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Shop Insurance

What Is Shop Insurance? What Benefits Can I Expect and Do I Really Need it?

If you own a retail premise, it stands to reason that you should get shop insurance. This type of insurance differs from office insurance or business insurance because it meets the highly specific needs of a retail environment. Whilst other businesses and offices have equipment to protect, shops have all of those concerns as well as the significant value of their stock. We understand the difference at Quote Supermarket, which is why our shop insurance policies are specifically tailored to each individual situation and designed to meet your needs – and all for a great price.

Benefits of Insurance for Shops

This type of insurance is designed specifically for shop keepers and therefore includes:

  • Employer’s liability insurance. This is cover that retailers must have, as they have a responsibility towards the safety of their staff.
  • Public liability insurance. Again, this is essential, because shop keepers also have responsibility over the safety and wellbeing of their customers and their belongings. Generally, public liability insurance for shops goes up to £5 million.
  • Business interruption insurance. This is not essential, but a good idea to have. Say, for instance, the street your shop is in has to be closed, or that there is any kind of incident that stops shoppers from being able to reach your store. Your general business processes would hence be interrupted, leading to loss of money.
  • Optional cover for buildings insurance, meaning you do not have to get a separate policy in place for that.
  • Insurance on your stock and contents, which is particularly useful if you find your stock or the value of your stock increases over festive periods.
  • Money cover, which protects you from theft (whether from employees or shoppers).
  • Additional cover for things you feel you may need, such as goods in transit, legal expenses or frozen goods.

    Why Do I Need Insurance at all?

    There are various risks you can come into contact with as a shop keeper. You are legally liable to pay for any damage that you have caused to members of the public or their belongings. If they become ill or injured because of your shop's negligence, you are liable for making compensation repayments to them. Similarly, you have responsibility towards the wellbeing of your staff. If negligence on your part causes them to become injured or ill, or if their property becomes damaged, you will again have to pay compensation. Although compensation culture is not as prevalent in the UK as it is elsewhere, many people do claim against businesses where they have been injured or had their property damaged – and compensation claims can easily reach tens of thousands of pounds. Most businesses cannot afford to lose that kind of money. Shop insurance is able to protect from these liability issues and protect the business from the majority of problems it could face. Use our online quote service today or pick up the phone and speak to an advisor to discuss your needs and start putting that valuable protection in place.

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