Insurance. A term that doesn’t fill many with excitement and an area where it is often tempting to take the easiest route without an understanding of what is included in your cover. It’s not a task that people enjoy undertaking but is an essential to protecting your business. Here are some hints and tips for making sure your independent retail business is covered.
How can I make sure I’m getting the best cover for my store?
- Ensure your business processes are up to date – do you and your staff know what to do if there is a spillage; is your shop floor free of trip hazards? Being aware of risks can help protect you from opportunistic claimants.
- Check your insurer when it comes to cash. Make sure you know your safe limits and manage your cash levels accordingly.
- Look at the cover provided, not just the price.
- Compare the like with like.
- Don’t think cheaper is always better – the cheapest option could become the most expensive decision.
What types of things should I be looking out for to be covered?
- Theft and accidental damage – 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.
- Cover for goods in transit – if you shop regularly at a cash and carry or other supplier, consider this type of cover to protect your stock from supplier to store.
- Specific cover for your shopfront – with ram raids and other violent store front attacks on the rise, it’s worth looking at whether this is included. At The Retail Mutual, we include fixed glass cover as standard with your buildings cover.
- Public liability – if someone slipped or tripped in your store, are you covered? This cover can protect you from claims made.
- Business interruption – have you thought about the impact to your business during the time that your claim is being processed? For small business owners, this cover can be invaluable to keep you and your business afloat.
To find out more about how The Retail Mutual can help to protect you, your independent business and your home, for a free, no-obligation quote, call 0333 2121 280 today or fill out our online quote form. We look forward to hearing from you.