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Commercial Shop Insurance
Small businesses may be the backbone of the British economy, but that is not to say it is any easy matter to make a success of owning and running a shop.
Margins are likely to be tight and the only hope for a favourable bottom line each year is to watch every penny you spend on overhead and operating costs. One of the costlier – but no less essential – of these is commercial shop insurance.
At UKinsuranceNET we recognise how difficult is your task is securing the insurance cover you need, but getting it at a price where your shop still stands a good chance of turning a profit.
Why do you need commercial shop insurance?
As if normal trading objectives were not difficult enough to achieve, the typical shop owner also has to contend with an especially wide range of threats and perils to the business.
These are likely to as varied and diverse as the many different types of commercial premises there may be, some are physical and tangible threats, others may relate to your liabilities as the shop owner. Some of the more common risks include.
Loss or damage to the building in which the shop is housed. The structure and fabric of the building ay be exposed the risks of fire, smoke damage, flooding, storm damage, impacts, vandalism and theft – all of which may cause extensive damage costing many thousands of pounds to repair.
If you are leasing your shop premises, the landlord is typically responsible for this building insurance, but you need to check just what is covered and who is going to be responsible for damage to fixtures and fittings with which you have equipped your shop.
Stock in hand is often one of the most valuable assets of any businesses and commercial shop insurance needs to be tailored to safeguard it adequately against loss or damage.
As the owner of the business, you have a duty of care towards your customers, other visitors to the shop and members of the general public to prevent their being injured during the course of your trading. Public liability insurance, therefore, is an important component of shop insurance.
If you employ anyone else to help run your shop, you may also be legally required to hold employer’s liability insurance (of at least £5 million), in the event of their being injured at work or contracting an illness or other medical condition in the course of their employment.
Product liability insurance might also be part of the commercial cover you arrange in order to protect against claims that you have supplied faulty goods.
What you need to know when buying cover
You need to know the values of those assets you wish to insure and the potential financial consequences of any liability claim you may face.
So, if you own the shop, you need to know the cost of rebuilding the premises in the event of a total loss. Whether you own or lease the shop, you also need to know the cost of refitting and re-equipping it following any loss or damage.
Stock needs to be valued and an attempt made to anticipate the worst case scenario of any claims alleging your liability as the shop owner.
Why choose us?
It may be clear, therefore, that there are many components to commercial shop insurance. Arranging cover may not be as straight forward as it first appears, yet the importance of getting it right may have an immediate and lasting impact on the success of your business.
We are here at UKinsuranceNET to ensure that your shop enjoys just that protection – at a price your bottom line is likely to afford.