When shopping for retail shop insurance, the first thing to do is to determine what elements of an insurance policy you business will need. It is important to choose the right insurance policy for you. A wrong coverage could cause your business serious financial problems, including the possibility of having to pay a large amount. It may be easier to find an agent who can help you navigate the vast array of information. But, agents have to get paid. This means that they will not be able to give you the most competitive pricing. You decide whether saving time or money is the best and most beneficial option for your company.
What should your shop insurance coverage include? There are certain items that you need to protect when shopping for retail shop insurance. Building and contents insurance is the first and most obvious. This will cover you against theft of money or stock as well as storm damage, flooding, fire or any other natural disasters. Although this coverage is often included in any insurance policy you have, it is important to verify the extent of your coverage.
Liability is another very important section of your shop’s insurance policy. There are two types of liability: employer’s liability and public liability. Retail shop insurance must cover both these items. Let’s take a closer look at each one.
Public liability insurance provides coverage in the case of a personal injuries claim by a third party while you are on your property. Imagine a worker who is careless and forgets to place the ‘Caution! Wet Floor’ cone where it can be easily seen. A customer browsing slips on the slippery floor and injures her arm. Now she can sue you for financial compensation. Your business will need to pay for her claims if you don’t have public insurance. Some insurance companies will offer legal help, but this is a greater financial responsibility for your business than if you were uninsured. This can cause a substantial loss in profit, especially for small businesses. It could also lead to bad press about your business, resulting in a negative reputation.
For an employee being hurt at work, we can use the same illustration. Your business will be protected against negligence claims if an employee is hurt or falls while at work. Employer’s insurance is essential in cases where employees are required to use machinery or any other equipment to accomplish tasks for your company. The business can be held liable if an item of equipment fails or causes injury to someone. Your business’s insurance policy will cover you for this type of claim.
Business interruption is the last element of your business’s coverage. This clause will cover the possibility of an array of events including flooding, fires, gas leaks, and other occurrences that could result in a loss in profit due to the business being temporarily inoperable. This will usually also cover income loss from damage to goods during transit.
