As you know every business needs adequate cover, whether you run a hair salon, beauty shop or a retail store, you must have shop insurance in place to save yourself a lot of money in the long run.
Taking the risk of not having adequate cover can have disastrous financial effects on any business. These days you cannot run a business without proper public liability cover in place, you cannot employ staff without employer’s liability cover and your building and equipment needs to be covered, as the replacement value continues to rise.
Imagine if you run a local grocery store, your customers rely on you on a daily basis which keeps you going with pleasant profit margins. You arrive at work one morning to find a freezer broke down during the night, ruining all the stock contained in it, leaving you with freezer repair costs and the replacement costs for all the frozen goods. This can eat into your profit margin and leave you with a shortfall, but with the right cover you can have the goods replaced, the freezer repaired and is back in business without any hassle.
A shop is generally a place that welcomes members of the public, all it takes is for one customer to injure themselves whether they trip and fall or something falls off a shelf onto them to leave you with a large claim. If you are unlucky enough to have a public liability claim against you, you are held legally responsible for the claim and this can amount to thousands. Always ensure that you have adequate public liability on your policy, review your policy thoroughly and compare it to your risk assessment, up the amount if you feel it’s needed, rather than taking the risk.
The same applies to your employer’s liability, it is now legally required to have this liability cover in place from the minute you have one or more employees. Employees can get injured on duty and this leaves you responsible to pay loss of income and any other claims against you relating to the case.
Simple things like a fire breaking out in the building next door, when the fire engine arrives to put it out, the water leaks into your property, flooding it. You can’t open for business until repairs are carried out, so you claim for the repairs but still lose profits while these are being completed. You can take additional cover to protect your profits and loss of income, so in this case you could claim while repairs are being done and you cannot open for business, ensuring your staff is paid and you are not left out of pocket.
Take your time to review the quotes and then make a decision basing it on the cover offered, if you are able to add extras such as window replacement or loss of cash and then choose the shop insurance that offers you the best cover for the lowest price.