Six Key Elements of Shop Insurance Cover

When it comes to insurance, your home and shop have very different requirements. While they may share some common elements, such as building and contents insurance, retail premises also need to guard against a number of additional risks.

Shop Insurance for London

At Clover Insurance, we provide high quality and competitive shop insurance quotes across Hertfordshire and North London. Here we outline six additional areas of insurance that shop owners need to consider.

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Shop Insurance

Just like our homes, shops also need to be protected from the potential damage caused by fire, flood, and burglary. Burglary protection is particularly important for shops, as they are often seen as very attractive targets for criminals. This is because they are usually unoccupied at night and may carry large amounts of stock.

Public Liability Insurance

Public liability insurance provides cover should a member of the public make a legal claim after suffering an accident or injury in your shop.

At this point it is worth making clear that some types of shops may be more susceptible to claims than others. Toy shops are one example, because children are the most likely age group to become injured. However, regardless of what you sell, an accident can happen to anyone and at any time, often in a way that could not have clearly been seen beforehand.

Employer Liability Insurance

Employer Liability Insurance works in a very similar way to Public Liability insurance, except that it protects your staff instead of the general public. This type of insurance is legally compulsory for most employers. It is important to ensure you have a good policy in place, because the legal and financial consequences of an employee injury or illness could be very costly.

Stock Insurance

If you operate a ‘high end’ shop that sells jewellery, cars, and other luxury items, stock insurance will likely already be an integral part of your insurance policy. However, it is an appropriate precaution for all stores, from clothing outlets to fish and chip shops.
It is important to note that stock insurance can also include the value of raw materials, should you produce or manufacture your goods onsite.

Business Interruption Insurance

There may be times when your business is put out of action, particularly after force majeure events such as fire and flood. This can be costly in more ways than one; replacing damaged stock, repairing your premises and continuing to pay staff are just a few examples.

Business Interruption Insurance covers all your day-to-day business costs during this time, such as staff salaries, repair bills, etc. Knowing that all your day-to-day costs are covered removes a lot of stress and enables you to focus solely on getting your business back up and running again as quickly as possible.

More comprehensive policies can cover losses incurred as a result of damage to your supplier’s premises or output.

Computer Breakdown Cover

Computers and computer systems are key for almost every business today, and it’s no different for shops. From in-store payment systems to your e-commerce website, any disruption or downtime can be very costly.

Computer breakdown cover is one of a number of additional optional extras that Clover Insurance offers as part of our business and personal insurance services in North London and the surrounding area.

Shop Insurance Quotes from Clover Insurance

When it comes to shop insurance, it really is best to shop around, and at Clover Insurance we can do that for you, offering shop insurance quotes for retailers in Hertfordshire and across North London.

We know that all businesses are different, which is why we will tailor a quote to your specific needs. We deal with a panel of reputable insurers so you’ll get quality cover at an affordable price. To get a high quality and affordable quote, contact us.

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