• Shop Insurance

    Shop Insurance

    Tailored cover for Retailers - Compare quotes from our panel of leading insurers

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27
January
2016

Shop Insurance – What Is Covered?

Shop insurance is a tailored package providing the various components required to protect a retailers business. Cover extends from legal liability exposures such as public and employers liability to physical losses such as fire, theft or flood, to buildings, contents, stock, money and associated loss of profits. Other extensions to cover include goods-in-transit, damage to shop front or glass and fidelity cover (theft by employees)

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Is Shop Insurance Compulsory?

Most retail businesses will need to employ either full or part-time staff and will be required by law to purchase employers liability insurance. Failure to arrange this cover, which provides indemnity for compensation claims received for injury to members of your workforce in the course of their employment, can result in fines of up to £2,500 per day.

Unless you own a van requiring motor insurance, no other elements of insurance for your shop are compulsory, however without protection for loss or damage to stock, or potential injury claims for slips or trips from customers or members of the public (public liability), you will be leaving your business financially exposed.

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Compare Shop Insurance Quotes

In the same way as retailers offer a variety of products, different insurers will provide different levels of cover and premiums. As retail insurance specialists, we can compare prices from up to 10 of the UK’s leading insurers in minutes, helping you find the right level of cover at the right price.
Our business insurance advisor will take the time to help you assess you risk and build a package that protects your business without breaking the bank!

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Why Insync for Shop

  • We compare prices and cover from our panel of leading shop insurers
    We compare prices and cover from our panel of leading shop insurers
  • Instant quotations - cover and policy documents in minutes
    Instant quotations - cover and policy documents in minutes
  • Flexible cover & monthly payments – just pay for the sections you need
    Flexible cover & monthly payments – just pay for the sections you need
  • Expert advice from shop and retail insurance specialists
    Expert advice from shop and retail insurance specialists
  • 24 Hour Claims Helpline
    24 Hour Claims Helpline
  • Personal – Digital servicing AND your own dedicated insurance professional
    Personal – Digital servicing AND your own dedicated insurance professional

Shop Insurance Cover

  • Specialist cover for High Street shops to purpose built shopping centre locations
    Specialist cover for High Street shops to purpose built shopping centre locations
  • Owner occupied or leasehold retail businesses
    Owner occupied or leasehold retail businesses
  • Cover for all types of shops from grocers ,bakers and off-licences to bookmakers
    Cover for all types of shops from grocers ,bakers and off-licences to bookmakers
  • Cover available for non-standard construction (flat roof or timber frame)
    Cover available for non-standard construction (flat roof or timber frame)
  • Shop glass and shop front cover
    Shop glass and shop front cover
  • Money cover and/or cash machines
    Money cover and/or cash machines
  • Public liability as a shopkeeper
    Public liability as a shopkeeper
  • Products liability for goods being sold
    Products liability for goods being sold
  • Employers liability covering legal liability for staff
    Employers liability covering legal liability for staff
  • Business interruption (loss of profits)
    Business interruption (loss of profits)
  • Legal expenses
    Legal expenses

Shop Insurance Claims Example

Shop Insurance Claims Example

A mini-supermarket suffered a fire following an electrical fault in an overloaded circuit board. The entire shop was severely smoke damaged and all stock was lost. Total claim for replacement contents, fixtures and fittings, stock and business interruption, which covered fixed costs and expenses and loss of profits whilst the business recovered from the loss, totalled in excess of £50k.

How Much Does Shop Insurance Cost?

How Much Does Shop Insurance Cost?

Whilst retailers insurance packages start from as little as £150 (plus insurance premium tax), each policy is individually tailored to your specific business requirements.

Typically insurer premiums will be impacted by:

• Location of the shop (including postal code)
• Type of business and goods being sold
• Sums insured (contents, stock etc.)
• Trading experience and previous claims history
• Sections of cover required

Should I Buy Cheap Shop Insurance?

Should I Buy Cheap Shop Insurance?

As with the items your business retails, quality will play a part in the cost of your policy. It is important to compare cover levels, sums insured and any insurer requirements, such as security or alarm requirements, to ensure that the cover is suitable for your individual needs.
That is not to say that the most expensive policy will be the best either! – Utilise the skills and advice of a specialist insurance advisor such as Insync, they will help you find the right level of cover at the right price.