If you own a shop, you probably know that the cessation of your business due to an accident or unforeseen catastrophe can be ruinous. Insurance can be roughly divided into three: liabilities, business assets and equipment, and property and buildings.
Insurance Options for your Shop?
The primary consideration for any shop owner is the building fabric. Of course, this is the most valuable asset in a shop setting. If the shop is leased, then the landlord is left to cover the premises. After that, you’ve got to cover the stock against natural disasters along with theft. Considering the close interface of the public with your shop, there is a dire need for a public liability policy.
Your shop is perhaps a retail outlet with several employees. That’s alright – you’ll need to take an employer liability insurance. Here, you’ll protect your team of staff against the risks they may run in during their work. For most countries, this is an obligatory law. The business interruption insurance could make the difference between the shop going bankrupt, or surviving a closure. For instance, this cover can compensate for the loss of revenue in case you’re forced to shut down the business for a few days or even weeks due to an occurrence such as a fire.
You might also love the product liability coverage that covers manufacturing flaws or design defects on the products you’re dealing with. Product liability policy also covers economic damages and compensatory damages as a result of defective warning or badly worded instructions.
Lastly, you might want to check out the following policies. If your shop arranges to deliver goods to customers, how about covering the goods in transit? Also, a Key Man Cover can help compensate for revenue lost in case of the key man to your business is away from work due to sickness or accident.