In the second post of our new blog series we are going to look at Shop Insurance. We will go through what’s included in the standard packages and whether you need it.
Whether you own a salon, coffee shop, clothes shop or hardware shop the principles of shop insurance are the same. At a minimum you should cover your Stock, Contents and Public & Employers Liability. Generally policies come as a package and will include elements of cover such as money, business interruption an in some cases, theft by employees. Policies can be tailored to suit your needs.
Buildings, Contents & Tenants Improvements
If you own the premises your shop is in then you will need to include cover for buildings. This will cover the physical buildings including fixtures and fittings in the event of a loss such as a fire or flood. If you lease the premises you may want to consider insuring the physical changes you have made such as redecoration, carpets or flooring and possibly fitting rooms and shelving etc. Finally, regardless of whether you own or lease your premises you will need to cover your contents and equipment which could include tills, computer systems, furniture, fridges and so on.
Regardless of the type of shop you own you will be have stock. Whether its food, beauty products, medications, car parts or clothing it is vital that you are protected against events such as theft, fire or storm damage. A shop insurance policy can provide cover for your stock.
Public & Products Liability Insurance
Shop Insurance automatically covers Public Liability cover in the event that you cause bodily injury, death or damage to property of any third party. This could be a situation like a customer slipping on a wet floor at your premises. Again Shop Insurance generally extends to cover Products Liability to cover any liability arising out of the sale, alteration or repair of a product such as a customer cutting themselves on a nail on a new couch.
Shop Insurance policies automatically extend to cover an element of money and other financial instruments on site during and outside business hours. There is usually limitations in place as to the amount of cash held and the security arrangements in place however, these limits can be extended to suit individual needs.
At JV Hutton we are specialists in arranging shop and retail insurance for all shop owners. Call us today on 01 8203722 or visit https://www.jvhutton.com/shop-insurance/ to find out more.