What insurance products are there for shop owners?
Monday, 20 February 2012 9:27 AM
Fire, floods, theft and personal injury claims are just some of the threats that exist to retailers.
With shop and takeaway owners exposed to such a wide range of risks, you may be wondering how they trade with any peace of mind.
While there are many potential threats to retailers, there is also an extensive range of insurance products available to safeguard them against all eventualities.
The current economic climate is difficult for businesses and if you are considering entering the retail sector, you may be thinking that insurance represents an expense you could do without.
However, by shopping around and comparing business insurance quotes, you can secure cover at a price you can afford and trade safe in the knowledge that your operations are protected.
When comparing shop insurance quotes, it is important to look for value for money rather than the cheapest cover available.
Some insurance quotes are cheap for a reason - they often provide only the most basic level of protection. Spending a little extra can see you get a lot more in terms of cover, so if you shop with value for money in mind, you stand a better chance of finding the right policy.
As previously mentioned, there are numerous insurance products designed to protect retailers from the risks they are exposed to.
One of these is public liability insurance. The growth of the UK's compensation culture is well documented and with large numbers of people gathered in a restricted space, shop owners are at risk of being hit by claims from those who injure themselves on their premises.
Public liability insurance will protect you in the event that a member of the public makes a claim for damages against you.
Employers' liability insurance is a similar product, however, it is designed to safeguard you in the event that a member of staff launches an injury or illness claim against you. You are required by law to have employers' liability insurance if you employ members of staff.
You also need to think about protecting the premises from which you operate. Shop building cover will cover the building should it be damaged from fire or flooding.
Another insurance product you may want to take into consideration is business interruption insurance. The consequences of unexpected events can have a significant impact on your operations and cost you a lot of money in lost revenue.
Business interruption insurance protects you in such circumstances, giving you peace of mind that should something occur that is beyond your control, you have a safety net in place.
Stock and contents cover is also something to bear in mind. Fire or flood damage can ruin your goods, however, with adequate insurance in place, you will not feel the financial consequences.
Establishing a retail business is an expensive exercise and if it is to be your livelihood, it is important to protect it.
Insurance does represent an extra expense and in the current economic climate, it can be highly tempting to sacrifice it to save yourself money.
However, you need to think about how you would cope were a fire to destroy your premises and stock or if a member of the public suffered an injury and launched a claim against you.
The cost of such events can be substantial and could very well be the ruin of your business. The best way to avoid this is to safeguard your operations with a water-tight insurance policy.
