Looking to expand or refit? Think about the potential impact on your insurance needs

When running any convenience store or grocers it is always important to ensure that you have the right cover in place to protect you in the event of the unexpected. But when you make changes to your business such as investing in new fixtures and hardware, it’s a good idea to review your insurance needs to make sure you are protected. So what should you bear in mind?

If you have invested in new display shelving or cabinets, you may want to check that your fixtures and fittings cover limits are sufficient and increase them if not. Installed new electrical equipment? Consider asking your insurer if there is any additional cover you may need.

Increased your shelving capacity?

If you plan to hold more stock than before as a result, you may wish to increase your stock cover limits to match the new value of the items you hold. Beware, too, of overstocking your new fittings. One type of claim that is sometimes reported is where shelving in a shop has collapsed, often as a result of heavy items such as bottles and cans being stored on them. A collapse of this type can cause a lot of material damage as well as injury to both staff and customers. This can result in Public or Employer’s Liability claims against you and unless you have accidental damage protection, the material damage is generally not covered. Some providers, such as The Retail Mutual, include accidental damage protection as standard.

Have you changed your store layout?

With a new store layout to navigate, unexpected slip or trip hazards could appear. Keeping your shop floor clean, dry and free of obstacles will help to minimise the risks but it is always wise to take reasonable steps to protect you, your customers and the general public. Products and public 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.

Thinking of installing a new ATM? With ram raids and other violent store-front attacks on the rise, it is worth looking at whether you have specific cover for your shop front. Some providers, such as The Retail Mutual, include fixed glass cover as standard with your buildings cover.

What happens if the unexpected does occur?

Finding your business temporarily unable to trade is disruptive at the best of times, but if you have extended yourself financially to invest in your store the impact can be devastating. For small business owners, business interruption cover can be invaluable for keeping you and your business afloat.

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 and limits you have. If you aren’t sure then get in touch with your provider.

The Retail Mutual specialise in providing an alternative to traditional insurance for independent businesses, to discuss your cover requirements call 0333 2121 280 or click here to start your business cover quote. We look forward to hearing from you.