Anyone owing a shop or retail business may want to give some thought to ensuring adequate shop insurance is in place. There may be attractive benefits to taking out insurance to protect your business, particularly with a tailor made insurance policy.
When looking for commercial property insurance you may wish to consider:
- protection for the interior and exterior of the shop against threats such as fire and flood. Your shop may be out of business for many weeks while repairs and a clean up are made due to either of these events, for example. If you add up the lost revenue it might be thousands of pounds. You also have to factor in how much it costs for repairs and replacements of shop fittings and fixtures;
- hopefully your shop sees many customers walking through the doors each and every day. While this is great for business the downside is that with each individual there is the risk of accident or injury. Any customer that suffers an accident on or around your premises may wish to take you to court. Legal costs may add up to a large sum of money that you may struggle to find. In some cases it may mean the end of your business if you have to sell to meet legal costs;
- accidental damage to your stock, fittings and fixtures may occur. In some cases over the year you may stand to lose a great deal of money this way. Shop insurance may provide compensation for losses and with some business insurance providers this may include any loss as the result of vandalism.
As you may see from the above, shop insurance may be a lifeline if the worse happens. An insurance policy may provide protection against many events, and these may vary among commercial business insurance providers. Therefore it may pay to check out the small print and compare shop insurance policies online before you purchase.