When searching for business insurance, it’s important to realise that cover can vary enormously between insurance providers; what is a standard feature on one retail insurance policy may not be on another. Always check for the following features before you buy.
• Public liability insurance
Crucial cover to protect you if a member of the public is injured, killed, or their property is damaged while they are in your business premises.
• Employers' liability insurance
For most businesses, you're required by law to have this if you employ staff. This type of cover could help to protect you against employee claims resulting from injury, illness or death of an employee and the associated legal costs.
• Professional Indemnity Insurance
If a client or customer incurs a loss as a result of your negligence or due to inaccurate advice your business has provided, this insurance is designed to help cover the cost of any legal claims and expenses for damages awarded.
• Stock insurance
Helps to cover the cost of replacing stock displayed in your store, or that is held in storage, if it is lost, stolen, damaged or destroyed.
• Equipment cover
Helps to cover the cost of repair or replacement of any machinery, tools or equipment held at your business premises if they are damaged, destroyed, lost or stolen.
• Retail buildings insurance
Covers damage that occurs to the actual structure of the building. Can help cover for events such as flood and fire damage to the building you trade from.
• Retail contents insurance
Helps to protect the contents of your retail premises against damage, loss or theft. If required, you can also include front of premises insurance, which can help with the repair or replacement of exterior windows and display equipment and corporate signage. Fixtures and fittings insurance can also be included, which covers the cost of items such as lighting, shelving, units and counters.
• Business Interruption
Also known as revenue protection insurance, this can help keep your business afloat should you have to stop trading because of damage or destruction to your business premises or equipment. Useful cover to help you get your business back on track.
• Loss of licence
If you lose your trading licence, this could help cover you for the shortfall in your gross income as well as any reduction in the value of your business. You may also be covered for other costs such as financial or administrations overheads.
Read more in our Business Insurance Guides or get a quote now.