Off licence insurance

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Insurance for off licences

If you run an off licence, the nature of your business means it's likely that you’ll encounter your fair share of risks on a daily basis. With high levels of valuable stock and a regular stream of customers – not to mention the alcohol laws you need to comply with – it’s sensible to guard against the risks that present themselves to you, in order to protect your finances.

One way of guarding against such risks is to make sure that you have insurance in place to suit your off licence’s needs. There is a handful of basic types of cover that will form the base of an insurance policy for virtually any off licence owner – as well as a wider range of options that you may consider depending on the specific setup of your business. They could include:

  • Contents and stock insurance:
    Stock is likely to be an integral asset for your off license, so it makes sense that you would want to protect it against damage and theft. This form of business insurance can cover against loss you may suffer due to damage to stock, products, electrical fittings and fixtures - whether that loss is a result of theft, natural disasters or damage due to deliberate acts of destruction. If you choose to include cover for equipment breakdown, it may also prove useful to help pay for repairs.

    Imagine a scenario in which your business suffers a break-in and the theft of a large amount of valuable stock. It could be the case that you are unable to afford to replace the stolen goods immediately. In this situation, stock cover could help you to pay for replacements, enabling your business to return to trading at full capacity as soon as possible.

         For more detailed information on business stock insurance, click the link. 

  • Public and products liability insurance:
    Public liability is a standard component of many off licences' insurance policies, simply because of the fact that you deal with the public on a day-to-day basis. 

    Suppose a customer injures themselves while in your shop - perhaps due to slipping on an unmarked wet floor - resulting in them needing medical treatment or being unable to work for an extended period of time. In such an event, they may seek compensation for the expenses or lost earnings, and public liability insurance could help to cover the costs you face as a result. 

    Product liability insurance is specifically designed to protect you in the event that your customers suffer injuries – or their property is damaged – as a result of your product. It may help to cover expenses you incur in such scenarios. However, this form of insurance may not cover your business for products that were faulty as a result of negligence or defects in production.
  • Insurance on loss of liquor licence:
    To run an off licence, it is essential to have an appropriate alcohol licence and legal authorisation in place. There are a number of reasons a licence could be revoked – with some of the most common being public nuisance, sale of alcohol to minors or not adhering to business hours that may be mentioned in the licence’s rules. 

    Sometimes, despite trying to run a legitimate business, you may find yourself losing your licence due to matters beyond your control. Loss of licence insurance can protect you against the fall in income you’re likely to experience during the time you are license-less.
  • Insurance on money and goods in transit:
    This form of insurance is designed to protect against the risks you face when you’re transporting stock or cash for your off license. The insurance could cover costs in the event of theft, damage or accidents involving your vehicles while your goods are in transit, as this could result in loss of money or destruction of goods. However, a significant feature of this insurance is that the vehicle used for the transaction belongs to you or your business.
  • Business interruption insurance:
    Your business may be disrupted due to unforeseen events such as bad weather, floods, storms or fire. Your day-to-day operations may also get interrupted in the event of damage caused as a result of malicious acts or because of a major accident around your premises. The loss of income that might result from such circumstance may leave you in financial difficulty, but business interruption insurance can compensate you for the revenue you lose during this time.

It’s clear to see that there is a number of different types of protection that are capable of shielding your business against unexpected events that could threaten its financial security. The forms of insurance that you choose to purchase will be influenced by the exact risks that your business may be vulnerable to, as well as your attitude towards them.

Making sure that you tailor your insurance policy to your business’s individual needs will help to ensure that you are protected against the most pertinent threats.

Circumstances under which your off licence may benefit from bespoke insurance could include:

  • The selling of additional goods as well as alcohol – such as food products.
  • The exact location of your premises – for instance is it an area notorious for break-ins and theft?
  • The nature and value of your products – if you stock specialist liquors or champagnes, for instance.
  • If your business is located within or otherwise linked to another business – you may be situated inside a supermarket, convenience store, bar or pub, for example.

If situations such as the above are applicable to you, they could affect the terms and cover of your insurance policy. As a result, if they're not specified in your cover, it's likely that you'll be unable to make a claim in the event of any scenarios that have a detrimental impact on such areas of your business. That’s why it’s important that both you, as the business owner, and your insurer fully understand the exact nature of your business as well as the exact wording of any policy you take out.

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