Shop and retail insurance is a type of business insurance you can take out if you run a business through a shop. This could be anything from a corner shop to a bakery or a specialist goods store. Generally, retail insurance will cover things such as contents and stock, public liability, product liability and employers liability.
Your cover requirements will vary depending on the type of business you operate, for example if you may not need product liability if you are simply selling products produced by a third party. However you will most likely want to consider stock insurance.
Central Insurance has plenty of experience in creating tailored insurance cover for a variety of retail businesses, both on the Fylde Coast and Nationwide. Get in touch today for your free quote.
Do I need Insurance for my Shop?
Legally, the only insurance you require is employers’ liability insurance (if you employ additional people). The other policies which are commonly taken out by shop owners, are entirely optional. However, additional cover is always highly recommended, and usually seen as a necessity by most shop owners. As it guards you against circumstances that could be very costly to your business.
What does Shop & Retail Insurance Cover?
Here are some of the key types of cover required for shop and retail businesses:
- Buildings insurance
Buildings are usually your most expensive asset so it is important that you have the correct cover. Building insurance will cover you in the event of damage to your property for things such as repairs right through to a complete rebuild.
- Business interruption insurance
In the case of a significant issue stopping your shop from opening, business interruption insurance will cover your overheads such as wages, bills and rent. This gives you peace of mind and time to get your shop back up and running.
- Business contents insurance
Business contents insurance will cover the contents of your shop (excluding items classed as stock), this usually includes furniture and equipment that is relevant to your business.
- Stock cover
Stock cover will protect any stock items that don’t fall under a business contents policy. This will cover your stock in the event of anything being damaged or stolen. There may be certain requirements from insurers on how your stock is stored to qualify for specific stock cover.
- Employers liability insurance
Unlike public liability, employers liability is a legal requirement in the UK. This will cover claims from employees in case of any accidents that your employees may have in your shop that cause bodily injury or damages.
- Public Liability insurance
Public liability insurance is often recommended to businesses that are open to the general public. It will cover you for any claims against damage to property, loss or injury to third parties and you are proved to be at fault this will cover the cost of compensation.
Get your quote today via the button on this page or alternatively you can call us on 01253 764294.