If you compare quotes for small shop insurance rather than approaching just one broker or insurer, you will benefit from talking to a wider range of specialists, find out about different benefits available and understand more about your shop insurance options.
There are a number of different options for shop insurance. It is important you consider what you need to insure for your small retail business. Whether you have a franchise or you are setting up your own small shop, think about what risks there may be and what you need to cover.
Here are some of your options:
- Public Liability Insurance - Covers claim for compensation from customers, for example if they fell over in your store.
- Employers' Liability Insurance - You must have this if you employ any staff even if it is on a temporary basis. It covers the cost if an employee claims for an injury.
- Contents/Stock Cover - There is a lot of your money tied up in stock. If it was ruined by a flood or stolen, you would need to replace it. You may want to include cover for accidental damage.
- Buildings Cover - Consider this if you own or are responsible for the building. You may also want to make sure there is glass cover as shopfronts are prone to vandalism.
- Goods in Transit - You have just picked up some stock from your wholesalers. What happens if you are involved in an accident on the way to the shop and the goods are damaged?
- Business Legal Protection - Any legal action can be expensive, whether it is an employment tribunal or a civil action from a customer.
- Product Liability Insurance - This is just in case one of your products has a fault and causes either an injury or damage to property.
- Business Interruption Insurance - If you have a fire in the shop, your buildings and contents insurance should cover what is damaged but you won't be able to trade for a while.
- Personal Accident Insurance - If you are running your small shop single-handed and you have an accident, PAI can help with bills while you get back on your feet.
By entering just a few details we will select from our specialist panel of over 35 insurers - those who focus on your type of business and will be able to assist you in your search - and ask them to provide their best quotations for you.
Up to five of these insurers will then contact you and you can discuss in more detail all your requirements for small shop insurance. This saves you ringing around lots of insurers, giving the same information multiple times only to discover they can't help.
Are you looking for insurance for your florist shop? Are you setting up a small art gallery? Do you want to sell your home made cakes from a premises? Are you opening a temporary shop for Christmas? All businesses are different and that is why talking to an insurer about the finer details of insurance for your store is important.
You do need to be aware that many policies have a range of exclusions so read the policy's terms and conditions and any accompanying paperwork carefully. You do not want to find out about it when you come to make a claim.
It is also well worthwhile asking insurers as to changes you could make to reduce the premiums. For example you might find that additional security or shutters are a worthwhile investment but you won't know if you don't ask.
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This content was last reviewed on 14/11/2023