Why Is Retail Insurance So Important For Shop Owners?

Retail Insurance

Retail businesses of all sizes can benefit from taking out a retail insurance policy. Of course, not all retailers are the same, so you need to ensure you have the right level of cover to safeguard you against the many risks that are specific to your business.  That’s where Horner Blakey comes in, simplifying the process to give you access to the best deals around.

Horner Blakey

Insurance Brokers

What is retail insurance?

We are specialist insurance brokers in London and are experts in Retail insurance. Our second location in Billericay allows you to be supported by our local insurance brokers in Essex.

Retail insurance provides an ideal solution for retail shops of all sizes, whether you own a single outlet or run an entire chain of stores. It can give you protection against a host of claims and risks, helping you to deal with the large, unexpected costs they can sometimes generate. Retail insurance is suitable for all types of high street businesses, giving you cover for the building, stock, staff and members of the public.

Shoppers in a retail store

Do I need retail insurance?

There are some elements of retail insurance that you are legally required to have in place, so even at its most basic level, retail insurance is a must for your business.

For example, some trading authorities require you to have public liability insurance in case a customer is injured or has their property damaged due to your activities. Without it they may not allow you to trade on your premises.

Employers’ liability insurance is a legal requirement for all businesses that employ staff who are not direct family members, even if you only have a single employee. If you do not have this insurance, you could face heavy fines of up to £2,500 for each day you don’t have it, which will be issued by the Health and Safety Executive.

And because your retail shop generates your income, it makes sense to consider other forms of protection, such as business interruption (if your business is forced to close) or stock and building insurance.

It’s something that Horner Blakey has helped countless retail shop owners with over the years, connecting them to the right insurer who can provide long-term financial protection against a host of risks that could affect their business.

What does retail insurance cover?

There’s a form of insurance cover available for many of the risks facing your retail business, with some of the most common being:

Employers’ liability insurance

This applies to employees that are not direct family members, offering you protection if they are injured or fall ill as a result of the work they do for you.

Public liability insurance

If a customer or client is injured or their property damaged in your shop this can be used to cover compensation and legal defence costs.

Business interruption insurance

Ideal if you need to stop training for a period of time due to a flood or fire, for example. It helps protect against lost sales and the cost of getting things restarted.

Contents insurance

You can use this to cover furnishings, till systems, computers, shelving and other equipment that is essential to your retail business.

How much retail insurance do I need?

The level of retail insurance you need depends on the type of products you sell and business you run. For example, if you trade in high value items you will require a higher limit compared to retail shops that sell lower priced goods.

There are different forms of insurance available for various types of retail business, so if you run a restaurant, you can get cover for expensive equipment such as fridges and cookers, or perhaps cover for losing licensing, if you sell alcohol.

Whatever type of retail business you own, Horner Blakey can discuss your policy options based on your requirements and budget, ensuring you have the right level of protection in place when you need it the most.

How much retail insurance cover do I need?

The amount of cover that you require depends on the type of commercial retail insurance policy that you are looking to take out. When it comes to elements such as stock, you will usually be able to insure this up to a certain value. With this in mind, it is important to remember that you should insure your stock at its cost price, rather than its retail price which is often higher. The reason for this is that your insurer could consider this as overvaluing the items, and this may result in any claims being made invalid in the future.

How can I get retail insurance?

Horner Blakey have a team of specialist advisers ready to help you get the right protection in place for your business.  

We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.

To find out how much peace of mind costs, contact Nick Horner & Jason Ellis by calling: 020 7929 0108.