Finances are essential to any business, and in regards to insurance, it is vital to not only insure your capital and gross income but also against your trade agreements too. The purchase of business interruption insurance is helpful in assisting during any times when you may not legally be allowed to trade. While there are different requirements for each business, it is definitely worth considering.
Fixtures are a considerable cost for any shop, more so for physical stores than online retailers, so it is vital to protect them from any damages, breakages or theft. Insuring the building itself will help the business should any accidents happen that cause the shop to close.
One of the most crucial areas in regards to business and shop insurance is people. Whether it is the employees that help keep the shop functioning and succeeding or the customers who purchase the products or experiences. Employers’ liability insurance is a legal requirement for shops that have one employee or more. While it is not a legal requirement, having public liability insurance will provide further protection for the customers in the store and affected by the shop should unexpected accidents happen.
Taking these three areas into consideration, we have compared a range of business insurance policies from shop insurance companies to help highlight which might be best for your shop. Looking at cost is essential. However, the level of coverage, credibility and effectiveness of the insurer are also important contributing factors.
AXA is an insurance company that provides insurance to small businesses hoping to grow. AXA offers a competitive rate for first-time business owners, including public liability as standard. As well as this, AXA provides a 30% increase in stock cover on personally selected dates. They have a 24-hour glass replacement policy for appropriate insurance. Furthermore, their 24/7 hotline offers further peace of mind for companies that don’t have significant corporate standings or backings to help them get back on their feet after an incident or accident.
LV is an insurance company often forgotten compared to its big-name rivals. However, its cover in comparison to cost is not something to be overlooked. A well-established company, LV offer the basics of shop insurance, as well as all the little extras that you may not realise you need. They are often described as the UK’s largest friendly society, meaning members instead of private shareholders run them. Their high ratings and ample positive reviews provide further confirmation that they really are a company that put their customers at the heart of everything they do.
Another insurance company focused on small businesses is Covea.
Covea has a range of endearing qualities to help your business. They offer not only a competitively priced shop insurance, but also boast the ability to tailor every insurance policy to meet a specific shop’s needs. This tailoring makes the entire experience much more personal for a company, and their 24/7 helpline and readily available contact information ensure they are always available to help the businesses that choose to insure with them.
As a multi-national company, Zurich is undisputedly one of the most experienced insurance companies running in the UK. Operating in various countries gives them the edge of working with the same types of business in a range of different circumstances, meaning tailoring a policy to your specific needs is not a problem.
The experience of Zurich has also allowed them to grow further, maintaining the needs of not only small businesses but also larger corporations. The use of such a company within larger organisations means they are well established in engaging with a proper protocol which can only benefit a business.
Hiscox is another UK insurance company that offer flexible insurance products to create a tailor-made policy. Despite allowing you the flexibility to pick and choose the aspects of insurance that your shop may need, they still ensure a professional level of cover complete with a professional service.
Part of their offering for shop insurance includes immediate coverage and documentation for urgent insurance needs. Furthermore, you can choose from a range of cover limits, so that you only pay for the amount of cover that you actually need. Offering professional cover, Hiscox are committed to customer service as they will not charge administration fees should you make any amendments to your policy.
While the companies mentioned above are arguably some of the best in the UK for their developed and tailor-made policies, it is essential to find the perfect cover for your business.
At Compare Insurance, we can help. By understanding your requirements, we will search and review the above providers alongside many others, to find the best deal for you. Once we have located the best deals, in accordance with your needs, our well-informed and helpful team will be available to assist you so that you can choose the policy that best suits your needs.