So what should your shop insurance cover?
If you are looking for retail shop insurance there are particular items on the agenda that require inclusive protection. The first and perhaps most obvious item, is building and contents cover. This will not only protect you in the event of theft of money, stock, or equipment, but also from the threat of flooding, fire, and storm damage or other natural disaster. This is usually included as part of any insurance policy, but always check to ensure the extent of coverage available to you.
Another very important section in your shop insurance policy is that of liability. Liability can be divided into two sections: public liability and employer's liability. Again, when you are looking at retail shop insurance, you need to have coverage for both of these items. Let's look a little more closely at each of them.
Public liability insurance is the coverage provided in the event of a personal injury claim of a third party whilst on your property. Say, for example, a careless employee has mopped up a spillage but forgotten to leave the 'Caution: Wet Floor' cone somewhere easily visible. A browsing customer slips on the slick floor surface and breaks her arm. She now has a case against you to claim financial reward for her injury. If you do not have public liability insurance, your business needs to front the cost of her claim. Some insurance providers will also offer legal assistance; as an uninsured, this would also be a higher financial responsibility to your business. This is adding up to a significant dent in your profit, particularly for smaller businesses, and especially in the event that said customer could then bad-mouth your store, damaging your reputation.
We can use the same example for one of your employees being injured while at work. Employer's liability insurance will protect your business against a claim of negligence should it be an employee falling and injuring themselves. Another key area where employer's liability insurance is important is in circumstances whereby employees must use machinery or other equipment to perform tasks for your business. If a piece of equipment is faulty and its use results in personal injury, the business is liable. Your insurance policy will cover your business against this claim.
The last element of coverage your business will require is that of 'business interruption'. This clause is required to cover the possibility of a wide range of events, including, but not limited to, electrical failure, flooding, fire, gas leak, or other occurrence that will result in a loss of profit because the business is temporarily inoperable. Often, this will also cover loss of income due to loss or damage of goods in transit.
A comprehensive retail shop insurance policy will assist your business in staying in operation should the worst happen. In particular, small businesses cannot afford the loss of income or additional expenses that can arise due to a variety of potential events. Your insurance coverage is there to protect your business. You'll often find the best deals for shop insurance or public house insurance are available if you go online.
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