There are several types of shop insurance cover that retail businesses should consider. These include:
- 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 perils such as flooding, a fire or theft.
- 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.
- Specified all risks: Provides for for loss or damage to specified equipment such as laptops and mobile phones whilst they are away from the business premises.
- 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.
- 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.
- Stock insurance: Provides cover in the event that your stock is damaged through fire or flooding, or if it is stolen.
- Stock of Fuel: Provides cover as a direct result of damage to any storage tank, equipment or piping.
- Business interruption insurance: Provides cover for financial losses if your business can’t operate from its normal retail space due to insured perils such as fire, major theft or a flood. This includes things like loss of income and rent.
- 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 whilst in transit to and from your premises or lost while being delivered by post or courier.
- Theft of takings insurance: If you take payments in cash or your business deals in cash, then you may want added protection in case of theft from you, anyone working for you or your premises. In addition, this type of insurance will also cover money that is in transit during your office hours or that is left locked in your office overnight.
- Legal Expenses: Cover in the event of employment disputes, legal defence costs, contract disputes, Tax, VAT, PAYE and NIC investigations and more.
- Cyber insurance: Provides cover against data breaches or cyber hacks that affect your computer systems and networks.
These are just examples of some of the types of shop insurance policies that we look after at The Yorkshire Broker. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
