If you sell products and services from a shop or e-commerce website then you’ll need to consider retail insurance. As we’re sure you’ll know, retail businesses and shops can be threatened by a number of risks, such as theft and flooding, and it’s therefore essential to ensure that you have the right protection in place if things go wrong.
Whether you run a flower shop, clothing store, eBay shop or café, find out how Business Line Insurance could help you find retail insurance that can protect your business and meet your needs.
What is retail insurance?
Retail insurance is very similar to business insurance in that it provides cover for a range of businesses needs, especially those that are more specific to the retail industry where premises are usually customer-facing.
Types of retail insurance policies
There are several types of retail insurance cover to consider. These include:
- Business contents insurance: This will provide cover for the interior elements of your shop, such as fixtures and fittings, equipment and any furniture.
- Business equipment insurance: Provides cover for the things that your retail business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
- Public liability insurance: Provides protection if your retail activities kill or injure a member of the public or damage their property. For example, if someone slips over in your shop as a result of the floor being wet, this will give you some protection in the event of a claim.
- Products liability cover: Provides cover if an individual suffers damage or injury as a result of a product that you designed, repaired or serviced.
- Employers’ liability cover: If you employ any member of staff (including permanent, temporary, contractors or freelancers), then this is a legal requirement. The minimum level of protection is £5m, which will cover the cost of compensation claims if they get injured or ill while working for you.
- Buildings insurance: If you’re responsible for insuring the building where your retail business operates, this will provide cover for your shop in the event of flooding, a fire or theft.
- Business interruption insurance: Provides cover for financial losses if your business can’t operate from its normal retail space due to fire, major theft or a flood. This includes things like loss of income and rent.
- Stock insurance: Provides cover in the event that your stock is damaged through fire or flooding, or if it is stolen.
- Online shop insurance: If you sell products from home via websites such as eBay, it might be worth looking into getting online store insurance, as some home insurance companies do not cover home-based businesses. Online shop insurance covers many of the same elements as insurance for a physical shop and can provide additional peace of mind against cyber security threats and data hacks.
- Goods in transit cover: This will provide cover if goods are damaged or lost while being delivered by post or courier.
- Theft of takings: If you take payments in cash, then you may want added protection in case of theft from you, anyone working for you or your premises.
These are just examples of some of the types of retail insurance policies that we look after at Business Line Insurance. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
Do I need retail insurance?
If you run a retail business, the only type of business insurance that you are legally required to have is employers’ liability insurance if you employ staff. Although other retail insurance policies aren’t a legal requirement, they can help to provide important financial reassurance in the event of things going wrong. Would your retail business be able to keep operating without this protection in place? How quickly would you be able to get back up and running? These are important questions to consider when deciding what cover to get.
The cost of retail insurance
At Business Line Insurance we understand that cost is important to your retail business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
How much retail insurance cover do I need?
The amount of cover that you require depends on the type of commercial retail insurance policy that you are looking to take out. When it comes to elements such as stock, you will usually be able to insure this up to a certain value. With this in mind, it is important to remember that you should insure your stock at its cost price, rather than its retail price which is often higher. The reason for this is that your insurer could consider this as overvaluing the items, and this may result in any claims being made invalid in the future.
How can I get retail insurance?
Business Line Insurance have a team of specialist advisers ready to help you get the right protection in place for your business.
We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact Glenn Bowles by calling: 020 3058 4309.