If you own a shop, whether it’s on the high street or online, you need a shop insurance policy.
There are many package shop insurance policies available that include the sort of cover you need. There are policies for sole traders, partnerships and limited companies. Some types of insurance are included as standard, others are optional.
Trying to work out exactly what retail insurance you need, or which retailers insurance policy is best, can be tricky. There are lots of things to think about. Here are a few questions to consider
- What insurance must I have by law for a shop?
- How do I decide on the right sums insured?
- What if I trade online as well as from the shop?
- How do I insure a shop with a flat above?
- Do I have to declare that part of the shop has a flat roof?
- What if I also work at other people’s premises?
- What if my shop doesn’t fit into one particular category?
- Why do I need business interruption cover?
- What should be insured under tenant’s improvements?
- Is there a limit on the amount for damage to shop front glass?
- Does the insurance automatically include increased cover for extra stock in the run up to Christmas?
- What sort of locks are on the shop doors and windows?
- Do I need an alarm and does it need to be maintained by an approved alarm company?
- What is a reasonable excess?
It is important to make sure that you have the right shop insurance cover at a competitive premium. It is usually best to speak to an independent business insurance broker who understands shop insurance and the issues you need to deal with and can advise you which types of insurance cover you need. They have access to many different insurance companies that offer shop insurance and will compare the market on your behalf.
A specialist commercial insurance broker will advise you about any policy conditions and warranties you should be aware of and will be on hand throughout the year to help you if you need to make changes to, or have any questions about, your insurance. More importantly perhaps, they’ll be there to help you if you need to make an insurance claim.
Look for a local insurance broker that specialises in business insurance and offers a personal service. They will usually compare several quotes from different insurance companies, on a no obligation basis, and then recommend the product that best fits your requirements.
You can go on the internet and buy shop insurance online but you'll need time to fill in all the forms, and you’ll be on your own if it comes to a claim.
The types of insurance cover you might include in a shop policy include:
- Insurance for your shop building and contents
- Business Interruption (Loss of income) Insurance
- Public Liability Insurance
- Product Liability Insurance
- Employers Liability Insurance
- Glass Insurance
- Goods In Transit Insurance
- Computer breakdown insurance
- Money Insurance
- Personal Accident Insurance
- Commercial Legal Expenses Insurance