SHOPS

INSURANCE

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SHOPS INSURANCE

Whether they sell clothes, cakes or even car parts, shops form the backbone of a UK high street. As a retailer, whether independent or part of a chain, making sure you and your business are properly protected against claims is an essential part of your operations.

As well as having buildings or landlords insurance in place, shop owners need to ensure that they have a few more levels of cover in place before they open, one of these consists of shop insurance.

What is shop insurance?

Shop insurance consists of several key areas of cover:

  • Public Liability Insurance

    This area of cover helps to cover your business against claims brought against you by the general public. Say a customer suffers an injury as a result of a slip, trip or fall caused by loose articles while on your premises; public liability insurance will make sure you are covered in the event of legal action and the subsequent fines which may result.

    Public liability insurance also helps to cover you against damage to third party property, including damage to technologies such as laptops as a result of spilt liquid or being dropped as a result of a trip in your shop.

  • Employers’ Liability Insurance

    As well as the general public, you must also ensure that your own staff force is covered against any incidents which may occur in your shop.

    Employers’ liability insurance is a legal requirement if you employ staff in your shop, helping to cover you against any compensation costs which may be brought against you should a staff member suffer an injury or work-related illness whilst in your employment.

  • Contents and Stock Insurance

    Your stock and equipment is the lifeblood of your business, and contents and stock insurance helps to protect both from damage caused by weather conditions – including flood and fire damage – as well as against theft, especially if you deal in high-value items, which may be appealing to wannabe thieves.

    Many insurers will provide an increased level of protection to accommodate increases in stock levels as a result of seasonal periods – including those which stock up for Christmas or for specific events – speak with your broker if these slight changes are possible during your period of cover.

Are there any other add-ons I should consider?

It may also be worth looking into some business interruption insurance for your shop to further cover you in times of disaster.

This type of insurance can help provide a useful lump sum to allow you to carry out repairs, pay staff and cover any other costs while your shop is being repaired as a result of damage to your premises and also for lost stock.

If your business deals with foodstuffs it can also be worth looking into protecting certain key pieces of equipment that form part of your business; including refrigeration units and specialist cooking equipment.

What is –not- covered in a shop insurance policy?

Transport that you use to deliver your goods is not covered in a shop insurance policy, you’ll need to look at securing some specialist business car insurance, or some van insurance if you use a larger vehicle.

Also, insurers will usually not pay out for claims which are raised as a result of general wear and tear. However, taking good care of your premises and ensuring that you have a security system in place to deter thieves can help to reduce the cost of your policy.

Whether you own a boutique or a bagel shop, making sure you have the right shop insurance can be critical to your business plan.

Where Can I Seek Advice?

There are a number of organisations that help provide information and advice for shop owners in the UK, including the British Independent Retailers Association, which you can turn to for advice on anything from tips on keeping your finances up to date and health cover for your workers.

There are a number of organisations that help provide information and advice for shop owners in the UK, including the British Independent Retailers Association, which you can turn to for advice on anything from tips on keeping your finances up to date and health cover for your workers.

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