Shop insurance policies are NOT all equal!
All kinds of things can go wrong if you are running a retail business from a commercial property, whether it is a small sandwich bar or a huge department store. These can range from a customer tripping over a box and suing for damages, to an electrical fault burning down the entire premises, stock and all.
All these risks should of course be covered by insurance; but is it possible for every policy to cover every risk? A lot of people have thought so, but the Coronavirus pandemic has demonstrated just how complex insurance really is, and how precise definitions of seemingly harmless words can make all the difference between getting a payout and having it refused.
The pandemic has shocked insurers to the core but it has also caused sleepless nights for thousands of people who realised that although they thought they were fully insured they were anything but. For example; many business interruption policies covered business owners against incidents that prevented people from going into their shops and other commercial properties; but was the pandemic an 'incidence' or does that term relate just to short lasting occurrences; like local gas explosions, terrorist incidents, unexpected road closures et cetera?
Also; if a business is forced to close, could it still continue by using home deliveries or by going online? Many food - related businesses did just that and were able to keep trading, albeit at a lower level. However would they be entitled to less compensation from their insurers if they had already been operating, partly, in this way? And if they had to close their doors by government decree, would trade have slumped anyway, because of the general lockdown? Some insurers have already made these claims, and used them as reasons for reducing, or even refusing, claims.
These may seem like hairsplitting to many of us (it would take many pages to describe the legal arguments that have taken place over Covid and business insurance), but they are very real issues that have made, and are still making, a difference between substantial insurance payouts and bankruptcy for thousands of business owners in Britain.
This is why, since your business is unique, an 'off-the-peg, all – risks' policy may be a poor investment.
How we can help
We do not sell insurance of any sort. What we do have though is access to a large panel of specialist retail insurance brokers who not only have wide experience of finding affordable policies for shops, stores and trade premises of all kinds, but who also understand the sector and the risks that it can face.
By tailoring a policy to your exact needs they could not only advise you on how to get covered for the realistic risks your business faces, but by combining policies you might even save a great deal of money too.
What risks do shops face?
Every business faces certain risks; fire, theft, floods, vandalism, interruption of business are common risks.
As a retailer, though, you may well sell perishable goods. Refrigerators can and often do break down (or get accidentally turned off!) and the contents get spoiled. If you sell anything that people eat you could be blamed if a customer fell ill after eating something you have sold. If you offer personal services such as hairdressing or beauty treatments someone may have an allegic reaction to a chemical or gel you have used. If you sell hardware a DIY-er may suffer an injury from a sharp edge. Run a hot food shop and you risk fires and people suffering burns. I'm sure you can think of many more.
In the meanwhile there are the ever present risks of people, whether customers or employees, slipping, tripping, straining their backs, or otherwise getting injured in some way. 'Compensation' is often the first subject you have to worry about.
How do I get enough cover - and also save money?
Just provide a few details about your business and you'll receive shop (commercial property) insurance quotes very soon.
Please note: All the brokers on our panel are fully authorised and regulated by the UK Financial Conduct Authority, with all the protections that you benefit from as a result.
Put us to the test. Get quotes now!
How it works
- You fill in a simple form, giving some details of what you are looking for.
- You will receive quotations from brokers, plus suggestions on how to save money as well as stay fully covered.