Is my shop covered?

With the country opening again recently, business owners have been able to return to their livelihood. If you are returning to your shop, bakery or tearoom, this is the type of cover you will need to look at and review.

Shop insurance 

Shop insurance  is an overview term for policies such as bakery insurance, butcher’s insurance and other covers for businesses of this nature.

They can include cover for employer’s liability, public liability and product liability, as well as other more specific covers such a business interruption, shop premises insurance and stock and contents cover. These policies are designed for shops from newsagents to pet shops and everything in between.

They provide protection from unexpected events and give that peace of mind feeling, knowing you have a tailored policy to incorporate all your needs.

Including a range of insurance policies under one policy is much easier to manage, you will have one renewal date and won’t have to spend long hours sorting through your different covers. The shop policy also makes the claims process easier and quicker as it is all under one policy.

Shop premises insurance 

Sometimes premises insurance is not required. If you rent your shop’s premises from a landlord, then it is quite likely you won't need this policy; however, if you own the shop, then shop premises insurance can cover the costs of repairing damage to the building - this can be things like storms, fires, floods, earthquakes and vandalism.

Stock and contents cover 

Regardless of the shop you own, if you are selling a product, you rely on stock to keep you in business and provide your customers with the items they are looking for.

Stock can be damaged from several unforeseen problems. For example, your fridge and freezer may break down, leaving your refrigerated products to go off. This can cause large financial losses depending on the scale of your stock.

Stock insurance can protect your shops ingredients, merchandise and goods, and provide compensation for replacements.

Contents cover provides cover for personal belongings kept in the premises.

Other items can be added such as business equipment needed to run your shop. It is always a good idea to investigate this cover as well.

Portable equipment cover 

This cover is for people that may have portable items which play a part in the business. Some businesses need multiple phones, some need more specific items such as coffee machines or pet cages. Portable equipment cover can provide compensation for replacements should equipment be damaged or stolen.

When looking at your cover, it is important to check your standard contents cover to see if portable equipment can be covered. If not, this is what you will need to look at.

Business interruption 

This may be the most relevant, now, with businesses just being able to open up again after being involuntarily closed. This cover can protect you in the event that your business suffers a loss of income due to a disaster or loss in unforeseen circumstances.

Things like a hold up of stock, loss of license or even natural disasters such as flooding, fire or storm damage can make trading impossible. Therefore, it is important to get up back up and running as quickly as possible.

Product liability 

This policy covers your shop against claims of personal injury or property damage caused by products sold or supplied through your business. Even if you don’t manufacture the products yourself, you may still be held liable, especially if your business’s name is on the products you sell, or you’ve repaired or made changes to said products. Faulty products can impact the reputation of your shop, especially where online reviews are concerned. Product liability can cover the costs of any compensation sought.

Employers liability 

With your staff being the backbone of your business, how they’re treated becomes reflected in the customer service they themselves provide. Staff like to know that they’ll be taken care of should an accident happen, and that their managers and bosses have their best interests at heart. Employers’ liability protects shop owners against the costs of employees making claims for compensation – for example if they become unwell or suffer an injury due to working with, or for, you.

Fixtures and fittings cover 

Many businesses rely on the design of their shop to draw people in: big signs, colourful displays and other design elements help bring business in. This policy covers loss of, and damage to, these key pieces, as well as any structures you have built yourself. Any branded signage can also be covered.

Read more of our blogs HERE:

Construction – managing your liquidity challenges

COVID-19: How to reduce the risk of employers’ liability claims

Have any questions? please don't hesitate to contact one of our team

David.baker@ascendbrokingold.co.uk  |  Office: 01245 449060  |  Mobile: 07849 351919