Retail Insurance
Comprehensive Retail Business Insurance
Operating a retail business brings with it an inherent degree of risk; whether it be risk to your stock or to the public that enters your shop premises, as a retail business owner you need to keep yourself protected.
At Insurance by Simply we offer a simple solution to your retail insurance; whichever policies you require, we will build a bespoke and comprehensive insurance solution based upon your requirements and provide you with what you need, when you need it, guiding you through the process of protecting your business.
What is Retail Insurance?
Retail insurance is any policy cover that protects a business involved in retail commercial activities. A clothing outlet, for instance, will typically take out a retail insurance policy, covering areas of the business such as public liability, stock cover and business interruption, to name just a few. It’s important to note that retail insurance policies can be utilised by high street and online retailers.
Why Do I Need Retail Insurance?
Uninsured retailers can incur huge financial losses should they not have the appropriate retail insurance policy in place. For instance, if a shop floor has recently been mopped, but there’s no wet floor sign, and a member of the public slips and suffers an injury, then without insurance, the retailer is potentially liable to cover any medical/legal costs if they’re found to be at fault. In today’s day and age, those claim costs can be significant.
Providing compensation for a neck injury, for example, can be irreparably damaging for a small, independent retailer both from a financial and reputational standpoint. It’s simply not a risk worth taking, particularly when our team of specialist brokers can secure you a cost-effective retail insurance premium and bespoke insurance solution for your business. So, let us help you protect your business.
What Types of Insurance Do Retailers Need?
There’s a wide range of different retail insurance policy types, including:
Business interruption insurance
Is designed to cover your business for loss of income as a result of not being able to continue trading following an insured event such as fire, storm flood etc which affects your ability to trade.
Public liability insurance for retail
Provides cover for damage to other properties caused by your retail business, and injury caused to members of the public as a result of your store, its activities or its employees. Public liability insurance does not cover vehicle-related accidents on the road.
Employers’ liability insurance
If an employee is injured (or falls ill) whilst working under your retail business, employers’ liability insurance will cover associated costs.
Stock insurance
Will cover the cost price of your stock if it is stolen, damaged or destroyed following an insured event. It will pay out the amount needed to replace the stock based on its cost price not its retail price.
Contents insurance
This differs from stock insurance in that it protects a retailer’s operational equipment, as opposed to the stock and products it sells. A clothing store’s cash registers, for instance, would fall under contents insurance as opposed to stock insurance.
Building insurance
This covers the cost of repairs (or a full rebuild) in the event of structural building damage. If a retailer rents their property, rather than owning it outright, then it’s common for the landlord of the building to charge the building insurance premium as part of their rental contract, however if you have made improvements to the building you have rented you can insure this under tenants improvements as part of your policy.
Legal expenses insurance
This covers any legal expenses resulting from compensation claims, tax and compliance disputes, and other legal claims.
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Insurance for Online Retailers
It’s not just high-street retailers that require retail insurance, it’s advisable for online stores to take out a policy suited to their own individual requirements and this type of retailer differs in it’s potential insurance needs compared to the high street retailer.
Most online retailers will have a greater level of cover for their stock, but a potentially lower level of cover for insurance types like public liability insurance, given that there are no premises on which a member of the public can injure themselves, however cyber liabilities are now more important than ever to help protect your business and customers from the potential cyber attacks many businesses are now facing.
We can help build an insurance solution specific to your business needs including and not limited to online retailers.
How Much Does Retail Insurance Cost?
Retail insurance premiums vary significantly depending on several factors, including both the number of insurance types you require (and the level of cover for each of those insurance types), as well as the degree of risk your business comes with.
Looking at public liability insurance, for instance, your retail business might only require the minimum £2,000,000 worth of cover if you operate as a small retailer whose work is solely carried out online or over the phone, whereas larger high-street retailers, for instance, would typically require a minimum of £5,000,000 public liability insurance, if not more.
With Insurance by Simply, you can expect to receive a comprehensive insurance and service solution based upon your own business requirements delivering a policy bespoke to your needs.
What Types of Retailers Can Get Insurance from Insurance by Simply?
We offer retail insurance to trade counters, online shops, traditional ‘brick-and-mortar’ stores, as well as various other specialist and niche retailers. If you think you fall into the lattermost category, then get in touch and one of our helpful brokers will be able to tell you whether we offer retail insurance for your business type.
Why Use a Specialist Retail Insurance Broker?
Using a specialist retail insurance broker like Insurance by Simply will help you get the tailored retail insurance policy you need, offering a premium that provides you exactly what you need, no unnecessary extras, but at the same time not leaving you under-insured, either.