Fortunately there are numerous shop plans on the market today covering each of the risks that the retailer might face in operating a business from a premise that sells goods and services to the public.
Shop insurance policies will contain many different covers, packaged up to the capability of the shopkeeper.
Included in this are shop buildings and contents cover, stock in trade cover, business interruption and lack of profits, money cover and staff fidelity insurance, legal protection, window & glass protection for shop fronts, goods on the road, public liability, employers liability, and various alternatives to cover shop specific risks. Shop insurance packages should include as standard most of the above risks, whilst some insurers permit the prospective policyholder to decide on the covers which can be suitable for his or her type of shop.
Shop Insurers use various basic rating factors to choose premiums and postcode and annual turnover are major factors.
The positioning of your respective shop will largely determine the price you pay for cover, in particular for shop stock and contents. A store positioned in a run-down housing estate with known propensity for theft and vandalism will command a much higher premium than a single situated in today’s shopping center with street security and CCTV. Annual turnover is used to calculate cover levels like the impact of the loss over a shops capability to trade.
Shop buildings insurance covers the price of rebuilding the shop along with the costs of replacing the shop front, which can be invariably created from glass. All buildings insurance covers permanent fittings and fixtures like toilets and doors. This cover can be obtained either way shop owners or people who lease the property.