Why you need it
Whether you're a small independent hairdressers or a large high street store, there are certain
risks that could be extremely damaging to your ability to trade.
Imagine if there was a break-in, or if essential stock and equipment was irreparably damaged
- would you be able to foot the bill without insurance?
From stolen assets to an injured customer, a sufficient policy can help protect your business
financially should the worst happen.
What does it cover?
Most policies are flexible so you can tailor them to your specific needs.
You may want to cover some or all of the following aspects of your retail business:
- Buildings and contents insurance
- Stock cover and goods-in-transit cover
- Equipment insurance
- Commercial vehicle insurance
- Business interruption insurance
- Loss of license
Most retail policies will offfer these two core elements of cover:
Public Liability Insurance
This would help cover costs if a member of the public was injured whilst visiting your shop or retail outlet. For example,
if a customer trips over a cable or slips on an unmarked
spillage - you're likely to be held responsible for the accident.
It's worth looking closely at the policy you purchase, as not
all of them cater for activities away from the business premises (other than collection and delivery). For example, if you attend and exhibit at trade fairs, markets, craft fairs or undertake any installation work (e.g. a bathroom or kitchen showroom) your policy might not automatically stretch to cover this.
Employers' Liability Insurance
If you employ staff, it's highly likely you'll be legally required
to have employers' liability cover. If one of the workers in
your shop was injured as a result of their work, they may
seek compensation. This type of insurance can help pay compensation and legal costs if an employee gets injured
or becomes ill as a result of working for your business.
Restaurant Insurance
As a restaurateur, you’ll be well aware of the risks involved in owning and running your own restaurant.
Serving food and drink to the general public will require you to have high levels of hygiene and strict
health and safety regulations. However, things can still sometimes go wrong and accidents do happen.
As with any business, a sufficient business insurance policy can help cover you financially should
problems arise. There are two fundamental components that will probably form the basis of your
restaurant’s business insurance policy.
Public liability insurance
With customers coming to your restaurant on a daily basis, this type of cover is likely to be an essential purchase. If a customer was to get injured, or worse – killed, while visiting your restaurant, it’s possible you’d have to pay compensation claims. If a third party or third party property is damaged in any way through your business activity – this could help cover you financially.
Employers' liability insurance
Most restaurants will have a number of staff – from chefs and kitchen hands to waiting staff and management. If you employ other people as part of your business, in most cases you’ll be legally required to take out this type of insurance. Professional kitchens can be hazardous environments and staff can be vulnerable to injury. If one of your employees hurt themselves, became ill, or was killed as a result of working for your restaurant – you could be held responsible. Employers' liability cover could help you pay any compensation costs.
Pub Insurance
Running a pub can carry a certain element of risk. Large numbers of people can often pass
through your doors in a single evening. Combine this with alcohol consumption and you can
have a heightened risk of damage. Accidents can happen, property can be broken or people
can get injured. Should an accident happen at your pub, a tailored business insurance policy
could help ensure you’re financially equipped to deal with the costs.
A pub business insurance policy will normally include:
Public liability insurance
Helps to cover you if a third party is injured or their property damaged as a result
of your pub’s business activities.
Employers' liability insurance
Normally a legal requirement if you employ staff. If one of your employees gets ill
or injured as a result of working in your pub – you could face compensation claims
and may need this insurance to help cover costs.
Other optional pub insurance extras might include:
Stock cover
The stock value of pubs can be huge. Would you be able to cover costs if something
happened to it?
Loss of liquor licence
This can be crippling for your business. There are numerous circumstances that could
result in the loss of your licence - and not all of them may be your fault. Should the
worst happen, this cover could help reimburse loss of profit and cover you against the
lost value of your business.
Pub contents cover
This could help cover expenses if the contents of your pub were damaged. For example
- this could cover items if they were destroyed due to fire, flooding or accidental damage
(if included in the policy.)
Business interruption
If your pub was forced to stop trading, this cover could help to protect your finances.
Theft by employees
Unfortunately, not every member of staff is honest. If you do lose out financially
at the hands of an employee – this could help ensure you’re financially protected.
Know-how
Take a browse through some of our helpful retail insurance articles: