What is shop insurance?Depending on the type of shop you run, you’ll need a combination of different policies to suit the needs of your business. Whether you sell high value goods, or you transport stock, we have the right insurance policies for your business.
Why do I need shop insurance?Shop insurance covers small businesses for: Financial losses related to employee injury or illness, and damage, loss or theft of your equipment and stock. If your business relies on certain items of equipment to function, having this type of cover is essential.
What does shop insurance cover?Combining the right policies will give you essential financial protection against claims, or loss, theft and damage of products and equipment. Here are examples of situations where you may need cover:
- Stock theft
- Fire damage
- Staff injury
- Equipment failure
- Unexpected closure
- Injury to the public
Which types of shop insurance policies do I need?Whether you work on your own or employ staff, you’ll need quality commercial insurance to protect your shop against risks and claims. Here are a few examples of the policies you’ll need:
- Public liability insurance: Protects you against claims related to a customer, client or third party becoming injured, ill or suffering property damage.
- Business contents insurance: Covers the replacement of items, if damaged, lost or stolen. Business tools and equipment insurance: Covers the replacement of equipment, if damaged, lost or stolen
- Employers liability insurance: Employers’ liability insurance protects against claims related to injury or illness.
- Product liability insurance: Protects against claims for personal injury or property damage caused by a product your business designed, sold or supplied.
- Professional liability insurance: Covers cost of claims related to poor service or advice.
- Business interruption insurance: Provides financial support if your business is forced to close.
How much does shop insurance cost?The cost of your shop insurance depends on a number of factors, including the type of shop and location. This will be more expensive, but essential if you want your business to be fully protected.
Public Liability InsuranceA key cover for shop owners to consider is public liability. This covers the shop against damages or costs you have to pay out because a member of the public has been injured or had their property damaged on your premises. This could be something as simple as a slip and trip on a wet floor causing one of your customers to break their wrist.
Employers' Liability InsuranceAny shop that has employees must buy employers' liability insurance as it is a legal requirement. This will cover you for compensation you have to pay out because one of your employees has been injured or suffers from a work related illness whilst in your employment.
Contents and Stock InsuranceContents and stock need to be protected in case they are stolen, damaged or destroyed – for example by a fire or flood. When calculating the value of your stock, include your materials in trade and make sure any high risk stock such as cigarettes and alcohol are covered. Many insurers provide for seasonal increases in stock i.e. they realise that December is a busy time of year and will automatically uplift your total value of stock by a fixed percentage – it is wise to check this when buying your policy. You may also want to consider business interruption or loss of income insurance. This will cover you for the money you lose if you can’t trade because your premises or stock have been damaged or destroyed.
What isn’t covered with shop insurance?Areas that are not covered within shop policies are general wear and tear sustained to the premises and forms of transport used to deliver goods.
Other cover optionsThere are a range of additional cover products that are available for shops and some are more relevant to particular types of trade. Make sure you purchase the products that are specific to you and try to ensure you are not paying for cover that you do not need. Shops selling food will need to pay more attention to the frozen food section of their policy, whilst this would not be relevant for a clothes shop. In addition, alarms that are regularly maintained will encourage insurers to quote more competitively for your business, sometimes lead to a discount and make your premises less attractive to thieves.
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