What Does Shop Insurance Cover?
Securing the right insurance coverage for your shop may not be the most glamorous subject in the world, but it is likely to be one of the more important. After all, shop insurance is more than just a safety net – it’s a crucial component of a successful business. So, what’s actually included in a shop or retail store insurance policy? Our experts are on hand to explain the different types of coverage you and your shop are likely to need.
Public Liability Insurance
One of the key foundations of any shop or retail store insurance policy is public liability insurance. This form of coverage is indispensable as it protects your business against claims of injury or damage made by the public. Whether a customer slips on a wet floor within your premises or sustains an injury from a falling product, public liability insurance ensures that you’re covered for the legal costs and compensation claims that may arise.
Product Liability Insurance
Closely related to public liability is product liability insurance: a critical component for any retail business that manufactures, distributes, or sells goods. This coverage protects against claims related to damage or injury caused by the products sold in your shop. If a product you sell turns out to be faulty and causes harm, product liability insurance can once again cover the compensation claims and legal costs.
Buildings Insurance
Owning the physical space from which you operate adds another layer of responsibility. Including commercial buildings insurance within your shop insurance policy can cover your shop from damages due to fire, flood, storms, and other risks. While this is particularly important for shop owners who own their premises, this can also be relevant for business owners with specific responsibilities outlined in their lease agreement.
Business Contents Insurance
While buildings insurance covers the structure, business contents insurance is there to cover what’s inside. This can include your products, fixtures, fittings, and equipment. Whether it’s damage due to a break-in, water damage, or a fire, having comprehensive coverage within your shop insurance policy is essential for retail stores where the value of contents can quickly add up.
Additional Shop Insurance Coverage Options
As well as the core coverages mentioned above, shop insurance policies can be tailored with additional coverage depending on the needs of each business. These might include:
- Business Interruption Insurance: Covers loss of income during period when you cannot carry out business as usual due to an insured event.
- Money Insurance: Protects cash within the premises or in transit to and from the bank.
- Goods in Transit Insurance: Covers merchandise and goods against loss or damage while they are being transported.
- Employers’ Liability Insurance: Mandatory if you have employees, covering claims from employees who get injured or ill as a result of working for you.
Shop Insurance from Higos
Each shop owner’s insurance policy is unique, reflecting the diverse nature of the retail industry. At Higos, our team of commercial insurance specialists will take their time to get to know the ins and outs of your own retail store to understand which risks you face. From there, we can tailor a bespoke quote to ensure you’re receiving the comprehensive protection your business needs to succeed.
For more information on our shop and retail store insurance services, get in touch today. Our friendly team are on hand to answer any questions you might have. For specialist shop insurance, it has to be Higos.