Shops Insurance
A Dedicated and Experienced in House Claims Team
We create insurance solutions to meet your needs
Assistance with Risk Management
Expert Advice from Over 60 Years of Experience
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.
Supply Chain:
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.
To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk
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Property Owners
If you own a property it is important to have appropriate insurance covers in place.
Business Interruption
We would always recommend insuring on a Gross Revenue / Gross Profit basis, together with additional costs as from experience following a loss, the policyholder would have to spend more money than necessary in order to keep the business functioning
Directors & Officers Liability
In today’s rapidly changing business climate, regulators are increasingly more vigilant about internal controls and corporate governance meaning the need for superior Directors and Officers Liability cover has never been greater.
Professional Indemnity Insurance
Professional Indemnity insurance will cover expenses incurred in your defence if you are alleged to provide inadequate advice, services, design or specification resulting in your client losing money.
Cyber Liability & Financial Crime
During the last five years there has been a dramatic increase in the number of cyber attacks and financial fraud to businesses throughout the UK.
Crisis Management, Kidnap & Ransom
Business people making trips to high risk countries around the globe can put themselves at risk from kidnapping, ransom and other types of crises.
Terrorism
Have you considered Terrorism Insurance? Did you know that Terrorism cover is a standard exclusion from all UK insurance policies?
Hauliers/Freight Forwarders Liability Insurance
As a haulier operating for hire and reward or a Freight Forwarder, you are exposed to claims in respect of your legal responsibilities for injury to your employees and public, together with property damage arising from your activities.
Marine, Transit & Cargo Insurance
Cargo comes in all shapes and sizes and insurance plays a vital role in covering you from a variety of incidents that can occur while in transit.
Legal Expenses
In the event of legal action, having an insurance policy to cover your costs is vital for your business.
Commercial Combined
Commercial combined insurance is designed to provide cover to protect you against risks to your business and can be tailored to your requirements.
Computer Insurance
Every business in the world now relies on computer and technology in order to keep its operations on track.
Employers Liability
Employers’ Liability insurance is a legal requirement and failure can lead to you being handed significant fines.
Products Liability
Having Product Liability Insurance is essential for your business if you supply a product.
Public Liability
Public Liability Insurance is essential cover for businesses offering protection against compensation claims if clients, suppliers or the public suffer injury or property damage because of your business.
Contract Works Insurance
Whether your building project is straightforward or complex, you should have a contract that clearly outlines the project’s essential details.
Employment Practices Liability
Employee litigation is currently on the rise, making it even more essential to have Employment Practices Liability Insurance in place.
Engineering Inspection Cover & Machinery Insurance
It is a legal requirement for regular engineering inspections of lifting and pressurised machinery and equipment in your commercial premises.
Group Travel Insurance
Having company Travel Insurance is beneficial to protect the key people of your business who regularly have to travel.
Machinery Movement
Machinery Movement Insurance covers you for any installed machinery or equipment in your possession at a specified location.
Motor Fleet Insurance
Motor insurance is a legal requirement, and Motor Fleet Insurance is a more flexible approaching to insuring vehicles used by a company.
Motor trade insurance
Motor trade insurance is a vital requirement for anyone buying, selling or running a car garage.
Tradesman Insurance
There are thousands of different tradesmen all with varying needs of insurance due to the levels of risks with their work.
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