Shop Insurance

Shop Insurance from Prosura

No matter what you sell, whether you run a small convenience store, bike shop or manage a gift shop, it’s important to make sure you have the right insurance in place.

We understand that you just want to get on with managing your shop. With customers to serve, staff rotas to write and suppliers and stock to manage, the last thing you want to do is review insurance policy wording. It doesn’t make you any money and just isn’t that interesting!

But not having adequate protection in place could cost your business dearly.

That’s where we come in. Our experienced broking team will take time to understand your retail business in depth, then arrange suitable quotes from a range of leading insurers for you. Prosura – because you have better things to do.

What is included on a Shop Insurance policy?

Every shop is different. It could be that you sell from premises on the high street, on a dedicated retail park or exclusively on-line. You might sell high volumes of low value goods, or offer bespoke products that you design and even manufacture yourself. These specifics will need to be reflected in your insurance arrangements, but there are a number of core covers that every shop owner or manager will need to consider.

Shop liability insurance. Where you have staff working for you, even if just on a casual or part time basis, you are legally required to have a minimum of £5m Employers Liability insurance in place. It protects you in the event that a worker claims to have been made unwell, injured or suffered damage to their property as a consequence of their work for you. Public Liability insurance is not a legal requirement, but particularly if you have members of the public visiting you in your shop, it makes sense to take cover out – it works in a similar way to Employers Liability insurance, but protects you in a situation where a member of the public claims against you. Product liability is often included alongside Public Liability and protects you in the event that a product that you have supplied is deemed not fit for purpose, or causes illness, injury or financial loss.

Commercial premises and contents insurance for shops. Where you own your own premises outright, the building is likely to be one of your most valuable assets and it makes sense to ensure it is protected from fire, flood or damage. If the property is mortgaged or leased, it’s likely to be a contractual obligation to have buildings insurance in place.

Stock insurance. You will invest heavily in having the right stock on hand to meet your customers requirements. If you operate a particularly seasonal business, it could be that the value of the stock you hold at any given time varies throughout the year. Its important to ensure that you have adequate stock insurance in place without paying for cover you don’t need.

Shopkeepers Professional Indemnity. Particularly if you sell very specialist merchandise or offer advice to your customers about the suitability of a product for their needs, you could be held liable for offering any professional advice. Professional Indemnity protects you from legal and any arising compensation costs in such circumstances.

What else should be considered when buying shop insurance?

There are a number of further considerations when it comes to buying shop insurance. If you sell online, or use EPOS systems to store customer details, you should consider cyber insurance.

Do you arrange for the delivery of purchases to your customers homes or businesses? You may need to consider insurance for the goods while they are being delivered – whether by yourself, a third party courier or haulier service, or even in the post.

Shop front glass and signage cover. Particularly if you have attractive window displays with high value goods on display, you may need to consider cover for damage to the shop front. It could be something as simple as malicious damage late at night – shop front and signage cover can be arranged to cover the costs of repair or replacement to your shop frontage.

Give Prosura a call. We’ll be happy to discuss your business, establish your requirements and find you the appropriate cover that you need.

Why buy Shop Insurance with Prosura?

We’re here to let you get on with running your business by providing friction free access to expert advice and high quality insurers. We’re on hand with professional advice as your business evolves and expands.

We also give all our Shop Insurance Clients free access to PROSURA Digital Lawyer, saving them hundreds of pounds a year on Legal Fees.

For your shop cover requirements, contact the specialist brokers at Prosura today.

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