoor signage.

Consider obtaining cover for the loss or damage to your business goods while they are in transit, for example, in a truck or car. Similarly, if you have items from your shop that are used outside the boundaries of your shop, you need to ensure that these items are properly covered as well.

Public Liability
This will come in useful if you are sued by a member of the public, a customer or employee following an accident to them or their property for which you are legally liable. Public Liability will help you with all the legal costs incurred.

Business Interruption Cover
This is a useful option which will safeguard you from loss of income should an unfortunate accident happen to you personally or a natural disaster should happen to your shop.

Products Liability
This provides cover against injury to the customer or member of public as a result of sale or supply of a faulty item or product.

Employer’s Liability
This will cover you for damages, legal costs and expenses for which you are liable as a result of injury to your employees.

Other types of additional options worth considering include the following:

Loss of Accounts Receivable
This provides much-needed cover for money that is owed to your business by customers but which cannot be collected because valuable records have been lost or damaged.

If you sell alcohol as part of your business, it is necessary to have protection against the potential loss of liquor license which may lead to the loss of all or part of your income.

It is also useful to think about specific cover for personal accident or assault following a robbery for you or any employee. Other specific optional extras include cover against subsidence or against computer breakdown.

In recent times, it may even be important to consider buying cover against the threat of terrorism. However, not all insurers will be able to offer this so do your research if you feel this is necessary for your business.