Shop Insurance

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Shop Insurance

Shop 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.

Does the UK government require shop insurance?

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

What types of businesses benefit from shop insurance?

Businesses that operate for profit or even a non-profit organization can benefit from the protection shop insurance has to offer. The business can be a person selling food items at the local farmers market, in the local mall, shopping centre or even out of their shed where they offer a repair service. 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.

This financial protection takes care of the ‘just in case’ scenario like repairing damage from fire, flood or theft along with if a claim is filed with the courts against the business. These and other situations are covered so the business owner and their employees can continue operating the business which will keep the revenue stream flowing in.

What can be included in a standard shop insurance policy?

The ‘just in case’ scenarios have many different facets that could materialize. The following categories and policy sections handle nearly all of them.

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 where 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.

What other types of protection can a shop owner have that would be beneficial?

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.

What type of protection is there if the shop owner gets hurt or become ill?

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 you can recover and get back on your feet as soon as possible.

What do I need if I own the property where I operate my business out of?

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.

Shop insurance has many different aspects to it. 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 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.