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Shop and Retail Insurance

Shop and retail insurance is specialised insurance for owners and/or those operating a shop or other retail outlet. If your business relies on customers visiting your commercial premises, then shop insurance is vital for you.

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Comprehensive Shop Insurance For Businesses

As a shop owner, you’ll be fully aware that without customers, staff, stock and perhaps suppliers, your business cannot operate. However, being in direct contact with the public comes with its own set of risks. Without the correct shopkeepers insurance, unexpected events could leave you significantly out of pocket and even leave your business unable to trade for long periods.

You will need to consider risks such as a customer having an accident on your premises, your stock being damaged by fire or flood, and employees being injured whilst working for you.

It is crucial to seek independent advice to make sure you get the correct retail insurance to suit the way your business operates.

Alexander Swan will work together with you so that we can build a tailored, all-encompassing policy to perfectly match the size of your business and the risks it is exposed to.

Unlike dealing directly with an insurance company, Alexander Swan has access to multiple insurers and their diverse policies. This broad reach allows us to present you with a range of options, increasing the likelihood of finding the most competitive rates and comprehensive coverage. In summary, using Alexander Swan to help you create your own personalised shop insurance package provides assurance, confidence, and a smoother insurance experience.


Do I Need Shop Insurance?

If your business relies on customers visiting your commercial premises then you will definitely need shop and retail insurance. The type of shop insurance you need will depend on what you sell, where your stock is stored and whether you employ any staff.

If you have employees, you are legally obliged to have insurance to cover you in case an employee suffers an injury or work-related illness. If you have customers and/or suppliers, then you will need to make sure you are covered in case a member of the public is injured, gets sick or their property is damaged in connection with your business. If you stock goods, it is wise to insure it against damage caused by fire, theft and flooding.

Without retail insurance, any of these unexpected events could cause you financial loss or even the inability to trade.

In addition to shop insurance, Alexander Swan offers a range of specialised leisure and licensed venues insurance policies; including cover for caféspubsrestaurants and bars.

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What’s Included In Shop And Retail Insurance?

If you own or run a shop or retail outlet, important considerations when sourcing shop and retail insurance include the following:

  • Employer’s Liability: If you employ staff, employer’s liability is a legal requirement to protect against injuries caused to an employee whilst working.
  • Public and Products Liability: This is essential to protect you against potential claims from the public in case they are injured, get sick or their property is damaged in connection with your business; whether that be a customer, supplier or a passer-by.
  • Professional Indemnity: If you provide a service or advice to customers, professional indemnity insurance will provide financial protection from costs arising from potential compensation claims against you for negligence, errors or omissions.
  • Buildings: Whether you own or rent the premises your business operates from, it’s important to protect against damage to the building.
  • Business Interruption: This type of cover protects lost income if your business is unable to operate due to unexpected events.

In addition, further cover is available for:

  • Theft or damage to contents, equipment, electronics and stock
  • Tenant improvements
  • Legal disputes

Retail and Shop Insurance FAQs

If you employ staff, you will need employer’s liability insurance. If you have customers visiting your business premises, you will need public liability insurance. If you have stock, you will need stock and/or product liability insurance as well as business contents insurance.  If you own or rent the building your business operates from, you will need buildings and/or contents insurance.

If you are selling a service or advice to customers, then professional indemnity insurance is important. There are other considerations such as legal expenses insurance for any legal disputes, business interruption insurance in case your business has to relocate (permanently or temporarily) or is unable to operate due to an unexpected event.

The cost of insurance for a small shop will be entirely dependent on a number of factors, such as the size, location, the product(s) being sold, the volume and value of any stock and the number of employees you have. For an accurate assessment, contact an insurance broker like Alexander Swan directly.

Whilst public liability insurance is not a legal requirement, it is absolutely necessary to protect you against many risks you face when selling directly to the public.

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