There is a lot to think about when it comes to getting insurance for your business. There are many types of insurance that you will need as a shop owner, from buildings insurance to employees’ liability insurance. If you are a shop owner, whether you run a florist, a retail store or a coffee-house, it is extremely important that your business is properly insured. At Proper Finance, we have you and your shop covered.
One of the risks of having a storefront is that the property could be burglarized. Even if you have the most intelligent CCTV and alarm systems, you cannot always protect your store from being broken into. If important assets are stolen from your store, or if it is so damaged that you cannot open-up the following day, your business should not have to suffer the consequences of being out of action. The best way to stay protected against these scenarios is to get a comprehensive insurance policy which is able to cover any financial losses as a result of theft or burglary.
If your store contains business equipment that could be expensive to replace, such as tills and cashier hardware, you may wish to get these items insured. You can get this type of specialist insurance either separate to your general business insurance, or as part of your entire policy. The terms and conditions will depend on what your chosen policy provider can offer you.
It is important that you take the time to accurately calculate the value of your business equipment when searching for business equipment insurance. This is to avoid the risk of under-valuing your items and not being recompensed appropriately to replace them, or over-valuing them and ending up paying higher premiums.
If you want to cover the actual items that you are selling, such as clothing or tech-products, you may want to cover the costs of these items in case they get stolen or damaged. The best option here is to get contents cover.
Buildings insurance is useful for any business owner, whether the business is run from a commercial property or from a residential property. Buildings insurance will cover you if any damages occur to your building.
In the event of a fire, flood or vandalism, your property may need repairing and in this time, you cannot rent out your property to tenants. However, your buildings insurance can pay for all the repairs provided it is part of your policy and also pay for any loss of rent during this time.
It is a legal obligation for your company to have employers’ liability insurance if you have staff working for you, even if you do not have a collective office. You need to be covered for all employees, whether they work for you in-store or not.
Employers’ liability insurance will cover either all or some of the costs of any legal action an employee may take against you as a result of injury or illness caused by work. The amount of cover you will receive will depend on the policy you choose. It is important to remember that even former employees can still make a claim against you or your business.
Getting great business insurance is easy with Proper Finance. Simply fill in a few of your details using our online form and you will be contacted by one of our specialist insurance partners. They will assist you every step of the way, helping you to get insured as effectively and quickly as possible. Alternatively, you can call a specialist directly and request a quote today.