From small independent shops to large outlets, if you are in the retail business you will experience challenges that are unique to your industry. From stock damage to supply chain problems, it is vital that you are covered by sufficient retailer insurance to keep the sales momentum going if something goes wrong.
What does retailer insurance include?
You can tailor a retailer insurance package to suit the needs of your own retail business, but as standard you should include:
1. Employer’s liability insurance
Employer’s liability is an essential part of your retailer insurance as all employers are required by law to have this cover. It is designed to protect your business if an employee injures themselves at work or becomes ill due to their job.
2. Public liability insurance
As a retailer you are likely to be working closely with the general public and suppliers. If a customer trips in your shop on a broken tile or slips on a item of clothing or piece of fruit left lying on the floor then public liability cover within your retailer insurance will protect you.
3. Product liability insurance
Product liability is the area of law in which retailers, manufacturers, distributors and suppliers are held accountable if their product injures a customer or damages their property. If you include product liability with your retailer insurance then this will cover you for legal costs and compensation from any such claims.
4. Shop insurance
Specialist shop insurance is comprehensive and can provide cover for:
- The shop building
- The shop contents – including stock and tills
- The shop glass or windows – including cover for vandalism
- Business interruption
- Loss of income
- Legal expenses
- Personal accidents including for assault against your employees or customers
- Cash in your shop or in transit
- Personal belongings of your employees and shop customers
- Goods or stock while in transit to your shop
5. Business contents insurance
Business contents insurance in a retailer package includes your tills and shelves plus goods such as alcohol and tobacco. Policies can be flexible to include cover for seasonal increases in different stock, frozen food, cooked food and cover for food in transit.