When searching for the best shop insurance quotes, it can be hard to find the best deal. Insurers will offer their unique blend of elements which means making a comparison is hard.
As shop insurance can include various policies and cover options, you need to make sure that you are comparing quotes that cover all of the policies you need. At Compare Insurance, we want to help you find the best shop insurance quotes for your needs. Here are our top tips to help you compare your shop insurance quotes like for like.
Top tips for comparing shop insurance quotes
- Know your requirements
Shop insurance can vary massively and choosing a one-size-fits-all approach may cost more than is necessary to pay. It may also leave out vital elements that are specific to your shop needs. Shops have many risks that could affect your business, which means a certain level of insurance is essential.
To compare shop insurance quotes like for like, make sure each quote includes the fundamental policies that you need. These will consist of essential aspects such as;
- Public liability – to ensure that you have finances in place to cover a claim if a customer or third-party is injured while on your premises.
- Employer’s liability – this is a legal requirement for businesses who employ staff. This protects your employees should they come to harm as a result of working at your company.
- Business contents – this type of insurance covers the interior of your shops, such as fixtures and fittings
- Stock insurance – to protect your stock in the event of damage through fire or flood or to cover the costs if the stock is stolen.
- Understand your extras
Every shop is different and your business will be as unique as you.
With this in mind, you need to think carefully about what extras you require for your business and which policies are not necessary for your shop. It is wise to think about the finances behind the business. If you could not afford business rental and to pay wages if the store was closed for a period of time, business interruption insurance could be invaluable.
To compare additional policies, make sure that you look at all the facts. While one insurer may offer the lowest premiums, this could come with a higher excess or more extended waiting period before money is issued to you. It may be wise to choose an insurer with higher premiums for a guarantee that you will receive the money and support you need as soon as possible.
Of course, if you have savings that can help to prolong your need to claim, you could look at premiums with a higher excess. That way you will often find a cheaper deal which will meet the needs of you and your retail business better.
- Consider the bigger picture
For insurers to pay out when you make a claim, they need to be satisfied that you have followed their stipulations. For example, if you report a theft, you will have to show evidence that you have supported all of their necessary security measures. When comparing shop insurance quotes like for like, you need to consider what the stipulations are and whether they are reasonable for your business to follow.
Another aspect you need to consider is how far-reaching your shop is. For example, if you have an online store as well, you may need to find insurance to cover security issues that your online store may face. If your shop offers deliveries to customers, then protection against goods in transit may be worthwhile.
For some businesses, aspects such as work away cover may be essential, particularly if your shop delivers and installs products in customer premises. Most shop insurance will only cover one specific premise; if your business extends outside your shop premises, then you need to consider cover for all aspects of the business.
Need help with your shop insurance?
If you are searching for shop insurance quotes and are struggling to find the right insurance for your needs, then talk to the experts at Compare Insurance. We will search our competitive panel of insurers for you and make sure that your policy covers every aspect of your business.