Every business needs insurance. Unforeseen circumstances can cause damage and with insurance, a business can turn losses into an advantage. Building, contents, employees and customers need protection and if they suffer damage, sales are affected. Shop insurance is an essential insurance. Here is a guide:
All about shop insurance
Retail insurance policies typically cover: -Insurance for property – from floods, storms, fire, malicious damage, explosions -Contents – from theft, malicious damage, floods, storms or fire -Business stoppage – because of damage caused to the property -Loss of money – kept in the store/safe, or lost in transit -Workers' insurance – if any employee suffers a work injury -Public liability – if 3rd party is injured or his property is property when he is inside your premises -Products' liability – covers your stocks -Legal expenses – covers legal expenses for contract disputes Additional cover can be purchased for goods in transit Claims are typically not allowed, when: -Damage occurs to products that are kept in the open -Recommended security requirements are not met -Items are under-insured -Items are damaged while being repaired, cleaned, altered, etc. You can typically make a claim by: When any of the conditions in your shop insurance policy are invoked, you should contact the insurance company. Do not wait for too long – example: do not wait till missing or damaged items are replaced or repaired. Insurance companies specify a time limit for filing claims. In case of theft or malicious damage, you must register a police complaint and get a crime reference number. Find our shop and business insurance cost: Get and compare the best shop insurance quotes here.
About technical terms in shop insurance policies
What is the meaning of "minimum security"? Insurance policies specify a minimum level of security, which shopkeepers do not read about. It means that you must use five-lever mortise locks that comply with British Standard 3621 on all your exit doors and all ground floor windows must be locked with key-operated locks. You must read the minimum security requirements carefully because even a small technical slip-up can make the insurer refuse your genuine claim. What does “All Risks” coverage mean? Do not get fooled when you hear “all risks are covered.” There is no such thing and exclusions will always be there. “All Risks” covers perils like fire, lightning, earthquake, malicious damage, explosion, aircraft collision, water damage and accidental loss or damage. It typically excludes depreciation, natural deterioration, damages, due to temperature changes, insect-caused damage, electrical and mechanical breakdowns. The wording and definition varies from insurer to insurer and situations like theft, sprinkler leaks, and land subsidence/heaves are not included in “All Risks.” Contact an insurance broker for more help.