If you are running a retail business or a shop, it is essential to ensure that your business is running effectively, and therefore insuring your business with an appropriate level of coverage needed is important to keep your business trading in the event of loss or damage.
There are a variety of covers available for shops that combine all the coverage needed to protect you and your business. Coverage can include liability insurance to protect against claims from the public, employer liability insurance which is a legal requirement for all employers, content, and inventory, and much more.
Whatever coverage you need, there is a range of insurance products available which we have explored below.
Liberty Mutual
Some of the features and benefits of Liberty Mutual Store Insurance.
- Retail Insurance
- Suitable for local store owners through large national retailers
- Public liability insurance
- Employers responsibility
- stock cover
- Property
- Business Coverage
- Liability liquor or pharmacist
- Spoilage or contamination of food
- Available only through an independent agent or broker
Liberty Mutual is an insurance company that offers a wide range of business insurance products through a network of independent agents and brokers. They offer business protection products as standalone cover or combined packages designed for specific business needs such as retail insurance.
Liberty Mutual retail insurance is designed to meet the needs of a variety of retail businesses from small to large national retailers. They provide cover to protect you from liabilities from general and employee claims as well as specialized coverage for liquor or drug retailers. They also cover inventory, property, and spoilage or contamination of food.
Liberty Mutual website
Chubb
Some of the features and benefits of Chubb’s Store Insurance.
- Retail Insurance
- Suitable for medium companies and large retailers
- Flexible policy
- Title insurance
- General liability
- Employers responsibility
- the work is stopped
- Computer parts
- Data protection cover
- Offers a range of optional extras
Chubb is an insurance company that offers a broad range of business insurance products that include a variety of combined packages tailored to the needs of specific trades and professions. This scope includes retail insurance.
Designed for mid-sized companies to larger retailers, Chubb’s Retail Insurance is a flexible policy that can be customized to meet your business needs. Their policy includes general and employer liability, property insurance, business interruption, and computer and data protection. Their optional coverage includes supply chain protection, personal injury, denial of access, pollution liability, loss of gravity, and corporate wrongful death defense costs.
CHEP site
Covea
Some of the features and benefits of Covea Store Insurance.
- Securing specialized stores
- Flexible solution
- Suitable for retailers and salons
- Accidental damage
- Public and employer liability insurance
- Contents
- goods in transit
- cash cover
- Personal accident and assault coverage
- Business interruption
Covea offers a range of business insurance products through their network of brokers or their e-commerce portal for small businesses. They offer a variety of tailor-made insurance products, which include shop insurance designed for retailers and salons with one or multiple locations.
Covea’s Shop Insurance is a flexible insurance product that can be customized to meet your business needs. Their standard cover includes general liability with a choice of coverage of £2 or £5m, employer liability of £10m, accidental damage, contents, goods in transit, money, personal accident, assault and business interruption. It includes seasonal increases for stock and cover glass.
Hiscox
Some of the features and benefits of Hiscox Store Insurance.
- Retail and store insurance
- custom cover
- Coverage for loss or damage
- Contents
- Inventory, fixtures, and fittings
- goods in transit
- Coverage in your home or from home
- General liability insurance and product insurance
- Cash Cover
- Covers accusations of libel or slander
Hiscox is an insurance company that offers a broad range of business insurance products that can be purchased as a standalone cover or as a combination of products tailored to the needs of your trade or profession. This cover includes retail and store insurance.
Hiscox Retail and Store Insurance is a tailor-made policy because not every store is the same and therefore your coverage needs to be as unique as you are. Their protective cover can provide protection against loss or damage to contents, money, inventory, fixtures, and fittings, and they also provide coverage on your premises, at employee homes, and in transit. They also include general liability insurance and product insurance as standard.
Hiscox website
Travelers
Some of the features and benefits of shop insurance.
- Offers a range of insurance products suitable for commercial shops
- Select the cover you need
- Combine cover to get discount
- General liability insurance and product insurance
- Employers responsibility
- Insurance contents
- building cover
- legal expenses
- License loss insurance
- Business interruption
Travelers is an insurance company that has created a range of business insurance products designed to meet the needs of specific trades and professions. They offer a selection of standalone insurance products as well as tailor-made bundle packages or department-specific cover that can be combined for discounts, much like store insurance.
Travelers Store Insurance offers a range of insurance products suitable for retailers, enabling them to choose the coverage they need. Their coverage includes general and product liability with a choice of £5 or £10m cover, employer liability, contents cover, premises insurance, legal expenses, loss of license, business interruption, and terrorism cover.
FAQs
What insurance do I need for my store?
Whether you have a physical store or you have an online store, you will need insurance. The type of insurance you need will be determined by the size of your company and how it operates on a day-to-day basis.
Store retail business insurance, often known as retail and store business insurance, protects you, your business, and any employees. Cyber security insurance for online retailers protects you if your website is hacked and you lose sales. Some insurance companies cover both online and traditional companies.
What is a retail insurance policy?
Retail insurance consists of several coverage options for both traditional businesses and online retailers. Retail insurance offers broad coverage for many businesses, including florists, hair stylists, craft stores, and clothing stores.
However, since each store has unique hurdles, you should consider the risks associated with your business. Then you might consider the retail insurance options available to you.
Types of shop insurance
Employers liability insurance
If you hire people to help you run your business, this coverage will always be a legal obligation. It protects you from the legal fees associated with an employee filing a claim for compensation costs for an accident or illness arising from your employment.
Business contents insurance
Also known as inventory insurance, you can protect the contents of your job site and work equipment. Should any of these items be damaged, damaged, lost, or stolen, this insurance will cover the cost of replacement or repair.
Technical damage insurance
Professional indemnity insurance is critical if your company advises other companies, provides a professional service for them, or if you deal with client data or intellectual property. If you make a mistake on your job and your client sues you, your professional compensation insurance will cover any compensation claims and legal expenses.
Business legal protection insurance
Even if you’re the most careful shopkeeper, legal action may still be taken against you, or you may end up with a legal case filed against you – and the legal bills aren’t that expensive.
If you find yourself defending yourself (or even paying costs of prosecution) in cases such as employment courts, tax inquiries at HMRC, or civil suits under the Data Protection Act, this policy may cover your legal bills.
Business interruption insurance
You will not be able to trade after a disaster like a fire. Your store will suffer a loss of revenue, leaving you unable to pay your employees and putting the survival of your store at risk.
With so many businesses closing in such difficult times, having business interruption insurance can be the difference between surviving and closing.
What is product liability insurance?
If your company creates, produces, or distributes physical products, you may want to take out this insurance cover. Even if you trust and support your product, there is still a chance that it may be defective.
Product liability insurance protects and covers you in the event that a customer suffers damage as a result of a defective product you supply. Even if you did not create the goods, you may be charged for damages.
What is storefront insurance?
Storefront insurance, also known as construction business insurance, will often cover your fixtures and fittings, and most insurance companies will also cover the front of your business.
This should be every retail business owner’s top priority. Commercial building insurance may cover the cost of repairing damage to the structure of your property however if you’re renting, check with your landlord to see what’s actually covered.
Can you secure the windows?
When installed and maintained properly, shop windows and signs may be the best free publicity for any small business. It’s a showcase for your items, and a way to grab attention and drive customers through the door.
Pane glass insurance protects against damage or breakage of large panes of glass, such as those used in storefront windows. Accidental breakage of glass occurring on the insured’s premises for any reason other than those expressly excluded in the policy is covered under the pane glass insurance.
How much is the insurance for a shop in the UK?
Retail insurance premiums can vary from £6 to over £1000 per month, depending on the degree of protection required and the exposure of the business to risk.
What is the difference between personal liability insurance and general liability insurance?
Public liability insurance
If your company has contact with members of the public, whether on your premises or elsewhere, public liability insurance is a must. It may protect you against claims for damages from customers, clients, suppliers or other third parties for harm or damage.
Personal accident insurance
This type of insurance may help you in the event of an accident, as insurance companies often offer coverage both on and off business hours. The money handed in may help you with medical and other bills that you may not be able to pay due to the accident.