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A Shop Insurance Policy is primarily designed to provide cover for all areas of a retail business with a commercial premises.
Any shop owner has several risk factors that could damage their business, from customers and employees to suppliers and manufacturers.
It is therefore vital that all potential risks are covered in order to protect your business from any liability claims and potential damage to your goods or premises.
As a specialist broker with years of experience in this sector, we understand the difficulties of your business and can create a tailored policy to suit the style of retail shop you have.
Essential cover in Shop Insurance
Although we will carry out an assessment of your business, there are certain aspects of shop insurance that we deem as essential as part of your policy.
- Public Liability - Having this insurance ensures you are covered if a third-party is injured on your premises.
- Business Interruption - Ensures your outgoings are covered if your business has to stop trading due to theft, damage or supply issues. This policy keeps you going while your business can get back to normal.
- Shop Contents Insurance - Cover for any item that is not fixed in the building. This may include stock, furniture, or computer equipment such as tills.
Essential if you own your premise:
- Shop Buildings Insurance - If your premises are rented, buildings cover should be held and paid for by the property owner. This covers any damage to the premises, including anything that is fixed to the building.
- Rebuild Cost - Should a major incident occur at your premises such as a fire or storm, rebuild cover ensures you are covered for major repairs or to start again from the ground up. The cost is detailed in the deeds or obtained via a surveyor.
A Package Policy
Shop package policies are made up of various types of insurance cover which are designed to cover standard risks and can be a cost-effective way of getting cover designed to suit the needs of your business.
As a business you may be dependent on particular suppliers, and this can bring increased risk exposure and challenges. From adverse weather to the supplier’s own operations and the impact on IT downtime, bottle necks can occur at your premises which in turn reduce turnover and reputation. It is important to talk to your suppliers to make sure they have addressed their own risks. A robust insurance programme covering suppliers can help should the worst happen.
Optional features of Shop Insurance
- Legal Cover - This is to help with legal fees when involved in legal action against a third party. Legal cover is not usually found as a standard policy feature but can be requested as an optional add-on to your policy
- Glass Cover - Cover to replace glass if shop front or other windows are damaged.
- Loss of Licence - Cover for the loss of income following a loss of license such as alcohol.
- Frozen Stock - Cover for the loss of frozen stock due to mechanical or power cut issues.
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