Retail Shop Insurance Quotes

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Shop Retail Insurance Quotes for Small Business

Protecting your small business can sometimes be a life or death situation. Never shall we underestimate the courage, dedication, and hard work it takes to run a successful shop or retail business. And if that’s you we’re talking about, you need to take advantage of the most competitive business insurance for shop quotes.

Shop retail insurance is made for the entrepreneur who operates a business where they sell items or provide a service to the public. This is also referred to as business shop insurance by some agents and is financial protection against a multitude of problems that could arise from dealing with the public.

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It doesn’t matter if your shop is located in a prime high-street location or a back-road. Every business owner and entrepreneur needs support and backup from time to time. So, what is shop retail insurance? What does it cover? And how can it help your business to survive during trying times? Keep reading to find out more.

What is Insurance for Shop?

There are a few different names for shop retail insurance. Sometimes it’s referred to as business for shop insurance and in some cases, it’s called retail protection insurance. As a shop owner, did you ever worry about a customer slipping or falling in your premises and then suing you? It happens all the time. 

Shop retail insurance protects you against numerous liabilities such as customer falls and slips, theft, employee sickness and injuries, and even property damage. Ask any shop owner who had to pay compensation to customers how they feel about that. Shop retail insurance helps you in your time of need.

Do I legally need insurance for a shop in the UK?

The only legal requirement to operate a shop is if there are employees that work in or for the shop. In that situation, an employer’s liability insurance is required by UK law. This will cover the costs of any problems the employees have, for example, getting injured or sick on the job. Their medical bills and possibly their lost wages will be covered with this policy.

What Does Retail Insurance for a Shop Cover?

The three main things that shop insurance for shop covers are illness and injury, loss of stock, and cybercrime. Let’s take a look at the individual issues that you are covered against with your policy.

Illness and Injury

If someone slips on an item in your shop or on a wet floor that’s recently been mopped and suffers an injury, you could be liable. Another example would be a customer that has an allergic reaction to a food product you sell that was wrongly labelled. Even if these issues are not your fault or caused directly by your business, you can still be liable. A solid shop retail insurance policy would cover the legal or compensation costs and for settling or defending it in court. You don’t want to be left to foot these bills from your own pocket.

Loss of Stock

You are covered against loss of stock due to a flood, fire, robbery, or any kind of theft or damage. Unfortunately, these can be occupational hazards and potential threats to any shop business. Even if you take all the health and safety precautions, sometimes bad things can happen that are not your fault. Obtaining insurance to protect your business against these issues is essential.

Cyber Crime

We live in a brave new hi-tech world where online shopping is changing the way we buy goods. If you are an online business or even a standard shop that uses the internet to take orders and communicate with your potential customers, you could be open to a malicious cyber-attack. And it can seriously disrupt your business. If a hacker breaks into your website and wreaks havoc, causing loss of revenue, you’ll be covered by your insurance policy. Don’t underestimate the dangers of hackers and poorly-secured e-commerce websites. 

What is the average price of insurance for a shop ?

The price of your insurance for a shop policy will depend on a number of factors. For example, launderette insurance will cost more to insure than a small corner shop because of higher liabilities and specialist equipment and chemicals. It will also depend on the level of and extent of cover that you require. The postcode will also be a factor, out of town normally attracting a lower premium as seen as less risk. 

The best way to find an average is to get multiple quotes from a range of brokers that deal with shop insurance. Make sure you share the same requirements so that you can compare like for like. We can help as we can offer multiple quotes from a panel of UK brokers.

What types of businesses benefit from shop insurance?

Businesses that operate for profit or even a non-profit organization can benefit from the protection insurance for a shop has to offer. The business can be a person selling food items at the local farmers market, in the local mall or a pop-up shop. All types of businesses that are providing a service or products and have a revenue stream for what they offer the public can be financially protected with this type of policy. If you provide a food delivery service or a takeaway service, fast food delivery insurance may also be required. If you operate in the beauty sector, beauty insurance or salon insurance are available and are more specific to the beauty and well business being sector  

Below, is just some examples of the types of shops that insurance for a shop is appliable to.

  • Pop up shop
  • Home Bakery
  • Bike shop
  • Ice Cream shop
  • Butcher shop
  • Sandwich shop

What types of shop retail insurance are available?

Now we’ve already discussed why you should consider the need for insurance for a shop and the benefits and coverage you receive, we need to take this one step further. You need to decide which policy suits your individual needs. Every shop and shop owner is different, and your policy should reflect that. Check out examples of the types of shop retail insurance policies that are available.

  • Public liability cover is the most important protection a shop owner can have who deals directly with the public. This section of the policy will cover the costs of any settlement and the legal bills if a member of the public claims they were injured in your shop. This injury can be from the fault of the shop owner if a customer slips and falls from the water on the floor in the shop or even if the injury from an accident that is the fault of the customer.
  • Product liability cover protects the business if a third party makes a claim they were made sick or became injured from the product you sold them or were injured from the services you provided. This cover will pay any settlement made and the legal costs of the claim if it is found to be valid.
  • Stock, content and equipment cover is financial protection if the contents, stock or equipment of your shop are damaged by no fault of your own. This damage can be from a fire, flood or even theft of items. This is the cover that makes it possible to open the shop after an incident as quickly as possible by supplying the funds to restock the shelves, fix the shelves or other items considered content or have the equipment repaired. There are some insurance companies that classify stock, contents and equipment separately. Check with the agent or broker to make sure you get the cover you need.

Are there other shop insurance policy types?

As we said, one size does not fit all. The three main shop retail insurance types might not give you the full coverage you need. So, are there other forms of shop insurance policies that offer more features? Most definitely. See some of the best examples below.

  • Business Interruption cover can help save the business when having to deal with one of the many ‘just in case’ situations, since more than likely there will be an interruption of the revenue stream due to the business having to temporarily close so repairs or restocking can occur. This section of the shop insurance policy is providing the funds that will replace up to 80% of the normal revenue stream. It makes it possible for employees to be paid, rent and mortgage payment made along with the utility bills can be taken care of.
  • Personal accident cover is the policy add-on many owners take out to help cover the costs if they become ill or hurt and can’t work. This policy will handle the medical bills you have so that you can recover and get back on your feet as soon as possible.
  • Building and premises cover is protection for the brick and mortar structure where your business operates out of. Standard in this type of policy is protection if the building is damaged by fire, flood, theft, or accidental event where repairs or rebuilding of the structure is required. Items generally covered include the structure and any permanent fixture, as in electrical and water lines, along with boilers and HVAC units.

Should I Buy Shop Retail Insurance?

Although it’s not a legal requirement in the UK to have shop retail insurance, it will come in handy when you really need it. We can give you some of the best shop retail insurance quotes for small business people that desperately need financial backup and a helping hand in times of need.

With the help of an insurance agent or broker, a tailored made policy can be created to fit the needs and budget of the shop owner. This makes it possible to cover the aspects the shop owner needs and wants so that they will be financially protected. It will make it possible for their business to flourish into the future, no matter what type of incident is encountered while operating their business. Without it, the business might be forced to close due to the lack of available funds.

Get shop insurance quotes from expert providers

We have partnered with QuoteZone, who provide a form for the purpose of shop insurance comparison. Complete the form and compare the results to find the best fit to your individual retail shop requirements. 

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