Your shop, your stock, your bricks, your mortar, your business, your livelihood.
You probably think that's the kind of stuff that's worth protecting - and it's likely that you're right. There could be a number of different threats that you need to protect your shop against, and doing so is an essential part of safeguarding your business for the future.
That's where shop insurance comes in.
What is shop insurance?
Strictly speaking, shop insurance isn't really a type of policy. It's a broad term that encompasses different types of cover that you may or may not need, or deem important for your shop. Each shop is likely to have a different policy that's tailored to its individual needs. For instance, part of your work may include transporting stock between different locations – for instance if you have more than one shop. As such, you may want to include goods in transit cover as part of your business’s contents insurance. For another shop, however, it may not be necessary to have this cover in place. . It could also be the case that your shop sells products of a higher value than another business, so the scope of your shop contents insurance would differ accordingly.
No matter what kind of shop you run, there’s a good chance that you could benefit from having a comprehensive shop insurance policy in place. The exact forms of cover that are included in your policy will depend on a number of things, including the extent of cover that you wish to purchase - as well as your attitude to risk.
To decide which forms of cover your business requires, you should consider the type of risks that could compromise your business. Some of these may include:
- Stock theft
- Fire damage
- Workplace injury
- Equipment failure
- Unexpected closure
- Injury to the public.
It’s worth remembering that the above list is in no way exhaustive, and there may a number of additional risks that you want to protect your shop against.
How much does shop insurance cost?
As mentioned previously, your shop insurance policy should be tailored to your business’s individual circumstances in order to provide adequate protection. This means that each shop will have a unique set of covers in their policy, and will pay a unique price for that cover as a result.
Because of this potential for variation, it’s difficult to provide an accurate business insurance quote without properly understanding your business and its requirements. When generating a quote for your shop cover, an insurance provider will take into account a number of factors, including:
- The nature of the products you sell
- The size of your shop and volume of sales
- Your shop’s physical location
- The number of staff you have
- The breadth of cover you require.
To get an accurate price for the cost of insurance for your shop, you should seek a tailored quote based on your business’ individual needs and not just a cheap shop insurance policy.
Compare shop insurance quotes
It can often be beneficial to compare quotes from a number of different insurance providers in order to make sure you’re getting the right deal for your shop’s needs. Because this can be a long process, you may want to use the services of a business insurance broker – such as Make It Cheaper Financial Services – to do the legwork for you. Call one of our friendly insurance experts on 0800 144 4808 today to get a competitive quote for your commercial shop insurance.
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