Insurance & Risk to the Retail Sector
Everyone loves some retail therapy and with life going back to normal and the shops reopening, it is more than likely they will be busier than ever. Whether you run a fashion boutique, a family run florist or a fabulous shoe shop, you will need retail insurance with a range of policies to cover you against any risks you face.
Retail insurance from Full Time Cover will help you to make sure you have all of the policies you need to protect your business, your staff and yourself should anyone make a claim against you.
Helping shop owners protect their assets, stock, staff and customers allows them to stay focused on what is important such as customer service and ensure the shop is looking it’s best for the return to ‘normal’.
What Are The Risks That Shops Need Protection Against?
Damage to Property
It doesn’t matter whether you own or rent the building you work from, there are risks that you can face to the property. Buildings, signage, shop windows and more are all equipment that can be damaged. Damage can be caused to your property unintentionally and intentionally, regardless of what happens, it will need to be fixed.
Content insurance or commercial building insurance can help to protect your business and the property itself.
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Failure of Equipment
When you run an in-person shop it is very likely that you are relying on equipment on a daily basis such as computers, electronic point of sale systems, refrigeration systems for staff and much more.
Unfortunately. Items such as these can break down in a second and can be costly to repair. Content insurance could help you with this and will cover your business for any future breakdowns.
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Criminals
In England and Wales, there were over 359,000 shoplifting offences recorded by the police in 2019/20 and unfortunately, the stats are increasing. You can cover yourself with stock insurance to protect all of your stock should it be stolen.
Member of The Public Gets Hurt or Their Possessions Are Damaged
If a member of the public is injured when they are on your premises this could cause them to make a claim against you and your business. A member of the public could be hurt by slipping, if merchandise or other stacked materials were to fall or if there is jagged or sharp shelving. If this happens public liability insurance will help.
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Staff Becoming Injured
The customer always comes first, but it is imperative not to forget about your staff as these accidents could easily happen to them too. If you hire full-time, part-time or temporary staff then it is a legal requirement to have employers liability insurance.
If A Product Harms a Customer or Damages Their Property
Selling goods to your customers is the basics of your business. You have worked long and hard on making these products safe, however, mistakes can happen. If a product was to harm customers or damage their property, they could make a claim against you.
Product Liability insurance is a policy that could protect you in the event that something were to happen to a customer or their property as a result of your product.
Bespoke solutions for a wide range of commercial and sports clients.
The fastest growing sport and hospitality brokers in the UK.
Quality insurance, sports and hospitality and giving back.
Committed to reinvesting 20% of our profits back into charitable causes
Business interruption
Floods can happen, Fires can happen and now we know so can a global pandemic. There are a huge range of reasons as to why your business would have to close and service would be interrupted.
Business interruption insurance may cover your lost revenue for paying staff, getting everything stocked back to where it should be and ultimately help you rebuild the business.
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Cyber Attacks
As a retail business, you are a huge target for cybercriminals who are looking to steal your customers’ details. It is important to keep them protected. If you use technology to run your business then it is important to protect yourself with cyber insurance.
It is even more important in the new world where technology is at the forefront of everything we do.
Retail Insurance with Full Time Cover
Retail is one of the biggest industries in the United Kingdom and is only set to grow with the easing of restrictions. There are a range of policies that your business could need, so if you find yourself getting confused, get in touch with a member of the Full Time Cover team today on 0207 923 4191. We will create a bespoke policy for you today.