What Is Retail Protection Insurance?
So, you’ve worked hard to build up your retail business. But before you reap the rewards, you need to make sure you’re protected. Whether you’re running a local coffee shop, or a thriving online goods business, it’s vital to have the correct cover to protect you from the unexpected.
What is Retail Protection Insurance?
Retail protection insurance combines a range of commercial insurance covers, protecting your business. Retail insurance packages can cover both physical and online retail stores. Each policy includes a different combination of cover tailored to the individual business.
Shop insurance provides cover for a range of business needs, specific to the retail industry. Policies focus specifically on customer-facing businesses but if you also have a manufacturing or wholesaling component to your business, your insurance needs will differ but are still catered for by the Alan & Thomas team.
What Could I Be Covered For?
Most retail insurance policies will include a few key points that relate to most retail businesses. Generally the best option for a retail business is to obtain a shop insurance package policy which will include many standard covers but this is where it’s important to make sure your policy covers the finer points of your company and ensure it’s tailored to your specific retail operation.
For example, an online-only retailer selling handmade jewellery might not need the same level of public liability cover as a café or bar with hundreds of patrons per day.
Here are just a few examples of the types of cover often included in retail protection insurance policies:
Public Liability Insurance:
Protects you if a member of the public is injured or has damage to their property as a direct result of your business operations. For example, if someone were to slip and fall on a wet floor in your store.
Buildings, Stock & Contents Insurance:
These covers protect the building your business operates in and can include stock, contents and any tenants improvements that you may have made to a rented property. Some of the core covers included on this section will often include protection against fire, flooding or theft.
Computers and Business Equipment:
This covers items that your retail business needs to operate. Examples include shop tills and IT equipment.
Products Liability Cover:
In the event that an individual suffers damage or injury as a direct result of one of your products.
Employer’s Liability Cover:
If you employ any members of staff (even temporary staff, contractors, or freelancers) this is a legal requirement. It covers some or all the costs of compensation claims should a member of staff claim against you if injured or ill or as a result of the business.
Online Retail Insurance:
If you’re an online retailer who works from home, we strongly recommend considering insurance. Most home insurance policies do not cover home-based businesses. A tailored policy provides extra peace of mind against things like cyber security attacks.
Goods in Transit Cover:
Provides cover if goods are damaged or lost while being delivered by post or courier. Another great option for online retailers.
These are just a few examples of what can be covered with your retail protection policy, but there are many more. All shops have different insurance requirements, so each policy will be unique. It’s always worth checking with your broker to make sure you’re covered as efficiently and effectively as possible.
A one-size-fits-all approach to retail protection insurance could leave you with gaps in coverage and unwanted legal fees. Our dedicated team of insurance brokers are here to help. We’ll arrange a bespoke insurance package for your retail business anywhere in the UK. To speak to one of our experts, contact us by telephone or email at info@alan-thomas.co.uk.
Otherwise, take a look at our range of commercial insurance solutions for more information on how we can help protect your business.