Shop insurance provides you with a means to protect your business and provide for your employees should an injury or theft occur in the workplace. There are a range of elements that insurance will cover, which can often be tailored to suit your business needs. One important thing that your insurance must include is employers' liability insurance. This is (in most cases) compulsory insurance that all employers are required to have for all staff members. Other insurance protection that you should consider includes public liability insurance, as well as stock and inventory, building and contents, business interruption and theft insurance.
Employers' Liability and Public Liability - If you've hired employees then you must make sure that your insurance policy includes employers' liability cover. This should be high on your list of priorities, as it is a legal requirement in the UK (though there are some exceptions). Following this, you might wish to consider public liability insurance. Public liability can provide insurance if a member of the public is injured when in your shop or retail premises and will offer protection should a third party (such as a courier) be injured while on your property. These coverage options will preserve your finances should any accidents occur on your premises.
Stock Cover and Goods Cover - Running a retail store or shop means you will have inventory that you keep stored on your premises. Shop insurance should include this coverage, as your business would undoubtedly come to a standstill if your stock was lost in transit or stolen from your premises.
Business Interruption - If something happens that causes your business to be interrupted at any point, then you face financial loss as a result of not being able to open your shop to customers. When you take out business interruption insurance, you can get protection against losses resulting from a temporary shutdown due to an insured scenario.
Employee Cover - Not to be mistaken for employers' liability insurance, employee cover protects your business if an employee is responsible for theft or loss of inventory. While every employer would hope that it doesn't happen, if you find that a staff member has stolen from you, then you are usually covered when your shop insurance includes employee cover.
Money and assault cover - If you want to insure your business against robbery or theft of proceeds, as well as any injury that these may lead to, then money and assault cover could be a consideration. If robbery or theft takes place and an employee of the business is injured, then the assault cover will typically provide compensation to the injured party. This also includes loss of money if the employee is taking proceeds to the bank.
Building and contents cover - Unlike stock cover, contents cover protects shop fixtures and fittings, as well as any electrical equipment your business uses. Shop insurance with building cover can protect your business premises and help preserve this business asset if the need arises to make a claim.
Taking out shop insurance can protect your business against all the unforeseen events that could result in financial loss to your business. It can be complicated to understand the full range of requirements for running a retail business. If you are unsure where to begin and what you need to full insure your particular shop, then an insurance specialist can help you. They can look at your particular business needs and offer you advice on what will cover your business most comprehensively.
Jason Hulott is editor of Small Business Cover, a new and exciting website offering pertinent shop insurance information to those who run a small business, whether they are a one man band, a husband and wife team (like us!), or a small to medium business enterprise with a number of staff. You can get a free no obligation quote by calling us on 0800 316 5231
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