Finding the best Shop Insurance

As a small or large business with many challenges it is important to know that you are covered for any eventuality. There may be different areas of Shop Insurance that you will need to concentrate more attention on depending on your business, for example food retailers may need to pay more attention to the frozen food section of the policy, but generally Shop Insurance consists of three standard areas of business insurance cover which when brought together will protect your business and give you the peace of mind you need.

Buildings and contents insurance for your shop

Firstly, you will want to protect your shop’s premises and what is inside, basically the bricks and mortar and the stock and equipment which will be covered by buildings and business contents insurance.  If like many retail outlets you are renting your shop space then your Landlord will be responsible for the buildings insurance element.

Liability Insurances

Next it is important to insure your people and the general public who will encounter your business and your premises. If you have one employee or more which is highly likely in a shop then you will need to have employer’s liability insurance which is a legal requirement. The minimum level of cover in the UK is £5m.

If you employ anyone whether full-time, part-time, contracted, voluntary helpers or self-employed under your supervision then you are responsible for their welfare. Legal compensation costs relating to employers’ liability insurance can fall into thousands of pounds of damages, potentially debilitating your retail business not to mention your reputation should such protection not be in place.

In almost all cases, your shop will have customers visiting your premises. On that basis it is recommended to obtain public liability insurance. This element of shop insurance will mean that if someone is injured or their property is damaged whilst on your premises then you can claim on your insurance for any compensation that is due to them, as well as any legal costs should they take you to court.

Business Interruption

The third of the main areas for Shop Insurance will protect your revenues. Should an insured event occur which means you are unable to trade for a period of time then Business Interruption Insurance will cover loss of income during this period. Often a disaster can require property to be re-built, new staff to be found and trained, stock replacement, and during this lengthy period many shops can go out of business, being unable to cope with the lack of trade.

Additional Shop Insurance options

No two shops are the same, and you may run a hair salon, florists, clothes store, or a convenience store, each with different risks and insurance requirements. It is important to speak to a specialist broker who can help to identify which elements of additional Shop Insurance cover would suit your individual needs.

Optional extras can include anything from goods in transit, computer breakdowns, lost or damaged stock, portable equipment, money cover, glass (which in many cases makes up a large proportion of the shop front), theft by employees, legal expenses, and cyber protection, to terrorism.

Get your smart shop insurance quote

Complete our online form to get your Shop Insurance quote now. We aim to take the hassle out of finding cheap Shop Insurance quotes and will contact you directly to discuss any of your individual Shop Insurance requirements. Rest assured that we have built strong relationships with the right insurers and know exactly how to present your business to them and get you the best coverage at the best price.