Name: Quote Goat
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What Is Shop Insurance?

Shop insurance cover is a type of business insurance that protects your business against claims and damage.

Running a shop always comes with certain dangers and potential risks, which is why you need to compare shop insurance quotes and make sure you adequately protect your business. This type of insurance may be suitable for everyone from high street retailers and hairdressers to bookstores.

A retail business is notoriously busy, with successful shops seeing high levels of foot traffic daily. Of course, such a dynamic environment increases the likelihood of someone having an accident or damaging your property. Finding the right shop insurance policy is the only way to cover yourself from any unexpected events.

Businesses can tailor shop insurance to their particular needs. It can include cover for commercial premises, employers liability insurance, public liability cover, stock insurance, business interruption insurance, etc.

Quote Goat help to make it easier than ever for you to compare shop insurance quotes and find yourself the right insurance deal. Just click the ‘Get Quotes’ button above, fill out your details, and speak to our partners about your specific cover requirements.

After all, every shop is different, and Quote Goat is here to help you find the right type of insurance policy for your business.

Why Do I Need Shop Insurance?

Although you might think it’s doubtful, accidents do happen. When running a shop, you have a responsibility to protect your customers, staff, and business activities, and having adequate shop insurance is the only way to provide that protection.

As a shop owner, the safety of your business should always be of paramount importance. Shop insurance will protect your stock against damage or theft, your premises from vandalism, and your business from the legal expenses resulting from claims from customers.

Whether you’re an enormous high-street retail business or a local news agent, we can help you find suitable insurance for your shop and ensure you keep your business safe. Whatever your requirements, you can tailor your policy to provide cover that matches your own specific needs.

Does The Law Require Shop Insurance?

Although shop insurance is strongly recommended, only employer’s liability insurance is a legal requirement. Once you’ve become an employer and started hiring staff, you could be fined £2,500 for every day you aren’t adequately covered, so it’s essential to get this sorted straight away.

However, ignoring other types of shop insurance could have even more significant repercussions on your business and your livelihood.

What Insurance Does A Shop Need?

There are many options to choose from when deciding which additional covers you would like your shop insurance policy to include. But there’s no need to feel overwhelmed by the different types available. You need to remember that no two shops are the same, and you need to select the insurance that covers what’s most applicable to your business.

For the most part, however, you should consider including the following levels of cover to make sure you’ve covered all the major bases.

Contents Insurance – Contents cover protects your stock, shelves, displays and other types of equipment from theft and damage. In short, contents insurance will protect your shop’s interior contents.
Public Liability Insurance – With daily customer visits, public liability insurance becomes a top priority. Public liability insurance will cover legal costs and compensation if a customer injures themselves or if they suffer property damage on your premises.
Employer’s Liability Insurance – if you have employees, you’ll be required to take out employer’s liability insurance to protect you in case any of your employees becomes injured while working for you.
Buildings Insurance – if you own your shop’s building, you’ll need to take out buildings insurance to cover the costs of repairing any accidental damage or vandalism.
Product Liability Insurance – this covers you for damage, injury or illness caused by your product to a customer. Even if you haven’t manufactured the product, you can find yourself liable in such an event.
Business Interruption Insurance – if you’re unable to open your shop’s doors due to a break-in, a burst pipe, fire, or similar circumstances, this will cover the costs of lost sales, wages and even rent. Business interruption cover is essential for getting yourself back on your feet after a disaster.

Compare Cheap Shop Insurance Quotes

Your shop insurance can include as many (or as few) of these policies as possible. It all depends on which aspects are relevant to your business and which parts of your shop need to be covered.

The price of your shop insurance will depend on what you decide to cover, where your premises are based, and how much risk is involved for the insurance provider.

To compare retail business insurance quotes today, enter your business name and other details through the link at the top of the page, and then speak to members of the panel to see if you can a good deal for your shop insurance.

How to Get Lower Shop Insurance Rates

The best way to get cheaper shop insurance is to compare prices through a quote comparison platform. However, there are some additional steps you can take to lower your insurance premiums.

1. Pay annually: Paying monthly may be good for cash flow, but annual payments don’t have added interest on the premiums.

2. Keep your property secure: Place security measures in place to protect your business equipment.

3. Avoid legal fees: Train employees on proper workplace safety practices and implement strict policies that need to be followed to prevent potential legal costs for liability claims.

4. Get the right cover: Shops need to be covered for all kinds of risks associated with the business. While it’s smart to avoid paying for cover you don’t need. You should also avoid underinsurance and high, out-of-pocket compensation fees.

Frequently Asked Questions

What other products can be added to a shop insurance policy?

When you compare retail insurance quotes, the number of add-ons can push up the prices of the deals you see. However, some may be vital to your store’s specific needs. These add-ons include:

Stock insurance for stock not stored on the premises is relevant to businesses that operate an online shop or have a warehouse.
Flood cover in case you operate a store in a high flood-risk area.
Loss of licence cover if your business sells alcohol and you lose business after losing the licence.
Certain shops may be located in high-risk areas for terrorism, and terrorism cover can cover losses due to terror attacks.
You may want to look into hire and reward insurance, especially goods in transit cover, if your business makes deliveries to clients.

Do I need shop insurance cover for an online shop?

Yes. Online businesses face many of the same risks as physical stores and will need similar policies. You may need legal expenses coverage in case clients or employees suffer any injury or illness due to your products or work conditions. Additionally, you may need shop insurance to cover your stock in a warehouse.

How much does shop insurance cost?

There are several factors that can affect the price of your shop insurance policy.

The size of your business – Larger companies are usually more costly to insure.
The location of your premises – If your company is located in high-risk areas, this can increase the cost of your premiums.
The type of products you stock – If you have high-value items or expensive equipment, your insurance will cost more.
The number of employees you have – More employees means more potential for claims to be made.

Ultimately, the best way to figure out how much shop insurance costs is to run a shop insurance quote comparison. You’ll be shown tailored deals for your unique needs from insurance providers.

Do I need employer’s liability insurance if I employ part-time workers?

Certain establishments, such as online stores, may only employ part-time or contract workers. However, insurance is a legal requirement if you employ people to work for you. This includes bona fide subcontractors, labour-only subcontractors, part-timers or full-time workers. You need to be covered in the event that they make a claim against you for injury occurring while completing job tasks.