Retail is changing. Many businesses are transitioning from traditional high street models to ones which include online trading risks. We understand the risks that are involved and can help you manage the new normal.
The world of retailing has been changed irrevocably by COVID-19. In February of 2020 many UK retailers were contemplating another year of traditional retail while keeping a weather eye on the threat posed by online sales. By the end of March 2020 the same retailers were transitioning to an online only basis while the virus tore through societal norms that had hardly changed since 1945. So they’ve had to change – quickly.
Some, due to the nature of product or location may go back to being purely physical shops again. Some may remain purely online. And yet others may become a hybrid between the two with the shops acting as show rooms for the online business. Whatever the business that emerges we will help you find the most suitable cover that is competitively priced. We will also help those reopening stores that have been empty for some time with our risk management services including assessment for slips trips and falls and legionella management.
Insurance for shops
Most retailers and shop owners find several insurance covers particularly useful. Just some of the key sections we might recommend for comprehensive retail insurance include:
Public Liability Cover: Public Liability Insurance insures your shop if someone, including a mem-ber of the public, makes a claim against you for injury or property damage for which you are legally liable.
Employers’ Liability Insurance: This cover is a legal requirement if you employ staff, even if they are part time or casual staff. It protects you against claims made by members of staff for compensation or legal claims, where they are injured or fall ill as a result of the work they do for you.
Professional Indemnity Insurance: Professional indemnity insurance will cover your business against any claims of professional negligence.
Buildings Insurance: to protect you from the cost of dealing with damage to your building caused by events such as flood or fire.
Contents Insurance: This indemnifies your removable contents, usually new-for-old, in the event of perils such as fire, theft and arson.
Stock Insurance: Retail stock insurance covers the value of your stock and supplies in the event they are stolen, damaged or destroyed.
Tenants Improvement Insurance: This is useful if you plan to make improvements to your rent-ed property. Anything you install yourself such as air conditioning, lighting or specialist fittings will not be covered by your landlord’s insurance policy, so if they are damaged you won’t be able to claim for them unless you cover them under your insurance policy.
Online Retailer Insurance
Whilst retailers on the high street and online need certain similar insurance policies to protect their business, online retailers also have digital risks to protect themselves against. Policies such as Cyber Insurance can form part of an effective risk transfer and response should you be attacked by hackers or ransomware and some also help to cover the costs of business interruption following these attacks.
To find out more about our Services please contact our team today on T. +44 (0) 204 505 3573 or fill out the form below: