There are many elements to a General Retail Insurance policy. If you own or run a retail shop, you should understand the importance of having the right insurance cover for your business covering against a wide range of risks.
Your business is your livelihood and it is therefore vitally important that you take out the appropriate insurance policy options to cover you which can potentially save you thousands of pounds in the event of a claim.
Your most valuable asset is the stock as without this there would be no business. If you lost your stock due to damage or theft, you will want to have it insured so that you are able to replace your stock as soon as possible. Having stock cover on your insurance policy will allow you to do this.
As well as stock, you have employees and customers to consider. Having many people in your premises means that accidents may occur so you need to be insured against accidents that may occur which are not their fault. Employer’s liability insurance is required by law so this must be included in your shop insurance policy. Public liability insurance is not a legal requirement but we recommend you have it to ensure that you do not have to pay out potentially large sums of money should a customer have an accident.
A retail policy is a package based product that includes the relevant covers for most retail shops including theft or damage of stock, damage to contents, improvements, fixtures and fittings, damage to glass, blinds & signs, theft of money, goods in transit, business interruption, rent/lease payments cover, employers liability, public & products liability and legal expenses. A seasonal Increase in stock cover is also available if requested.
We understand that every business, large or small, is different so we offer policy options which can be tailored to the needs of your company.
Employers’ Liability – claims arising from injury to employees
It is a legal requirement to hold employers’ liability insurance if you have any employees working for you
Public Liability – accidental injury to members of the public at your premises or damage to their property
Product Liability – injury property damage caused by a faulty product that your business designs, manufactures or supplies
Legal – defending your business against legal action where this isn’t covered by your liability insurance; for example, in an employment tribunal
Contents – physical damage to your fixtures and fittings, tenants improvements, contents, computers and other business equipment
Stock – the cost of replacing your stock (at cost price) if it is damaged or stolen
Frozen Food Cover – the cost of replacing your frozen stock (at cost price) if it is damaged (due to a change in temperature beyond your control) or stolen
Goods in Transit – loss of or damage to your goods while being carried in your vehicle(s) as part of your trading activities.
Money Cover – following theft from your premises
Business Interruption – loss of revenue as a result of a material damage claim
Portable Equipment – such as Laptops, Mobile Phones and Cameras
Glass – replacement of internal or external glass at your premises following physical damage
You also have the option to add a range of other covers to your policy:
Buildings – (if you are responsible for insuring the building) ensures that your office building is covered for a number of risks, including fire, flooding and storm damage
Theft by Employees – cover for loss of money or property belonging to you as a direct result of an act of fraud or dishonesty by an employee
Computer Breakdown – cover for your equipment and damage to computer records
Terrorism – cover for material damage and business interruption if your business is directly affected by terrorism
Excess Protection – cover for your policy excess in the event of a claim
You may also be interested in:
Directors and Officers – covers the cost of compensation to a customer if a claim is made against one of your business directors or other staff (not if the claim is made against your organisation as a whole)
Cyber Protection – if your business collects personal data you should consider protection in the event of a breach of data protection laws or malicious data attacks
Motor Legal Expenses and Courtesy Car – Oncover Insurance offers Motor Legal Expenses and Courtesy Car cover to all our clients