Shops are not often considered particularly risky environments, and yet they can still present risks that can lead to compensation claims that can seriously affect the running of your business. To get protection for a wide range of potential risks that you may face, shop insurance is often considered a good investment.
Why you may need shop insurance
Running a shop has enough challenges without having to worry about the threat of something going wrong and placing your business at risk. It could be something as common as someone tripping over in your store and hurting their wrist, but the consequences can be potentially serious should you find yourself defending yourself against a claim for compensation.
There are also many other potential risks to your stock, money and contents that could affect the running of your business. Shop insurance makes sure you have the essential cover in place so that you can focus on your work without having to worry unduly about the financial consequences of something going wrong.
What does it cover?
Shop insurance can cover a large number of possible events, but it is important to remember that all policies differ slightly. However, you may typically find the following insured events covered:
- public liability is often included on a policy because the public may spend a lot of time on your premises. This provides financial assistance should a member of the public become ill or injured on your premises and claim compensation;
- product liability may be required in case one of your products causes illness or injury to a customer;
- employers’ liability is a legal requirement if you employ staff, and it may be included on a shop insurance policy;
- business contents cover, which could include items like the cash register and counter;
- financial assistance should you be unable to trade due to an insured event like a flood or fire;
- theft of business money, either in transit or on the premises;
- goods in transit;
- building insurance, which may be required if you own the premises.
Things to look out for
Make sure you find a suitable policy for your type of shop, which means one that covers the risks associated with your business and the type of stock that you sell.
If you have a kitchen in your shop, this could affect your policy due to the greater risks associated with kitchens, so make sure you find suitable over.
On certain policies you may be able to arrange a seasonal increase for your stock if this affects you.
Protect your shop
Shop insurance is designed to cover all of the potential risks that may affect the running of your business. Insurance policies can differ depending on the provider, and they can also differ depending on the type of shop that you run.
You should make sure that you find a policy that covers the most important risks for your particular shop, so always ask the provider about this before you take out your policy to ensure you find the most appropriate cover for your needs.