For every business, business protection is essential. For retail companies, insurance for shops is vital to ensure you are covered for liability, and your assets and the contents of your shop are protected. With many insurers offering shop and retail policies, it can be difficult to know which is best suited for your business although choosing the right broker can help you make this process as hassle-free and straight forward as possible
Why is insurance for shops important?
As with any business insurance, shop insurance can help to protect the business from unforeseen risks and unexpected situations. Without insurance, you may find the business suffers financial difficulty and may collapse altogether without the right cover that can repay any damage, fire or theft and put you back into the same position before the claim took place. It can also help for liability claims arising from public, product and employer’s liability issues.
It is important to remember that while insurance for shops can be a cost you would rather do without, it is a necessary expense for risk protection. One of the benefits is that it is also a tax-deductible cost for your business.
How to find the right insurance for shops
When purchasing retail insurance, it is important to outline your needs before you start so that you have the best possible coverage to safeguard your business. Before comparing prices, take the time to assess your business risks and identify the worst-case scenario for your business from accidents to lawsuits. This will give you the indication of the amount of financial protection you will need for your business.
While searching for the insurance for shops may seem daunting, finding the right insurance does not have to be a minefield. By keeping key criteria in mind, you can find the ideal shop insurance policy for you that will protect your business and control the risks your business faces.
To help choose the best policy for you, here are five things to look out for when buying the right policy for your business.
Five things to look out for with shop insurance
- Coverage vs Cost
When comparing insurance quotes, it is essential to focus on finding the best deal, not the cheapest policy. A cheap policy may not give you the coverage that your business needs. In the event of a payout your policy may not cover the full amount, which may mean a huge financial impact for you and your business.
Opting for a policy that provides the best coverage for the cost is a better way to search for shop insurance. A more expensive policy may be an investment while a cheaper policy may let you down in the long term. At Compare Insurance we search our panel of insurers for you to find the best deal that delivers on what is important to you along with meeting your business needs.
- Trusted providers
With so many insurance providers on the market, people will often look for the cheapest deal available. However, it is crucial to consider that not all policies and providers are the same. It may be worth opting for a well-known, trusted provider for slightly more money to ensure a reliable, trusted service. Choosing an established insurer will give you peace of mind, to be sure that the insurance company can support you in the event of a claim. There are many of clients that come back to us due to poor claims service through other brokers/ insurers so please be mindful when choosing the provider.
When deciding between providers do not just look for the cost and coverage amount. It is also wise to look at the reviews of previous customers and how well claims were dealt with. While they may be more expensive, the peace of mind is well worth it.
In the event of a claim, you will want to make sure that your insurer thoroughly understands your needs and the situation. If you are choosing between insurance providers, you may want to consider their knowledge and expertise of the industry. Some insurers will focus specifically on retail insurance, so their experience will be extensive. As well as this, larger insurers may have specialised departments.
By opting for a small insurer with limited knowledge about your field, you may find that they do not consider the unique risks your business may face. You may also find that your policy does not offer reliable coverage which could prove detrimental in the long-term.
- What can you afford?
One way to obtain a cheaper policy is by increasing the excess cost. The excess or deductible is how much you are willing to pay for each claim or accident. By increasing the excess, you can find lower premiums.
What is important to remember with this is how often you expect to claim and how much your business can afford to pay. It is essential to over-estimate the frequency to ensure your business can cope with the financial loss and to make sure your business will not be out of pocket.
- Be over-cautious
To ensure your business will not face financial ruin, it is best to be over-cautious with insurance. By this, you should focus on policies that give a high amount of coverage and covers lots of aspects to protect your business. It may be wise to look for insurers that will include multiple policies within the cost to make sure your business is completely protected.
Remember it is wise to prepare for the worst, to ensure your business can always perform at its best.