Do I Need Shop Insurance?
When setting up a business that involves trading from a shop premises, there are so many things that you need to think of. One area in particular is business insurance and it is vitally important that the correct types of insurance policies are in place to ensure that you are adequately covered.
You only have to type something like "shop insurance" into the search box of the internet browser that you use to see that you will be presented with numerous websites for insurance companies, brokers and price comparison websites, all telling you about their shop insurance and offering to provide you with a quote for this.
However, when looking at shop insurance in a little more detail, you will very quickly discover that there are policies for different sorts of retail outlets such as:
- Hairdressers/Beauty Salon
- Jewellers plus many more
Therefore, if you are opening a florist shop, for example, you may wish to focus your attention on 'Florist Shop Insurance' to make sure that the insurance provider you choose offers some benefits that are unique to your industry. For instance, they may automatically increase the amount of stock cover by say 50% around Valentine's Day and Mother's Day as these are busy periods for you.
Once you've done that you then need to look at the different types of cover available and which ones are relevant to you and your business. These will be areas such as:
- Buildings Insurance
- Contents insurance
- Public Liability Insurance and Employers' Liability Insurance
- Business Interruption
So for example, if you are a sole trader and have no employees you will not need to consider taking out Employers' Liability Insurance, however if you do have an employee you are legally obliged to have this.
As a florist, you will have customers visiting your shop on a daily basis so you may wish to consider Public liability Insurance to ensure that you have cover in force should a member of the public attempt to claim from you.
You may also wish to include cover for things like your stock, equipment, fixtures and fittings and business interruption. There are many options available with shop insurance in addition to the above so it is important ensure you arrange suitable cover for you. That's why we recommend contacting one of our expert advisors on who can find the best policy and deal for you.