Buying shop insurance
If shops are the source of your livelihood, then as a sign of prudence and good care you should consider insuring it. Whether robbery or break-in, vandalism or fire, you can stay afloat in case any or all of these mishaps strike. To safeguard your business property, you have to make a proper assessment of all risks fraught with impairing it. This will help you decide on the scope of the cover you need.
What is covered on shop insurance policy?
- Business buildings - if your business building is destroyed or damaged by an insured event.
- Business contents - insures the contents of your shop including furniture and equipment.
- Stock cover - any stock that is not covered by the above is included in here.
- Public liability - if someone is injured in your property or your property caused damage to someone.
- Product liability - if any of your products causes illnes or injury to someone.
- Employers liability - the only mandatory insurance for business owners if they employ people.
- Professional indemnity
- Business interruption - if your business is interrupted by illness or flood, or injury then this will be of much help.
Below you will see the parts which needs the most attention when choosing the right policy.
As a shop owner, a statutory duty of yours is to ensure a cover for a number of potentialities occurring within your premises. First, you are obliged to provide a cover for your employees, regardless whether they are working full-time or part-time for you. Next, you may decide to protect yourself against claims ensuing from an injury of a visiting customer or supplier alike. Finally, your shop might be stripped of its, say, liquor licence or yet a tax audit might prompt business interruption and there is also a cure to this. All these events usually fall within the scope of a public liability insurance for your shop.
Break-in, vandalism, robbery
An important part of the cover is to protect your shop: its cash, shopping items and equipment, from unlawful acts such as break-in, vandalism, robbery. The degree of perceived risk would, naturally, establish the size of your cover. If the incidence rate of such acts is high, then you should naturally run for a more expensive cover and vice versa. Your cover scope considerations should also include the overall value of your movable and immovable property. Naturally, a bigger shop would need a higher cover compared to its corner shop counterpart.
Shop insurances may also insure you against loss of goods in transit and even seasonal increases of stock. You can even opt for the so-called fidelity theft which will guard you against theft on behalf of your own employees. You can also pay for a legal expenses cover in case you have been embroiled in litigations before.
FSB Insurance Service offers a fully-fledged shop insurance. Get in touch with its team by phone or email and get professional advice on the insurance scope that you need and a realistic price for it.
With ShopQuote Direct, you talk to this insurance provider for free and obtain the cheapest rates on the market. Its price promise will ensure that even if you find a cheaper analogous cover elsewhere, you will be repaid the difference.
First4 Trades Insurance offers insurance both to retailers and wholesalers. Review the summary of its standard cover, i.e. all items which are automatically included in your shop insurance, see the extent of the cover, the price you are to pay for it and take your informed decision.
You may want to read about: Market Trader Public Liability Insurance