25th August 2022
What Cover Is Included In Shop Insurance?
As a retailer, you will know how difficult it can be with tightening market conditions and resource shortages. Whether you sell products online with an ecommerce operation or run a high street premises, it is important to have the right insurance in place to help weather difficult events or accidents. Dedicated shop insurance cover is a better option than more generic product protection packages, as these instruments are specifically designed to meet the needs of retailers. What does shop insurance cover?
Public Liability
Whatever you sell, if you keep a physical premises, your aim is to get shoppers inside so you can tempt them to buy. However, that also means you could be held responsible for a range of mishaps that could occur inside the shop, such as injuries arising from trips and falls. That's why your shop's retail insurance is vital to protect your interests. Public liability is one of the most important covers for a shop and helps to mitigate costs arising from third-party accidents and injuries.
Product Liability
You can also be held liable for harm caused by the products you sell, if they malfunction or cause damage, injury, or financial loss in some way - or if they are deemed to deviate from their trade description or stated purpose. Even the most innocuous commodities could cause injury in some circumstances, and if they do, customers may come to you for compensation. In these cases, and whether or not you are at fault, it pays to have product liability insurance in place to help with the potential legal costs.
Employers' Liability
If you employ any staff in your enterprise, the law requires you to have employers' liability insurance. You can face a large fine if you operate without it. But employers' liability cover also helps to protect your employees, your finances, and your business reputation. It is specifically designed to help meet expenses should an employee suffer injury or accident and pursue compensation claims.
Business Interruption
If you are forced to stop trading for an extended period because of a fire, flooding or some other adverse event, your finances could take a serious battering. That is why it's worth including business interruption cover in your insurance package. It can help to cover the costs of wages and rent during those periods when your business cannot operate in full.
Stock Insurance
You would also be well-advised to include stock cover in your retail shop insurance package, especially if you hold physical stock as part of an ecommerce venture. Whether you have goods stolen from your shop itself or a warehouse, theft can put a serious dent in your revenues. To protect your cash flow, you should insure all your stock at the replacement value.
Buildings Insurance
If you lease your business premises, you may not need buildings insurance, as this will be the responsibility of your landlord. However, if you own the property your shop operates from, whether wholly or in part, it is essential to have this cover. Buildings insurance can help you meet the costs of repair to the structure of your building following fire, flood, or other damage. If these costs fall at your door without insurance, they may be disastrous
If you do not own the premises do not forget to include an item for Tenants Improvements. This covers the costs of fitting out the building to meet your image and trading requirements.
Insuring Your Retail Business With ManningUK
ManningUK can arrange specialist shop insurance packages to meet any retail needs, with competitively priced cover underwritten by some of the UK's leading insurers. We are always on-hand to offer professional insurance advice, plus tailored policies for all kinds of shop-owners, whether experienced or new to the business. Feel free to contact one of our experienced insurance brokers on 01491 578759 to find out more.
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