Whether you own a newsagent’s or a convenience store, there are certain risks which come with the territory of running a retail business. When looking for insurance it is often tempting to take the easiest route without properly knowing what is included in your cover. So what kind of insurances should you consider to ensure your business is protected?
If you have any full or part-time employees, or you use temporary staff, casual workers or volunteers, you may be required by law to have Employers’ Liability cover. This covers you in the event of a claim from anyone who becomes ill or is injured as a result of working for you. For further information on employer’s liability legislation visit the UK government website at www.gov.uk/employers-liability-insurance.
Whilst Employer’s Liability may be the only legal requirement when it comes to insuring your business, it is important to consider the inherent risks of operating a small business or store and take reasonable steps to protect yourself, your customers, your employees and the general public.
Public and Products Liability cover will protect you from claims made for incidents that occur in connection with your business. For example, if someone falls and hurts themselves due to your negligence, or if you are serving food, there is an incident of food poisoning.
Be prepared for the risks
If you own your premises, you will need buildings cover to protect it. With ram raids and other violent store front attacks on the rise, it’s worth looking at whether you have specific cover for your shop front. At The Retail Mutual, we include fixed glass cover as standard with your buildings cover.
Retail crime has been a hot topic so far this year and is on the rise. If you have high-risk stock, your insurer will likely require a monitored alarm to be in place. If this is inadequate you will effectively not be covered outside business hours. In addition to this, when it comes to stock, it’s good to review cover levels every six months, especially for items such as tobacco as they regularly increase in value.
Should the unexpected occur, have you thought about the impact to your business during the time your claim is being processed? For small business owners, business interruption cover can be invaluable to keep you and your business afloat.
Another cover worth considering is goods in transit. If you shop regularly at a cash and carry or other supplier, this will protect your stock from supplier to store.
There is increasing pressure on local stores to meet demand from consumers who are wanting access to the products they use at all hours of the day. One of the largest drivers in the decision to make a change to a retail space is the need to deliver what the customer wants; fresh produce and the grab-and-go culture are contributing to this.
If you are looking to branch out and offer a food service in your store, then you need to check the type of cover you have already and consider whether there is any other protection you might need.
Retail businesses that sell any food must comply with food law. For wide-ranging advice on all aspects of food safety, from storage of ingredients to good housekeeping, there is a helpful safety management pack for small retail businesses, available to view on the UK government website at www.food.gov.uk/business-guidance/safer-food-better-business-for-retailers.
Whether you are coming up for renewal or looking to branch out and make a change to your business, it’s always a good idea to check what cover types you have. If you aren’t sure then get in touch with your provider.
To find out more information about The Retail Mutual’s products and services call 0333 2127 263 or start your quote online.