Shops and Retail Insurance

Cover is designed to protect your business in the event a member of the public suffering injury or damage to their property after engaging with your business or consuming its products.

Under the Employers’ Liability Regulations 1998, employers’ liability is compulsory for any individual or company with employees, labour only sub-contractors or volunteers. You are only exempt if you run your own Limited company, with yourself as the sole employee, and you own 50% or more of the issued share capital.

The policy will deliver protection against claims made against the business due to your negligence as an employer. Cover generally includes legal costs in the event of a Health & Safety Executive (HSE) investigation.

The contents of the business premises may be classified by insurers to include electronic equipment, tills, fixtures and fittings.

Stock may be separated into target stock, which may include cigarettes, alcohol, jellewery, furs and electronic equipment, and that which is not deemed to be target stock.

Often insurers will now provide seasonal increase cover automatically for stock during parts of the year when businesses are likely to have higher sums insured such as Christmas.

Cover to protect the structure of the building and the fittings.

It may be that the business is not responsible for insuring the building as the premises are not owned by the company however, it could be that the glass and shop front are the to be insured by the occupier.

To cover loss of money from the premises, whilst in transit, and at the home of the proprietor.

Under this section of the policy assault cover may be provided which would give a payment to the policyholder in the event a member of the business is injured in an assault by violent or forcible means during their role at the business.

Cover for damage to perishable stock, such as food or drink caused by a breakdown in refrigeration equipment or failure of the electricity supply

This is an area of the standard policy which is often misunderstood and overlooked for the more obvious areas of cover such as liability, stock and contents cover. However, should your business suffer a significant insurable loss, or indeed with some policies your major suppliers or customers, this cover will provide cover for the loss to your business’ income or gross profit.

The cover provides a sum insured (the total amount payable) and an indemnity period (the length of time the financial loss is attributable to). Often, following a significant loss, such as a flood or fire, a 12 month indemnity period will be insufficient to suitably reinstate the business, therefore it may be wiser to seek this cover to extend over 24 or even 36 months.

If your business provides a delivery service cover is available for the items whilst in transit to their location.

It may be that your business ships goods around the UK or even further afield in which case discuss this with us. Separate cargo and freight policies can be arranged if your principal insurer cannot extend cover.

Standard retailer insurance policies do not automatically cover damage caused to your premises or loss of income caused by acts of war or terrorist attacks. Those premises that are situated near government buildings, transport links or famous buildings the need maybe clearer. However, with the methodology of terrorists constantly evolving no longer are the risk of attacks focused on well-known locations.

This element of cover may be added to your existing policy or purchased individually, however with the changing world it is an emerging requirement to consider this cover.

Legal expenses insurance provides cover for legal costs incurred in defending or pursuing specified types of civil actions, such as employee contract disputes, Inland Revenue tax investigations or bad debt recovery. Cover can also be extended to include property protection, prosecution defence for employers, tenancy disputes, statutory licence protection, data protection act and prosecution.

Cover for loss of drinks licence in the event this is withdrawn due to circumstances beyond your control.