Could your retail business benefit from supermarket insurance? If you run your own supermarket(s) then you are probably aware of just how important a business insurance policy can be to protect you and your livelihood. However, the retail sector may be perceived by some insurance providers as being a high risk as so much can potentially go wrong. This might actually make it harder for you to find suitable cover.
So, why is the retail trade held to be risky by some insurers? It is to do with their assessment of what can and does go wrong with this kind of business. Insuring an office, for example, may be relatively easy by comparison.
Supermarkets, on the other hand, may employ more staff, will have a regular footfall of customers and visitors; and may be more vulnerable to theft and vandalism.
So what can supermarket insurance offer? Typically they can include:
buildings and contents cover;
employers’ liability insurance. (You will usually need to have employers’ liability cover by law, if you employ any staff);
And, as you are dealing with the general public every minute of every day that you are open, you may also want cover for public liability and legal costs in case something goes wrong and a claim for injury, loss or damage is made against you.
But, what else might you look at? One of the easiest ways of working out the kind of specialist cover you may need is to think about what might go wrong and how much that would cost you if you weren’t insured. So, for example:
- what would happen if you had a flood and a lot of your stock got damaged?
- how would you pay for replacement windows if local youths decided to have fun throwing a few stones at your windows?
- would your business go bankrupt if you had an electrical fire and had to close down until the electrics and any damage to the buildings and contents had been repaired?
These kinds of questions may help you assess exactly what kinds of supermarket insurance cover you need and why. Bear in mind, however, that not all general commercial insurers might offer all of these benefits. You may wish to talk to a specialist insurance broker first to see what options are available and what you should be looking for as part of your cover.
By Marissa Oldman