Our friends at Convenience Store Magazine have recently featured us in the following article:
Security is often a big concern for convenience store retailers and it is vital that shop owners know the importance of having effective insurance to cover their business.
From contents and buildings cover to material damage and personal accident cover, insurance is how retailers should protect themselves, their customers, business, premises and stock.
Firstly, it is a legal requirement for employers to have employer’s liability insurance. This will cover any cost of compensation claims relating to employee illness or injury.
In the event of a fire, explosion, storm, flood or earthquake, buildings insurance will usually cover any cost relating to loss or damage caused. Buildings insurance is used primarily to cover the cost of repairs to the structure of a property or premises.
Specific insurance cover can allow retailers to personalise the type of cover they get to best suit their store. For example, shop owners can take out fixed glass insurance to cover the cost of any damage to the front of their store. Insurance can also be used to protect cash on premises, stock on shelves and goods in transit giving retailers the peace of mind that they are protected if the worst should happen.
Public and products liability is also vitally important for the convenience store sector. It is used to protect stores against injury or damage caused by a third party business. It can also protect retailers from being fined or prosecuted as a result of injury or damage caused by the products they sell.
The Retail Mutual has an in-depth knowledge of the convenience sector and offer an alternative to traditional insurance. The company says that ‘insurance is a way for retailers to get back to the position they were in prior to any incident.’ It adds that this is why shop owners should pay close attention to exactly what is or is not included in their cover.