Insurance Risks And Solutions For Retailers

There are many risks facing modern businesses, especially shops and retailers. It is important to identify these risks and their potential consequences in advance, making sure that a professional insurance solution is in place to protect the business.

The following are a few of these risks, and the insurance options designed to protect against each.

• The outbreak of fire on the retail premises, or other damage caused by extreme weather conditions (i.e. flood). The solution for this is buildings insurance.

• Products become damaged and not fit for sale. For this, you would need products liability insurance.

• An employee becomes injured whilst at work, and sues you for compensation. It is a legal requirement for all businesses with employees to take out employers’ liability insurance.

• A visitor to the premises suffers a trip or a fall and is injured, later suing you for compensation. The potential payout from this would be covered by public liability insurance.

• The money kept in the shop safe is stolen, leaving the whole day or week’s takings missing. For this, you need to get money cover.

This list is by no means exhaustive, as there are many more incidents and risks you may need to insure your business against. The best way to cover everything is to take out comprehensive shops and retailers insurance. For further information, please get in touch with a member of our team.

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