Shop & Retailers Insurance

The shop itself is insured against most risks such as flood and fire for the cost or repair or rebuilding. Even risks such as terrorism or subsidence can normally be purchased as optional extras for added security from most insurers.

Buildings Insurance

It is important to remember that you when you declare the value of your shop you are actually estimating the cost of rebuilding it should it be totally destroyed (this is what insurance companies call a total loss). Most insurance companies work out a rate to charge based on the location of the property and then apply it to the amount specified to rebuild the building (which is called the Buildings Sum Insured). It is therefore cheaper to insure a building that is worth less than an expensive building which is as expected.

It is equally important to make sure that you do not underestimate the cost of rebuilding your shop. If you have paid a lower premium by underestimating the Buildings Sum Insured, then the insurer will normally only pay your claims up to the proportion of the building that you have insured. For example: If your shop is worth £100,000 but you only declare a Buildings Sum Insured of £60,000; should you have a claim of £10,000 then the insurer will only pay you £6,000 as they will deem that you under-insured. It is important not to be caught out by this by being tempted by lower premiums for lower Buildings Sum Insured.

It is advisable to obtain a professional valuation for your shop to ensure that you set your Buildings Sum Insured correctly. We have negotiated discounted rates with BCH Authentica who would be happy to help in this respect.

Your business is vulnerable to claims from both employees and customers, so in addition to making your business premises as safe as possible, the following types of insurance cover offer protection from compensation claims and for damage to your own property:

Employers Liability Insurance

Required by law if you have employees, this type of insurance protects you from claims from staff who have been injured or made ill at work through the fault of your business.

Public Liability Insurance

The nature of your business means that customers will be visiting your premises to shop, and if they happen to have an accident and injure themselves whilst there, you might end up facing a claim if it was your fault.

A customer might, for example, trip on a carelessly discarded box or item that has fallen from an overstocked shelf. If they hurt their back, or put their hand through a glass display resulting in a serious injury, they are likely to try to claim compensation.

Public Liability Insurance covers such claims and usually any legal expenses involved.

Products Liability Insurance

Products Liability covers accidental injury to the public or accidental damage caused by products supplied by your business.

Trade Contents

Provides All Risks cover for loss or damage to trade contents.

Loss of Income and Loss of Book Debts

Designed to help you keep your business going if it is interrupted by a cause covered by the Trade Contents section. It covers loss of Gross Profit due to a reduction in turnover.

Glass

Covers breakage of fixed, plain and wired glass and sanitary fittings.

Goods In Transit

Covers Trade Contents whilst in transit by vehicles owned, hired or leased by you.

Money Cover

If you store cash on site, this can also be insured against theft. You can even add on theft by an employee.

Personal Accident (Assault)

Benefits are payable for injury sustained during robbery or attempted robbery.

Further Information

For further information, you can refer to the Key Facts document below, which is a summary of the policy we offer on our online quotation system, or you can also refer to the full Policy Document:

• Key Facts - Retailers Insurance
• Policy Document - Retailers Insurance

Remember that if you are unsure whether you need a particular form of cover then you can contact us and we will be happy to help.