As a shop owner you may realise that whilst you share many common factors with other retailers, your own shop may have its own particular needs in many ways. You may also find that this is the case with the different kinds of retail insurance available, as not all of the options on offer will necessarily provide the same features and benefits.
For example, if you go to a traditional insurance source you may be offered commercial insurance, and in some cases this may well cover your own individual needs but, in many cases, it may only go so far. A standard business insurance policy may not offer you all the industry-specific elements that you need.
In some cases you may even find that you are viewed as being a high risk when it comes to certain things simply because you work in the retail sector. All of the shop insurance features and benefits that you need may be on offer to you. However, some of them may come with an additional cost simply because an insurer has classified these particular areas of protection as being high risk within your industry.
So, what do you need to consider when choosing your cover? In general terms you may be offered a basic mix of standard insurance elements, including:
* Protection for your shop – ie. buildings/contents cover as applicable;
* Protection for your staff – ie. employers’ liability insurance (this is in most cases a legal requirement if you employ any staff);
* Protection for your customers – i.e. public liability cover.
So, for example, you may want to consider other features and benefits such as:
* Glass replacement services – having 24 hour access to a glass replacement service could be extremely useful if your shop windows get damaged or are broken;
* Business interruption cover – if your shop has to close after an incident such as a fire then you will immediately lose your income unless you have this benefit which could assist you financially;
* Flexible stock insurance – most shops won’t hold the same amount/value of stock year round. Busy periods such as Christmas could, for example, see you with increased stock holdings. This kind of cover has built in flexibility to increase your stock insurance coverage during pre-defined times.
The benefits you need as part of your retail insurance policy may be different from those of your neighbouring shop owners and you may find that many standard commercial insurers cannot take this fact fully into account. You may want to consider getting some expert help before you buy a policy to ensure that you get suitable cover for your needs.
Fiona Kent is the Marketing Manager at yourinsurance.co.uk, specialist insurance brokers providing public liability cover for small and medium sized businesses. Catering for over 500 professions, to complex public house and multi-location retail businesses, We are experts in ensuring you have the right business insurance in place
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