UK COMMERCIAL
INSURANCE FOR SHOPS AND SUPERMARKETS RETAILING TO THE
PUBLIC
INSTANT
SHOP INSURANCE PACKAGED RISKS COVER ONLINE
Commercial risks -Shop insurance
If you a shop you will need insurance as without it
your livelihood is at risk.
An unexpected loss could cause financial hardship and
destroy years of hard work.
All types of shop liability and premises insurance
are available under our online shop insurance wide cover
package. Choose and set the elements and levels of cover
that your shop requires.
SHOP INSURANCE COVERS AVAILABLE
PROPERTY & PREMISES
The Buildings and Contents can be insured against fire,
lightning, explosion of gas and boilers used for domestic
purposes,and also "special perils" such as
explosion, riot, malicious damage, storm, flood, impact
by aircraft, road and rail vehicles, escape of water
from tanks or pipes and sprinkler leakage.
"All risks" insurance gives wider cover including
any accidental damage or loss not specifically excluded.
However "all risks" will not cover wear and
tear, electrical or mechanical breakdown and gradual
deterioration which will be specifically stated in the
policy document.
How much should you cover your shop for ?
Buildings – the shop premises
should be insured for their full rebuilding cost (including
professional fees and the cost of site clearance) and
not just for their market value. You may need expert
advice to calculate the rebuilding cost, which often
differs significantly from market value.
Contents – your shops stock
should be insured for its cost price without any addition
for profit. Provision can be made for seasonal stock
fluctuations.
Plant and business equipment can be insured on either
a "replacement as new" or an "indemnity"
basis. If indemnity is chosen, wear and tear will be
taken into account when settling any claims.
BUSINESS INTERRUPTION
Damage to your property or machinery, or loss of stock,
could seriously disrupt your shops business leading
to loss of income and extra expenses.
You must also consider how similar loss or damage at
the shop premises of your suppliers or customers may
impact your own business and consider taking out cover
for such eventualities
Business interruption insurance will compensate for
the short-fall in gross profit together with paying
any increased working costs and extra accountants’
fees incurred.
When arranging this contingency insurance you will
need to estimate the maximum time needed to get your
business working normally following the most serious
damage. The insurers will ask for an estimate of your
anticipated gross profit. If an auditor later certifies
an actual figure materially lower than this estimate,
a return of premium is normally given.
ENGINEERING COVERS
Engineering insurance provides cover against electrical
or mechanical breakdown for most machinery, including
computers.
Under UK law, many items of plant such as boilers, lifts
and lifting machinery must be inspected regularly by
a qualified person. Insurers can arrange to provide
this service - for more information about nationwide
egineering insurance inspection please
enquire at our online engineering insurance division.
THEFT
Contents are usually covered against theft providing
there has been forcible and violent entry to or exit
from the premises. Damage to the building resulting
from theft or attempted theft will also normally be
covered. Theft by employees is usually not covered –
cover against employee dishonesty can be arranged by
a fidelity guarantee policy.
MONEY
Money insurance is on an "all risks" basis
and covers cash, cheques, postage stamps and certain
other negotiable documents.
Different limits will apply to money on the premises
in and out of business hours, in safes, at the homes
of directors or employees and in transit. There may
be requirements in the policy relating to safe keys
and the method of transit.
Personal assault cover may be included, which will
provide compensation for you or your employees following
injury during theft or attempted theft of money.
PUBLIC LIABILITY
This provides you with cover and protection against
claims by the general public entering your shop for
which you would be legally liable for bodily injury
or loss or damage to property arising in the course
of your shops business.
PRODUCT LIABILITY
This protects you against legal liability you may incur
as a result of a product that you supply from your shop
is faulty or defective and causes loss or injury to
a person or a business.
EMPLOYERS LIABILITY
This is legally required if you have employees (including
Directors in a Ltd Company) The Insurance is to protect
employers against claims for bodily harm or death brought
to employees in the course of employment( this also
includes injury by other employees, for whom the employer
is liable).
A certificate has to be displayed in a place that all
can see.
GOODS IN TRANSIT
Goods in transit insurance covers goods against loss
or damage while in your vehicle or when sent by carrier.
The sum insured may be a limit for each vehicle or any
one consignment.
CREDIT INSURANCE
This protects you against customers who fail to pay
their invoices. Because the risk of bad debt can be
high, you would probably find it hard to get cover for
this unless your business has been successfully up and
running for some time.
FIDELITY INSURANCE
This covers you for fraud or dishonesty by employees;
it can be taken out for specific employees or the whole
staff.
LEGAL EXPENSES INSURANCE
This helps to cover the majority of your costs in the
event of a legal dispute.
This usually covers legal costs for employment tribunals,
prosecutions under Acts such as Health and Safety at
Work (etc) 1974,contract disputes and costs caused by
in-depth Internal Revenue or Custom and Excise investigation.
Some legal expenses policies also provide free legal
advise as well as cover for employees time lost during
jury service or as a witness in a case
.
CONTACT US FOR SHOP INSURANCE QUOTES AND COVER ADVICE
UK-Commercial-Insurance.com provides
competitive commercial & business insurance quotes
and advice for restaurants and cafes from a range of
specialist insurance companies and brokers to provide
you with the most competitive quotes and widest levels
of cover. For more information on shop specific covers
please visit shops
insurance our online retail division
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