An Introduction to Retail Insurance
Getting proper retail insurance can put your mind at rest that you have adequate protection against the various risks your business faces everyday.
But what are these risks, and how may insurance cover help? Your contact with the public The risks posed by the public are potential claims for personal injury and damage to property.
For example, if someone trips over a display in your shop, or if a supplier's deliveryman catches his arm on a display stand, both of these incidents could give rise to personal injury claims.
Such claims can be sizeable, and Small to Medium Enterprises who have not got adequate cover in place run the risk of financial hardship, if not losing their business, if they have to pay damages to successful claimants from their own pockets.
As if this wasn't enough, retailers may also have to pay the legal fees of a successful claimant.
Ask your provider whether your retail insurance policy includes public liability insurance.
Some business insurance policies offer this as a standard part of the cover, so it may be worth bearing this in mind.
Your contact with your employees Employees may be another source of large claims.
If you employ staff, you may fall within the compulsory band of employers who are obliged to purchase adequate employers' liability insurance cover.
Ask your provider whether this requirement applies to you, and whether such cover is available as part of a retail policy or an additional extra.
Damage to your stock and equipment As a retailer, you may be carrying a fair amount of stock.
So consider what your position would be if it was destroyed or damaged in a fire or natural disaster.
In this situation you need to be up and running as soon as possible to reduce the impact of the disaster.
Would you be able to replace the stock with your own money? What about tills and stock management software? Would the cost of replacing these things wipe your business out? Contents cover may help in this type of scenario and serves to give some financial protection.
Where will you find retail insurance? Looking online can be a quick and efficient way to find a variety of quotes.
Look at a specialist insurance provider to see what retail insurance policies meet your needs.
But what are these risks, and how may insurance cover help? Your contact with the public The risks posed by the public are potential claims for personal injury and damage to property.
For example, if someone trips over a display in your shop, or if a supplier's deliveryman catches his arm on a display stand, both of these incidents could give rise to personal injury claims.
Such claims can be sizeable, and Small to Medium Enterprises who have not got adequate cover in place run the risk of financial hardship, if not losing their business, if they have to pay damages to successful claimants from their own pockets.
As if this wasn't enough, retailers may also have to pay the legal fees of a successful claimant.
Ask your provider whether your retail insurance policy includes public liability insurance.
Some business insurance policies offer this as a standard part of the cover, so it may be worth bearing this in mind.
Your contact with your employees Employees may be another source of large claims.
If you employ staff, you may fall within the compulsory band of employers who are obliged to purchase adequate employers' liability insurance cover.
Ask your provider whether this requirement applies to you, and whether such cover is available as part of a retail policy or an additional extra.
Damage to your stock and equipment As a retailer, you may be carrying a fair amount of stock.
So consider what your position would be if it was destroyed or damaged in a fire or natural disaster.
In this situation you need to be up and running as soon as possible to reduce the impact of the disaster.
Would you be able to replace the stock with your own money? What about tills and stock management software? Would the cost of replacing these things wipe your business out? Contents cover may help in this type of scenario and serves to give some financial protection.
Where will you find retail insurance? Looking online can be a quick and efficient way to find a variety of quotes.
Look at a specialist insurance provider to see what retail insurance policies meet your needs.