Like many other businesses, shops and retailers face risks on a day-to-day basis.
Whilst some of these risks are legal ones (i.e. employee lawsuits, public liability compensation claims etc), your building could also be a victim of crime or even a natural disaster. As well as premises, retailers also have stock and other assets to worry about. For example, it could be devastating to a small business if a quantity of stock was stolen or became damaged in transit, and there was no insurance policy in place to cover the loss.
The overwhelming number of risks and everyday setbacks to worry about has meant that many retailers take out business insurance policies as standard, as it makes good business sense. However, many are also searching for comprehensive professional insurance packages which will cover them financially in nearly all circumstances.
What Should Retailers Look For In A Policy?
Ideally, your business needs a policy which includes:
• Employer’s liability – this is a legal requirement, covering any accidents or injuries befalling your employees whilst at work
• Public liability – this is extremely important, as it covers injury to a member of the public where you or your business is found to be liable
• Buildings cover – protecting against flood or fire damage
• Products liability
• Trade contents
• Cover against theft
For further information in regards to our retail insurance product, or if you have any questions, please contact a member of our team.