Helpful Shop Insurance Advice for Small Business
Whether you’re a new business venture or a company with several years trading experience behind you, every company will need insurance in place to guard them against the many potential risks and claims that can arise from running a business.
The majority of shop insurance policies are sold as packages, so it is best to know the key elements of cover you would required while shopping round the market for insurance. This will help you to gain the best insurance package which suits your type of trade. This is where using an experienced insurance broker like Insurance Price is beneficial.
An important feature of shop insurance is liability cover. There are three main types of liability insurance; Employers, Public and Products. Employer’s liability insurance is required by law to be in place by all companies in the UK. Its purpose is to cover a firm’s employees against all possible risks and accidents while in the work place. Public liability insurance offers cover against any possible risks or accidents that may occur to members of the general public whilst on the shop premises. It is standard for these two types of liability insurance to be included in shop insurance policies. Products liability gives cover for claims made due to design or manufacturing faults in the products a firm may produce, should your trade require this cover it can been added to your policy.
Under a shop insurance policy you will require cover for your business premises and business contents/stock. This will provide cover should your company experience damage caused by say a flood or fire in the shop. It will cover repairing of damage to the building and replacement of your stock and business equipment.
Should for example a severe fire happen and prevent you from trading from your shop this is where Business Interruption Insurance will be invaluable. Whilst your shop is being repaid and brought back to a standard that will allow you to trade, you will be losing out on income. With this cover in place you will be able to seek payment from the insurer for your firm’s losses. They will look to make payment s to your firm for the period of time you cannot trade of until the time period agreed at the policies inception. Most policies often include cover to include alternative trading accommodation to allow your business to continue to run at a different site whilst repairs are being carried out in your shop.
Should you be looking for a shop insurance quote contact Insurance Price today for friendly expert advice.
Ryan Hinegan, 04 April 2013