Is Your Store Covered For Retail Insurance?
5 Types of Retail Insurance Cover Required
In two of our most recent business blogs we looked at the type of insurance cover both tradesmen and commercial van operators required. These blogs got some great feedback from many other business operators who asked us to go through some other areas of business insurance that might apply to them. We have taken these requests on board so today's blog is dedicated to retail insurance and the 5 types of insurance cover required within the retail industry.
- Buildings Cover
- This covers against damage caused to the structure of the building in the event of an insured incident / peril, i.e. including flood, accidental damage, fire, glass breakage etc. If you are renting your shop then this may not be a necessity and can be omitted from the policy.
- Fixtures & fittings
- Every shop will have either a small or large element of fixtures & fittings and contents, depending on the size of the business. These can be anything from fridges, shelving, till registers, counters & office equipment. This is an important element of retail insurance as many shops may have at least €5000 – €10,000 worth of contents. If you're unsure if something should be specified separately on the policy, advise your insurer of everything.
- Again, every retail outfit will have some element of stock depending on the size of the business. Stock would be covered in the event of an insured peril e.g. fire, theft, flood etc. These should be insured for cost value not resale. Target stock is another name for cigarettes and alcohol. These should be noted separately on the policy as they are high risk items in terms of theft.
- Money Cover
- Many insurers will have a standard limit of €5000 cover for cash cover in the event of theft, fire etc. this can be increased for bigger businesses. Cash can be covered in the register, in the safe, in transit to the bank, in a night safe and at the clients house (all on request).
- Public & Employers Liability
- Cover in the event that the retail owner is found responsible or the injuries/loss sustained by a Customer / Employee on the business premises. Example: A member of public slips on a floor and injures themselves due to the wet floor but there was no sign to alert them.
Our business insurance team would love to hear from you if you want to ask us any questions about today's blog or what our retail insurance can offer you.
We know how important it is to have your business properly insured and at a keen price. In terms of retail insurance, we have a range of insurers who are both competitive on price while offering some great benefits. Why not contact us on 01 400 3400 or simply click on Get A Quote and we’ll happily give you a call to discuss your needs.