If you rent retail space or share shop space with other traders, it’s crucial that you get the correct level of shop insurance policy in place.
Business insurance for shops and other retail space is different to office insurance, and needs to be researched and chosen with your specific circumstances in mind. When you consider that your shop not only houses your stock and display items, but possibly your cash flow, data, staff and members of the public, you can see why shop insurance is so critical.
Even the smallest of shops must make sure they are adequately covered by shop insurance. Insurance needs to cover your assets against unforeseen events such as theft, fire, flood or serious damage, and against other risks. Proper business insurance gives more than peace of mind. While not a legal requirement it will help you keep your business running should the unthinkable happen.
Employer’s liability insurance is a legal requirement. If one of your staff has any kind of accident within your shop premises, you could be liable. And public liability insurance will cover you in case a member of the public has an accident in your shop. It’s essential that you have this cover in place and your business is covered against this eventuality, whether you have one staff members and a slow footfall, or a large team and a busy crowded shop.
Does your shop space include your office? If so, the shop policy will cover items used in an office such as your computers, equipment and technology items.
You stock is likely to be one of your biggest investments and one of your most important assets. Can you imagine how you’d keep business running smoothly if something should happen to your stock? And don’t forget to take into account seasonal uplifts and other factors affecting the activity of your shop-based business.
Do you own the building, or lease your shop space? If you’re the building owner, then of course you’ll need to think about buildings insurance too. If you rent, talk to the landlord so you’re clear on your obligations regarding property and contents insurance.