There are more than 300,000 retail outlets in the UK, and they sell everything from bed knobs and car parts to broomsticks and spices. However, despite this diversity, they have one thing in common – every shop needs shop insurance to protect them if the worst should ever happen.
Shops are typically very busy places, with high levels of foot traffic, large volumes of goods on sale and sometimes, selling products or services that have the potential to cause personal injury or property damage. This means that although shops must only have employers’ liability cover by law (if they have staff other than the owner), it pays to have other insurance in place to cover accidents, mishaps, errors and omissions. One small accident could result in a compensation claim that costs tens or even hundreds of thousands of pounds. Few retailers could afford such a blow. Put more simply, operating a shop without insurance is just gambling with the business.
Shop insurance is an umbrella term for a range of business insurances that can give retailers protection against almost every type of negative event. Important insurance includes:
Other insurance that you may wish to consider:
Not all retailers are the same. Some shops may need specialised cover to protect them if things turn for the worse. Stores that sell expensive jewellery, antiques, art and other unusual products may find that regular shop insurance policies do not give them the levels of cover they need. These sort of businesses will typically need a customised policy, or they should take out additional levels of cover with higher single-item limits.
Other types of shop may also require custom cover – for example, stores that sell alcohol will need loss of licence insurance, and shops that offer customers personal treatments, such as hair salons, nail salons, beauty parlours and tanning salons, may need higher levels of public liability cover, or professional indemnity insurance to protect them if a client says the treatments have harmed them and makes a compensation claim.
If you’re not sure what type of cover or how much cover you need, simply register with Swoop to discuss your options with a shop insurance expert.
Shop insurance can cost as little as £11 per month. However, the premium you pay will depend on a range of unique factors, such as the type of shop you run, what you sell, the scale of your business, where you are located, and the number of workers you employ.
All business involves risk, but that doesn’t mean you have to suffer the consequences if things go wrong. Don’t let an accident, mishap or error undercut your shop. Contact Swoop today to compare top-quality shop insurance from a range of providers and to discuss all your business insurance needs.
Get in touch today to start your shop insurance quote
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