If you're looking for cheap fancy goods shop insurance and worried about the cost, or wondering what kind of cover you need, you're in luck; not just a single insurer or broker to help you but a panel full!
Get specialist insurance in minutes
Shop insuranceprovides coverage to protect your retail business against various risks and claims, including those from your customers who may have been injured or become ill due to your products, and employees who may have inflicted damage.
Brokers will work with you to arrange cover swiftly and efficiently, ensuring you're covered should the unexpected happen. Every business has unique needs, and you need only to pay for what you need.
A fancy goods shop insurance plan offers all of the protection you need under one umbrella policy designed specifically for retail businesses. Although many of the insurance options required by retailers are the same as those for other businesses, many shops have specific provisions when it comes to their business insurance.
Does my shop need insurance?
Clearly, accidents do happen, but when you own a business, your responsibility extends to your customers, employees, suppliers, and for the property of others. fancy goods shop insurance is an important factor to protect your business from unexpected losses.
A company or individual who works with the public needs public liability insurance, while any company employing staff is required by law to have employers liability insurance.
With fancy goods shop insurance, you'll also be able to protect your stock with policy features like products liability, fire and theft, and property coverage options that will protect your business.
Even so; finding the right coverage for your company can be challenging; however, the broker panel can probably handle it all!
From locking up at night to using the Internet, shops are exposed to a unique set of risks. It sounds unthinkable, but accidents occur every day, and a public liability claim can cost thousands. By utilizing the brokers on the panel, you can focus on taking care of your business and making money, while having protection for the business you've built.
What can I include on a fancy goods shop insurance policy?
A fancy goods shop insurance policy can be tailored to cover your particular risks, but there are some elements that are fundamental to a policy.
Having employee liability insurance is probably a legal requirement if you have staff. This compensates employees if they're hurt at work.
Shop owners need public liability insurance. While it is not a required policy, it is very useful in case a customer or third party is injured or their property is damaged while on your premises. Public liability can cover compensation and legal fees in the event that a customer makes a claim.
When giving advice from your shop, professional indemnity insurance may be a good idea. If a customer feels you have been negligent, and he or she suffers as result, you could have protection from claims.
If your business sells or manufactures products that cause injury, illness or even death, product liability insurance could cover legal costs, claims and even damage to your business reputation.
Your shop may have to close due to damage caused by a catastrophe. In such a case, business interruption insurance may cover you for any loss of income during that period as well as your fixed expenses.
Buildings insurance is a wise investment for shop owners. You may be able to get cover against loss or damage caused by situations including fires, floods, terrorism, vandalism, and accidental damage.
You can get coverage for the interior of your shop, from fixtures and fittings to your business equipment, including computers, phones, and other technology.
Most shop owners store in-store stock, and this increases the risk of theft or damage from risks like fire and flooding. Stock insurance may cover you up to a certain amount, and some insurers offer fast payments to help with cash flow.
Ensure that the stock value covered in your stock policy is sufficient for your needs, and look into whether you are allowed to increase it around certain dates, such as Christmas.
The term 'accidental damage' can encompass a large range of scenarios, and it is not always covered by your fancy goods shop insurance. A good broker can tell you what is covered, and what is not covered under your policy.
There is a whole panel of brokers who are regulated by the Financial Conduct Authority of the United Kingdom, who can help you compare the quotes and find the best insurance for your individual circumstances. Compare quotes now.
How it works
- You fill in a simple form, giving some details of what you are looking for.
- You will receive broker quotations to compare.