Insurance for Shops and Retail owners.

Business insurance for shops typically offers protection for your shop or retail business in the event of fire, flood, storm, or theft. You must also consider cover that protects your customers, your staff, and yourself in the event that an unexpected event occurs.

Shop insurance, or retail insurance may include the following types of insurance:

If you have a premises and it is open to members of the public, then you will need public liability insurance. 

Public liability insurance will protect your business in the event that someone is injured or their property is damaged while in your shop or by the operation of your business and will usually cover any compensation and legal fees if you are found to be liable in the event of a claim.

If your shop sells, makes, repairs, or services items or products then you will usually need to have product liability insurance.

You may take the utmost care with products that you sell, make, repair, or service but things can still go wrong. Product liability insurance offers protection where there is a problem with one of your products and you are found liable for injury or property damage to another person.

Your retail business may not need professional indemnity insurance but if your service includes offering your professional advice to customer, eg. an optician, then you may need to protect yourself with professional indemnity insurance or medical malpractice insurance. 

If a customer claims that you were negligent or that your advice caused them injury or financial loss, professional indemnity insurance will generally cover legal fees in defending yourself and any compensation awarded.

Treatment risk insurance typically offers protection if you have a hairdressers or beautician business or shop.

Treatment risk insurance offers protection where a customer claims that the treatment they received in your shop caused them injury or harm. This type of insurance will typically cover the cost of legal fees as well as any award of compensation made.

If you have any employees, even part time, casual, or voluntary employees (such as family helping out or students on work experience), then you would be advised to have employer liability insurance.

Employers liability insurance offers protection where your employee becomes ill or injured as a result of their work for your shop or business and will cover you for claims made by employees.

Employee personal accident assault cover can also be purchased as part of shop insurance or retail insurance and will offer protection in the unfortunate event that one of your staff is assaulted while working at your business.

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Your stock is essential to your retail business and you will want to ensure that your stock is protected in the event of storms, flooding, fire, or theft. 

Stock and contents insurance will cover the trade price of your stock, as well as any fixtures and fittings such as partitions, decor, furniture and shelving, when something unexpected happens. You may also be able to get cover for your stock in transit.

It is essential that you ensure that your stock is sufficiently protected, high value stock such as jewellery, antiques, alcohol, or tobacco may need to be specifically added to your contents cover. You may also choose to add cover for accidental damage to your stock and contents insurance.

Many shop or retail insurance policies include additional cover for stock at Christmas, or you may be able to specify busier seasons where you have more stock on the premises and increase the stock sum insured.

Glass cover may be included in contents cover as standard, it is possible to get glass cover that does not affect your no claims bonus when you make a claim.

Commercial property insurance usually includes stock and contents but if you are the owner of the building where your shop or retail business is situated, then you will also need buildings cover.

Buildings cover protects the fabric of the building in the event of fire, storms, lightning, floods, subsidence, escape of water, or theft and malicious damage. The amount of buildings insurance you need will depend on the rebuilding cost of the building, along with other factors. 

Depending on where the building is located, it can be difficult to get cover for flooding and/or subsidence, so check what is covered when you are purchasing buildings cover.

Business interruption cover offers protection where you are unable to trade or operate your shop or retail business in an insured event such as fire, break in, storm or flood.

Business interruption cover is invaluable and is usually included in commercial property or commercial combined type business insurance for shops. 

This type of cover offers financial protection to keep your business afloat where you are prevented from trading and generating income, or where there are increased costs associated with operating from an alternative premises.

If your shop or retail business deals with cash during the day or stores cash overnight, then you will need money cover as part of your shop or retail insurance.

The level of cover you require will depend on the security measures in the premises, as well as the amounts of cash that you typically carry or store overnight, and whether or not you require cover for cash in transit. If your shop has an ATM, you may also be able to cover the money in the ATM.

If your shop sells online, has a computer system, or deals with sensitive customer data, for example, you may need cyber insurance.

Cyber insurance offers protection in the event of cyber crime, or a data protection breach, and offers technical support or assistance, reputational management, as well as financial protection in such an event.

Employee fidelity insurance covers theft or dishonesty by employees. Even though you trust your employees, it is important to protect your business. 

Employee fidelity cover in your shop or retail insurance protects your business from loss associated with employee dishonesty, theft, or fraud.

If your shop or retail business uses a car or van, you will need to protect it with commercial  motor insurance or van insurance.

Personal motor insurance will not cover your car or van for commercial use and you will need specific motor insurance. It is against the law to drive without adequate motor insurance in place and you will require insurance cover to operate your business vehicle or van.

Shop insurance for a retail business may be more affordable than you think. You may not need all of the forms of insurance outlined, and the best business insurance will be tailored to suit the type, size and nature of your business. 

Factors unique to your shop such as the products you sell, your location and footfall, and your turnover and staff will all be taken into account in considering the best insurance cover.

Your previous claims, as well as your staff training,risk management, and the security of your premises will all be taken into account and you will need to provide details to any potential insurers.

If you have a shop or retail business, it is important to protect the business from unforeseen events.

Our specialist business insurance advisers can find you the best shop insurance for your retail business. 

Call us today, or fill out our online assessment and we will find you a quote for your needs and budget.