Shop insurance is an encompassing policy, providing shopkeepers and owners with peace of mind that their contents, employees and customers are safe in their business. Though with so many options and add-ons, navigating the shop insurance market can prove time consuming when you have an entire shop to run. Thankfully, Coversure Insurance Services are here to help you find the best cover and keep your shop secure with the must haves of shop policies.
Contents Insurance: Protecting against theft and accidents
Theft has become an ever-growing problem within the retail industry, with costs caused to retailers 622% higher than 10 years ago. There are plenty of steps you can take to deter thieves, with CCTV and secure doors and windows proving to be a valuable investment. Insurance companies take into account your security measures, often offering lower premiums if you have preventative measures in place.
If you are unfortunate enough to be a victim of theft, your policy will be a vital safety net and prevent you from being completely out of pocket. Therefore, including contents insurance in your policy is a no-brainer, dependant on your policy, you’ll be covered for the loss of goods in cases of theft and accidents, such as fires and floods.
Public Liability Insurance: Protecting the public
Public liability has become a must-have feature of insurances for a wealth of businesses, none more so than the retail industry. Public liability insurance protects you from claims from customers who may be injured whilst in your shop. If a customer slipped on a wet floor or was hit by a falling shelf, you’d be covered against damages that the court award. With the large numbers of footfall shops receive, this feature is vital to include in your shop insurance.
To avoid claims, make sure your shop furniture is constructed correctly by a professional and ensure to place out wet floor signs during any cleaning of your shop. Talk to your customers and do routine checks of your shop to ensure it is a safe environment for everyone that enters. Insurance is like a seat belt and should just be there to protect you if needs be.
Employee Liability Insurance: Protecting your employees
Employee liability is very similar to public liability, though understandably it covers your employees rather than members of the public. This protects you against claims of illness or injury caused by the working conditions of your shop. It’s a worthwhile feature to have, especially dependant on how many employees they have and the risks that face them in their day to day job. If they’re lifting heavy boxes or are completing a very active job role, this may be more suited for you than if they are going to sit on tills all day for example.
Buildings Insurance: Protecting against damage
Buildings insurance covers the building itself, its structure and any rebuild work required in the unfortunate incident of a fire or building threatening conditions. This is only applicable if you own the shop building yourself; if you are renting the space your landlord should have appropriate buildings insurance in place to protect their land.
Business Interruption Insurance: Protection your income
Business interruption insurance is a vital component to include in your shop policy, if you are unlucky enough to be forced to close by circumstances such as business damage or flooding. Business interruption insurance does what it says on the tin, it’ll protect your loss of income during periods of forced closure, keeping pennies in your pocket and food on the table.
Renovations Insurance: Protecting your improvements
Renovations insurance provides temporary cover to your shop whilst renovation construction work is ongoing. This can cover your store when it’s unoccupied, or against accidents such as fires and floods whilst under renovation. Similar to buildings insurance, this is only something you need to worry about if you physically own the building. If you’re just renting, you will have to communicate with your landlord regarding renovations and ensure they gain appropriate insurance and permissions.
Shop Insurance: Tailored to you
With so many different factors included in shop cover, you’ll want to talk to an advisor who can assist you in finding the best policy for your needs. Where better than an independent broker like Coversure?
Coversure’s shop insurance policies are tailored to provide you, our customer, with the best insurance policy for your needs. For independent advice from our friendly team, get in touch with your local Coversure Insurance Services branch.