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What is Shop insurance?
Shop insurance is an insurance type that you can take out if you run a business through a shop. This could include clothes shops, e.g., Electronic shops, Charity shops, bakeries. It is there to cover costs such as stock, Buildings and Contents, Public and employers liability and even Employee dishonesty and theft.
Do I need Shop insurance?
No you do not need to legally have Shop insurance but you do need employers liability insurance as a legal requirement. Having things covered like loss of stock or buildings and contents protects the business if there was a severe tragedy.
Here are some examples of Shop insurance and details of each type of cover.
- Stock cover – You may run say an electronics shop where items are stolen or broken and these need to be replaced. Rather than the expense of your business your insurance will cover this.
- Buildings cover – this would cover you from vandalism, natural disasters even burglary. Back in 2011 there was a flood in Newcastle where over £170 million worth of damage was caused to shops and unfortunately not all shops were covered leading them to go bust or pay for the repairs out of their own pocket.
- Public Liability – Covers the general public and clients from injury as a result of your business
- Employers liability – if you employ staff in your shop you are legally required to take out employers liability. It will cover your employees if they get ill or injured. Shop insurance will generally come with this included
- Professional indemnity – will cover your business from legal expenses caused by miss information or breach of data.
How much Shop insurance do I need?
This is difficult to establish based on your business our brokers will be able to take down the details and give you an idea of how much cover you need.
I have an online shop do I need insurance still?
The answer is Yes most of cover still applies to online shops.
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Using Quote Search UK to compare your Shop insurance will not just get you a good deal, but will help you understand how much insurance your business might need with experts in the field.