If you are opening a shop for the first time, shop insurance is something you need to invest in. This investment will ensure that you are covered should something unfortunate happen to your business or one of your customers. Here is a complete guide to shop insurance for new business owners.
Your business is unique and as a result your shop insurance should be tailored to your specific needs. You will need an insurance policy that complements the unique aspects of your business rather than the one size fits all approach. For example if you are opening a takeaway, you will have very different requirements to hair salon.
Don’t Scrimp on Shop Insurance
If you have ever taken out an insurance policy only to be burned when you made a claim, you will know that the cheapest insurance option is not always the best. If you have shopped around for quotes, you may be tempted to opt for the lowest in price but it is essential to delve deeper into the details of the policies and make sure that you understand what exactly each one covers.
Do I Need Employers’ Liability Insurance?
If you have a shop and employ staff to work in it you will need employers’ liability insurance. This is mandatory for all shop owners and if one of your employees is injured while at work this will ensure that you are covered. If you do not have this even though you legally require it, you could receive a fine for up to £2,500 for every day you have been operating without it.
Do I Need Contents and Stock Insurance?
This type of insurance is an essential for shop owners. This will ensure that you are covered should any of your stock be damaged or stolen. If you sell alcohol or cigarettes, this is classed as high risk stock and you should double check that these items are covered when choosing the right policy for your needs.
Anything Else I Should Be Wary Of?
Many business owners are so concerned with what is covered they forget to ask what isn’t. When choosing a shop insurance policy, it is essential that you are fully aware of what is involved. A secure shop will drive down the cost of your insurance and make you less of a risk to an insurance company.
Seek Advice from a Shop Insurance Specialist
As a new business owner, you don’t have to go it alone. If you need advice regarding shop insurance, you can get expert advice from an insurance specialist. Whether you want to discuss basic restaurant insurance or you want to know how to get the right insurance policy to cover specific treatments in your salon, it can be wise to take your questions direct to the experts. Speak to a Shop Insurance advisor today and find the best insurance deal for you and your business.
Image courtesy of FreeDigitalPhotos.net