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Intro
From a baker or deli to a tailor or toy shop, your shop is a customer-facing business with footfall each day. As a business owner, you are responsible for the welfare of your customers and staff. Shop Insurance protects your high street business against the pitfall of various risks and claims. By protecting yourself, you are in turn protecting your customers and staff, ensuring they are protected in the event of an accident. It is possible in the daily running of your retail business that customers may injure themselves, or become ill through one of your products if you serve food or drink. Protecting your shop from other perils as well such as flooding or fire is important in protecting the future of the business.
With Full Time Cover, we can set you up with a quote and instant cover in under 5 minutes on the phone. Talk to one of our specialist insurers to see how we can help your shop today.
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Key Features
- Stock & Contents Insurance
- Personal Accident
- Product liability Insurance
- Buildings Insurance
- Public Liability Insurance
- Employers Liability Insurance
- Business Interruption Insurance
What are the types of cover?
Your stock is what is essential for your business so it is important to protect against potential claims such as theft and fire. Remember, Your stock is insured for trade price, not projected profit so it’s important to give the correct amount and don’t end up over-insured. Also consider stock values at your peak times e.g run-up to Christmas Holidays. Some items are also high risk for being stolen during this period so consider the cover for high-value items – particularly electrical goods.
Your Contents Insurance covers everything from furnishings and shelves to computers and tills. Wall art and mirrors, even staff personal belongings. Imagine someone tipping your shop upside down and counting what falls!
This is an important optional extra to consider for all business owners. If you were injured in an accident and unable to provide cover for your shop forcing you to close, personal accident insurance would cover you for loss of earnings.
Our Shop and Retail Insurance includes public and product liability cover, as standard, to ensure the core risks associated with your business. If you are selling food or drink, product liability insurance is especially important in case one of your items makes a customer ill. Public Liability covers you if a member of the public is injured on your premises, or if you damage their property. If you were to be sued on any of these grounds, public and products liability insurance would cover your costs. We can offer cover from £1 million to £10 million, subject to criteria
This is the only insurance that is a legal requirement – If you have employees, contractors, casual workers, or temporary staff unless they are family. We can cover you up to £10m if necessary.
Most shops will be insured for damage to their buildings and contents from floods, fire, or other unexpected disasters. But these policies often won’t cover you for lost revenue if you’re unable to trade. Business interruption insurance could provide you with funds to pay staff, refill stock and rebuild your business
Business Interruption insurance is usually sold in 12, 24, and 36 month periods. Typically, most often for shops, it is 12 months.
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FAQs
This will largely depend on what sort of shop you run. If for example, you specialise in jewellery or antiques, you would need high levels of stock insurance. If you run a boutique shop with big displays and potentially wall art, you will need higher level contents insurance. Our advisors are on hand to help with any questions.
Always base your totals on your cost amount, not the sale price. This will ensure you are covered correctly and not over-insured, and overpaying. In the event of a claim, it will be the cost amount that is claimed back so making sure you have the correct amount will bring your policy price down.
Things that can often be missed by shop owners during a call:
What security measures have you got in place? CCTV? Intruder Alarm? Safe? The more specifics you can give, the better an understanding we get and this reflects in your premiums. What I the value of your stock and contents? What is your claims history? If you have any claims, what were they for? And helpfully – what did you do to ensure they don’t happen again?
Yes, please ask about our low-interest instalment plan.