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Shop Insurance
Shop insurance is a combination of different covers that can help protect your retail businesses. It can provide cover for legal action from your customers or employees and damage or theft to stock and property.
Insurance solutions from Gallagher
Lloyds Bank Business Insurance Services are arranged and administered by Arthur J. Gallagher Insurance Brokers Limited. When getting a quote online you will be taken to Gallagher’s online site with a new privacy and cookie policy.
What does shop insurance cover?
Shop insurance can cover many important aspects that are important to the running of your retail business. This can include cover for your physical premises, goods and stock (on your premises and in transit). It can also cover claims from customers and employees.
The main areas that a retail shop insurance policy can cover include:
Keep in mind
Insurance covers are subject to the individual terms, conditions and exclusions of the insurer providing them. Always review the policy documentation supplied during the quote process to make sure you have the cover you need.
Do I need shop insurance?
Shop insurance can protect you from a range of claims that could prove expensive without adequate insurance cover. If a customer is injured and makes a legal claim, or your stock is damaged due to a flood, shop insurance could protect you from the associated costs. Running a retail business with at least one employee means you may legally need employers’ liability insurance.
You should consider shop insurance if your business has the following:
- Stock for sale
- You repair items for customers
- Customers visit your shop
- You visit customers at their home or business
- You own the building or you need to insure the building by lease contract
- You keep money on the premises.
Why get shop insurance?
Accidents can happen at any time. Protecting your company against any potential claims can be the difference between your shop staying open or facing huge financial losses. Employer’s liability insurance is a legal requirement – you could be fined if adequate cover is not in place. Unfortunately, a fire, flooding, theft and other damage to your shop could occur. Without shop insurance, the money to repair or replace such aspects will come out of your pocket.
Shop insurance is simply a safety net to help your retail business keep running if the worst happens – possibly the difference between its survival and closure.
How much does shop insurance cost?
There are many factors that can influence how much your insurance premiums are.
For example, a small shop with a handful of employees will generally be cheaper to insure than a large department store with lots of staff.
The level of footfall in the area, whether your stock includes any dangerous equipment or the type of products you sell can all affect the cost of shop insurance.
Does shop insurance include stock and takings?
Your stock and contents are generally covered when inside your shop. However, most insurers allow you to add goods in transit to your shop insurance policy. This protects your stock when out for delivery, on its way to your premises with a courier or awaiting collection. Optional cover can be built into your retail shop insurance policy with theft of takings or loss of money to include cover for your takings. This can protect you against the financial loss if your takings go missing.
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Get in touch
Call 0345 377 0002
Lines are open 9am to 6pm, Monday to Friday, except for Bank Holidays.
Contact numbers for all your queries including details for making a claim.