Owning a shop can be a wonderful thing, but given the expense of it and the nature of the business world it makes sense to be prepared. Investing in adequate shop insurance is essential if you want to be totally confident that you’re protected against every possible risk, giving you added peace of mind so you’re free to get on with the day-to-day aspects of shop management.

What will my policy need to cover?

You need to be prepared for all eventualities no matter what kind of shop you run, and the right policy can provide great financial backup should things go wrong. Any shop insurance policy should include a number of different features, either as standard or as optional extras, and as a general rule you always need to make sure you’re getting the following:

• Public and products liability cover. This is essential and is there to provide valuable protection should a member of the public be injured or their property become damaged whilst being on your premises or as a result of their purchase, because even something as simple as a slip on a wet floor could result in a devastating compensation claim.
• Employers’ liability cover. This is a legal requirement if your shop employs more than one member of staff, and is there to cover the cost of any claims made in the event that an employee became ill or injured as a result of working for you.
• Business contents and stock cover. You only need to think of the cost of replacing stock or other business possessions to know how valuable this protection can be, and with many insurance firms offering cover against a wide range of perils (including theft, vandalism, fire and storm damage) you can have total peace of mind.
• Buildings insurance. Covers any claims you need to make as a result of the building being damaged, perhaps due to flood or fire.
• Fixtures and fittings cover. Your shop is likely to have a huge number of fixtures and fittings such as shelves, carpets, counters, kitchen units and display cases, and this specific level of cover can ensure any damage doesn’t have financial consequences.
• Loss of licence protection. Losing your liquor licence can have a huge impact on the value of your business, but if you have this type of cover you’ll be able to recoup some of the lost profits or depreciation.
• Business interruption insurance. This type of cover can be invaluable, particularly in the current climate, offering protection against loss of gross profit.

These are just a few things you’ll need to look for in any shop insurance policy and there are many more besides, with everything from employee theft to damage of external signs needing thorough consideration. Ultimately, the level of cover you’ll need and the specific features required will all depend on your individual business and your budgetary constraints, so it’s essential that you discuss your options with your potential insurer and give wholly accurate information to ensure you’re getting the right level of protection to suit.

Find the right policy to ensure complete protection

The only way you can hope to have complete protection is if you can find the right insurance firm (and policy) to accommodate, and that’s why you need to do your research. This needn’t be as difficult as it first appears – most reputable insurance companies will have an online presence, so all it could take is a quick search and you’ll have the policy you need before you know it. Make sure you never make rash decisions though – the right level of cover can ensure your finances are totally protected so it makes sense to spend the time to look, and always compare several options to make sure you’re getting the right cover at the right price.

This can easily be achieved if you head to price comparison sites. Many specialist sites or brokers will be able to give you instant access to a number of different quotes at one time, and from there you’ll soon see which one would be right for you. You’ll be able to choose based on your budget and the features included in each policy, and as long as you make sure you’re thorough in your comparisons you can be confident that you’re making the right choice.

Points to bear in mind

This insurance policy can be invaluable should you ever need to make a claim, because in the current climate you don’t want to run the risk of anything jeopardising your finances. With the right policy by your side you won’t have to, and here are just a few points to remember to ensure you’re getting the protection that you need:

• Always make sure your policy suits your individual business circumstances, and make sure you get a tailored quote that covers everything necessary.
• Remember that different insurance companies will offer slightly different levels of protection, so seeing what’s out there is vital. Many will be able to tailor their quote according to your individual needs and some will be able to offer all-risks protection, so always spend the time to research.

• Always give accurate information and make sure to check the small print to ensure you don’t get any nasty surprises should you need to make a claim – exclusions and limitations will often be apparent, but if you know what they are you won’t lose out.
• Don’t always think that the price quoted is the best offer – insurance firms will be competing for your business, and if you’ve found a better offer elsewhere always haggle to see if it can be beaten.

Ultimately, if you know the things you need to be prepared for and if you spend the time to look you’ll easily be able to find the shop insurance policy that meets your needs, so always remember the importance of this type of protection (and of having adequate cover) and you can run your shop without a thing to worry about.

photo credit: infomatique