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Shops and Retail Insurance for Small Businesses
When you run a small retail or hospitality business, your priorities are serving your customers and increasing trade. But there are always risks, and particularly for small shop owners or traders, the consequences can set your business back.
That's why a customised shop and retail insurance package is an important consideration. It can help keep you trading if the unexpected happens.
An insurance package for small shops, retailers and food and drink businesses can help keep you up and running. Contents insurance can help secure you for loss of property, whether through theft or accidental damage.
Insurance can help protect you from the financial consequences of injuries to customers and employees as well, so public liability cover is an important consideration.
What does Shops and Retail Insurance Cover?
What kind of insurance does a small shop need?
Small retailers depend on their stock, and even a minor loss can be a big problem. So one cover you should consider in your shop insurance is stock cover. This can help to keep your business running in the event of fire, flooding, theft or vandalism.
Since your shop is open to the public, there are other risks that your business faces. If a customer slips and falls in your shop, they may pursue legal action against you for damages.
This can be costly, even if the ruling is in your favour, so public liability insurance is an important part of your shop insurance package.
If you employ staff, you'll also have employer's liability insurance included in your package. This is usually a legal requirement if you have employees.
Other covers you’ll have included in a shop package are business interruption, which can help replace lost profit if damage to your business means you’re unable to keep trading.
You’ll also have cover for goods in transit, and for money on your premises, in a safe, or when you’re transporting it.
What does retail insurance cost?
You can customise your shop insurance policy to make sure you’re paying for the cover you need.
Various factors can affect shop insurance quotes. Location can make a difference, for example, if you're in a flood risk area, you'll typically pay more.
The amount of cover you choose and the number of employees you have will also have an impact on your insurance premium.
Do I need insurance for a clothing shop?
In clothing, like any retailer, you should consider insurance in case of fire, theft or other damage. Your clothes shop insurance can include stock cover, to help protect the items you sell, and contents cover to help protect the items you use to run your business, like point of sale machines or computers.
There's also the possibility that someone injures themselves while in your shop. Public and product liability can help cover you in case there's legal action taken against you.
As a clothes vendor, you may well employ staff, in which case you need to have employer's liability insurance. This can protect you in case of compensation claims due to injury to your staff.
Do florists need insurance?
Flower sellers bring delight to people's worlds, with wedding bouquets, romantic roses and more. But like other retailers, florists need insurance.
As a florist, public and product liability insurance can help cover you in case your customers are injured or have a bad reaction to your product. And if you have staff, employers’ liability cover is typically a legal requirement as part of your florist insurance.
You should also consider the value of business contents and stock you’d like to insure for theft or damage.