If you own a shop, it is very important to make sure that you have the right insurance policies in place. There are various different types of shop insurance that you may have to consider, but whichever type you are looking for, searching and comparing with Money Pug can help you make sure you get the right ones for you, for the right prices.
Compare Shop Insurance With Money Pug
Money Pug allows you to compare shop insurance from all the main providers on the market quickly and easily, and move swiftly to the right options for you. To further aid you in finding the right cover, we’ve put together this list of the different types of shop insurance you may wish to consider:
What Types of Shop Insurance Are There?
Shop owners should consider a range of different cover types, including:
Public Liability Insurance
This type of insurance is there to cover the cost of legal action or compensation claims against your company, if a member of the public is hurt of their belongings are damaged while they are on your premises. This type of insurance also covers you if you are working in someone else’s home, office or business location. This type of insurance is a very good idea for all those who regularly come into contact with the general public, or who welcome the general public into their space, so is, of course, particularly pertinent to shops.
Employer’s Liability Insurance
Employers’ liability insurance is a legal requirement for any business that employs one or more people. This type of insurance protects you against the cost of compensation claims if one of your employees gets hurt or becomes ill through working for you. If you do not have this type of insurance in place you could get a fine of up to £2,500.
Contents and Stock Insurance
In addition to the options above, shop owners may also wish to take out contents and stock insurance. This protects the contents and stock in the event of theft, damage or destruction – for example by a fire or flood. Different levels of cover are available. Some insurance providers allow for seasonal increases in stock as part of the policy. Policy extras such as cover for frozen food etc. are also available. It is important to note exactly what is and isn’t included before taking out a policy.
Business Interruption or Loss of Income Insurance
Shop owners could also consider taking out business interruption or loss of income insurance, so they will have some recourse should something go wrong with the money-making side of the store.
If you own the building in which the shop is located, you may also need to take out commercial buildings insurance.
Making sure you have the right insurances in place can give you peace of mind and hep make sure that your shop can weather the storms, whatever may happen.