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What is shop insurance?
If shop premises are damaged, or stock is lost or stolen, the cost to put it right could mean the end of the business. Having shop insurance in place can give peace of mind should anything go wrong.
Obviously, a shop can be anything from a sole trader right through to a multi-site retail chain. The insurance policies for each will be tailored to each shop owner’s needs, but there are a few principles most shop insurance policies will have in common.
By comparing quotes from a range of providers you can find the best cover for your shop.
Who needs shop insurance?
If you sell any kind of product from your premises, you are likely to need shop insurance. Businesses that need shop insurance include
- Florist Insurance
- Butchers
- Bakery
- Coffee shop
- Hardware shop
- Newsagent
- Grocery store
- Convenience shop
- Kiosk
- Retail chains
- Pop-up shot
- Fast food
- Fish and chip
- Pizza delivery
The level and type of covers vary depending on the type of stock sold, the number of employees and the location or premises.
Types
Most shop insurance policies are built around core elements like public liability and employer’s liability cover. Other types of insurance can be added to a basic policy to cover any aspect of your shop business.
Public liability cover – As most shops will be open to the general public, public liability insurance is essential. If a customer is injured or hurt on your premises, public liability covers the cost of any resulting legal claim. If a compensation payout is ordered, public liability cover for your shop will also protect your business.
Even if you only operate a small shop, the minimum level of cover required is £1 million, although policies are available with up to £10 million cover.
Employer’s liability – Accidents can happen in a shop, both to customers and staff. Employer’s liability covers any if a serving or ex-employee brings a claim. For example, if a staff member injures themselves at work. Or, if an ex-employee brings a claim for unfair dismissal. Regardless of the size of your shop, employer’s liability insurance is a legal requirement. Your business could incur a fine if this cover is not in place.
Product liability – Any products you design or sell in your shop could be faulty. If a faulty product causes injury or damage to a person or third-party premises, product liability coverage limits the expenses your business will incur.
Even if products are given away for free, it is worth having the right kind of cover. Free products can fail just the same as paid-for ones!
Premises insurance for your shop
Buildings insurance
Stock insurance
Business interruption insurance
How can I get cheap shop insurance in the UK?
The cost of cover will depend on factors like the size of your shop, the type and value of what you sell, and what type of premises you have. Generally, by reducing the level of risk associated with your shop, you may be able to lower premium costs.
- Have adequate security measures in place to reduce the risk of theft. This might include CCTV, store security or alarms
- Keep all shop premises well maintained, and repair minor damage wherever possible. Shop insurance policies will not usually cover general wear and tear.
- Have the right cover for your industry, and don’t pay for the cover you don’t need. For example, a clothes boutique is unlikely to need cover for frozen food losses if a freezer fails.
- Ensure all staff have relevant and up-to-date health and safety training to reduce the risk of illness or injury.
- Know the value of your stock. Ensure you are not paying over the odds to cover stock value you don’t need.
- By comparing a range of quotes from different shop insurance providers, you can tailor the amount of coverage so it is right for your business.
