Modern Retail

Choosing the right insurance for your retail business

If you run a retail business – or you’re thinking of starting up a new venture – finding the right insurance can feel like navigating your way through a maze full of different options. But choosing the right cover and insurer can help to protect you and your business at the time when you need it most.

Employer’s liability

No matter what size your business if you have employees, be they full time, part time or volunteers, you may be legally required to have employer’s liability insurance. This can cover the cost of compensating employees who are injured or become ill as a result of their work.  

Public liability

As a retail business, you will be expecting customers through your door and public liability cover can protect you in the event of claims made against you, for example, due to a customer slipping or tripping in your store or a passing member of the public being injured by a falling tile or signage from your fascia.

Product liability

As a shop owner, you may wish to consider product liability. This cover can protect your business against any injury to members of the public, or damage to their property, which has been caused by the products you have supplied. Even if your business did not produce the product in question, if it has your business name on it, you could still be held accountable.

Specific cover for your shopfront

With retail crime such as ram raids and other violent store-front attacks on the rise, it is worth considering specific cover for your shopfront. Some insurers, such as The Retail Mutual, will offer fixed glass cover as standard with your buildings cover.

Business interruption cover

If the unexpected occurs, have you considered how your business might be impacted? Business interruption cover can be invaluable in keeping you and your business afloat during the time that it takes to process your claim.

Protection of your stock and contents

As a retailer, you will want to make sure that you have suitable cover for your stock and contents. It is good to get into the habit of reviewing your stock levels on a regular basis to ensure that your cover levels are sufficient to meet the cost of replacement in the event of loss or damage – and with the retail sector characterised by seasonal peaks and troughs it is worth choosing a cover provider that makes provision for seasonal stock increases in their cover wording. If you have high-value stock, your insurer may specify that a monitored alarm should be in place in order for you to be covered outside business hours.

If you regularly transport your stock or shop at a local wholesaler, consider goods in transit cover for end-to-end protection of your stock from supplier to store.

How can I make sure I have the right cover?

Always take up quotes from more than one provider and ensure that you are comparing like with like when it comes to what is covered. What seems to be the cheapest option can turn out to be the most expensive in the event that you need to make a claim. The Retail Mutual was established in 1999 to provide an alternative to traditional insurance for independent retailers. To find out more about how we can protect you, your business, your premises, your stock your staff and your customers, call 0333 2121 007 or click here to start your quote online.