Retail & Petrol Insurance

Retail & Petrol Insurance

If you run a retail business then you’ll need to consider shop insurance in order to manage the different risks that you face. As well as theft and flooding, shops also face the threat of customers making a claim following an accident on their premises, so it’s therefore essential to ensure that you have the right protection in place if things do go wrong.

Whether you run a convenience shop, clothing shop, pet shop or petrol station, find out how The Yorkshire Broker can find the best retail insurance that will help to protect your business and stock, and meet your specific needs.

What is shop insurance?

Retail shop insurance provides cover for a range of business needs, especially those that are more specific to the retail industry where premises are usually customer-facing. A retail insurance policy will help your business to manage several different types of risk, ensuring that your shop can continue to trade and survive in the event of something going wrong.

Types of shop insurance

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.

Do I need shop insurance?

The only type of retail shop insurance that retail owners are legally required to have is employers’ liability insurance if you employ staff. However, the other types of shop insurance policies can help to provide important financial reassurance in the event of things going wrong, and will help to ensure that you can continue to pay the bills and keep operating.

The cost of shop insurance

At The Yorkshire Broker 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 shop insurance cover do I need?

For retail business owners it can be a good idea to combine cover all in one policy to make things as easy as possible, and the amount of cover that you require depends on the type of commercial retail insurance policy that you are looking to take out.

How can I get shop insurance?

The Yorkshire Broker 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 The Yorkshire Broker by calling: 01924 929070.

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