Whether your insurance policy for your shop is due to be renewed, or if you are starting a new venture, it’s a good time to review the requirements of your business insurance.
There are many options available for retail cover and it’s important that you know that the cover you choose gives you the best coverage for your circumstances.
Ask yourself the following questions:
- If you’re renewing, have your needs changed?
- If your retail business is new, what optional extras do you need?
- What’s the best protection you can get for your business?
Before you make your final decision on what business insurance will cover you, here are some of the main types of insurance available to you as a retailer:
Public liability and Product liability
This is essential – as a business that will have members of the public on its premises, you need to be protected in the event that anything happens. Public liability cover will assist in the event of a fall or accident in your shop, or an illness caused by you or your premises. Product liability can also protect in the event of illness caused by products or services.
If anyone does make a claim against your retail business, public liability insurance will assist in any compensation payable and legal costs.
Employers’ liability protects you if an employee is injured or falls ill as a result of your business or whilst working for your business. This type of insurance should be included for full time, part time and voluntary staff – remember to disclose any staff members when discussing your business insurance quotation and policy.
Assistance is offered for any legal costs incurred or compensation paid to employees as a result of an accident at work, or illness due to work.
If you are left unable to run your business due to an accident, personal accident insurance makes sure that you don’t feel the pinch of lost earnings. If you have any additional expenses to cover the period of your absence, you will also be covered for this (such as temporary staff).
It’s worth investing in, because any loss to your personal income could affect many other aspects of your life, not just your business.
It goes without saying, if you have a physical location or stock, you need to insure them. Contents insurance helps you in the event of damage or theft. The results of either could be devastating for your business and its profits, so your business insurance will be tailored to cover physical attributes. Contents can be divided into general contents, removable contents and stock both floating and within the premises. Make sure to take note of increased working periods for example Christmas when stock levels may increase.
This is an increasingly important option for retail insurance. With more of a reliance on online retailing, as well as facilities such as online banking and email, you need to be protected. Cyber insurance can help your business in the event of data theft, cyber attacks or mis-sharing data.
Always remember that having the best business insurance for your business is vitally important. If you are looking to find the best cover and price available on the market for Business Insurance Ireland, then talk to Britton Insurance for a quote.