Running your own shop really isn’t like running any other business. The commitment you need to put in (as well as the hours!) to get up and running ahead of the competition is immense and there are all kinds of matters you’ll need to deal with. One of the most important issues here is probably your shop insurance. Many shop owners will simply take out a standard business/commercial policy here but you might be better with specialist cover. Let’s take a look at why you might need these specialist benefits.
Shop closure – let’s say you have a fire and you have to close your shop down. A standard policy might help you make good the damage but what about your income? Business interruption cover might be extremely useful to you in this case;
Vandalism – retail outlets are often attractive to vandals and many shop owners will suffer from damage to their windows, shutters and doors on a repeated basis. A glass replacement feature could take care of any problems you have;
Staff/customer injury – if you employ staff then you are in most cases legally required to have employers’ liability insurance. This will protect both of your interests and cover the legal liabilities if one of your employees has an accident or is injured at work. A specialist policy may also give you public liability cover and product liability cover which will protect third parties into the bargain;
Seasonal Stock Increase – you’re likely to have more stock on your premises during seasonal peak buying times such as Christmas or Easter. A specialist shop insurance policy may often come with a seasonal stock element built in. This would allow you to claim an extra percentage to cover all your losses during specified peak buying periods.
It could be that many shop owners with standard policies do not have the right kind of cover to protect all their retail needs. The standard features and benefits within a standard business insurance policy will often be useful to a retailer. However, shops and retail outlets may need certain other cover elements that a regular business won’t. If you take a look at a shop insurance policy then you may see that these specialist elements might be just as important to the future success of your business.
By James Clapton