Archive for the ‘shop insurance quote’ Category

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Shop insurance – what stock cover can I expect to get?

Thursday, July 1st, 2010

When looking for a shop insurance quote, it is easy to think of the main types of cover, such as fire, theft, smashed windows and liabilities. Depending on which insurer you get your quote and/or policy from, you can get a wide range of other covers.

One of these covers is for your stock. Without this, 99% of shops would not survive as there is literally no business that can be transacted without people seeing, feeling and touching what you are actually selling.

You need to make sure that you have adequate cover in place, to ensure that any stock that is damaged, is replaced as soon as possible.

When we say adequate, this covers two points. The first one is to make sure that you have the correct perils insured (ie fire, storm, theft, malicious damage, flood and importantly, accidental damage). Accidental damage is very important because, if anything is knocked over and damaged, or coffee spilled on a sofa, then this is something that is covered under accidental damage.

The second point that relates to adequate, is to make sure that it is an insurer that has a good history of paying (valid) claims quickly and also who do not have onerous or excessive excesses.

There is absolutely no point in insuring £5,000 of stock, if the insurers have applied a £1,000 excess.

To get the best, and most sensibly priced, cover for your business, you need to deal with a business insurance broker. Yes, they are technically intermediaries, acting for you, in placing business with insurers. The reason for going to a broker is that you do not pay any more, most commercial insurance companies charge you the same premium direct, as you would through a broker. Dealing with your insurance this way means that you have one point of contact, who is legally obliged to act as you agent.

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Shop insurance – seasonal increase cover

Saturday, May 22nd, 2010

Now is not traditionally the time to be thinking about Christmas, but if you are on the hunt for a good quality shop insurance quote, you do need to consider seasonal increase cover for your stock.

As with all commercial insurance policies, you need to declare the correct amount of stock insurance. The sum insured on your policy, or quote, should be sufficient for you to replace the stock at cost price.

Your business interruption insurance cover will take care of the loss of profits. You only insure for what you can ordinarily replace the stock for, including VAT if you are registered.

But, you need to think beyond summer 2010 and consider what your stock levels are likely to be in the weeks leading up to Christmas. Most shops and retailers increase their stock as this is traditionally the time of year when they are busiest.

The majority of shop policies do include a free increase to their stock limit for a specified period prior to Christmas. These can vary from 10 to 30%. This can be a big difference if you lose all your stock due to a fire or a theft, if you are not insured for the correct amount then you could find that your claim is reduced accordingly.

As we always recommend, speak to a business insurance broker as they know, understand and have experience of dealing with businesses similar to yours.

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Shop insurance – be aware of the security condition

Sunday, April 11th, 2010

It is now, thankfully, easier than ever for you to get a shop insurance quote. You do not have to physically visit a broker or get them to come and see you, all you need is an internet connection and a telephone. A quick search an you will come up with a whole host of companies looking to sell you a policy.

This is, of course, good because it saves you time and trouble. But, you really need to be cautious of the small print. We know that in the past everyone knows someone that is unhappy with an insurer becuase their claims was turned down or they only received half of what they were due.

We are not trying to preach, but many of these scenarios occur because business owners do not read through the policy wording. Yes, it is a laborious process and yes it takes time, but it is worth it. One of the major reasons for commercial insurance theft claims to be turned down is because of inadequate security.

You tend to find that the cheaper the quote, the higher the security. If you have a break in you are almost guaranteed to receive a visit from a loss adjuster. Even if you have the correct alarm, if you do not have the correct locks on your doors or accessible windows, you will find that the insurer is quote entitled to repudiate your claim.

To prevent yourself getting into this position, you must, without fail, read through the security condition on your policy. If it says you need a 5 lever mortice deadlock on your door, make sure you have one. If it says you need key operated window locks on accessible windows, check that you have them in place. If not, and you cannot install them (ie the landlord will not allow it or your windows are not suitable) then speak to your broker and get it agreed, in writing, that your security is acceptable.

If you do not, then you are likely, at some point, to suffer a multi-thousand pound loss that is simply not covered, which is of course, not good at all.

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Shop insurance – 5 covers your package must include

Wednesday, March 24th, 2010

In the UK, the vast majority of the major, brand name, commercial insurance companies will have a range of policies for most industries. The basic parts of these policies are the same across the board, however there are differing terms, excesses, conditions and of course price.

What you do need to ensure is that and shop insurance quote you receive includes the following five types of cover, as an absolute minimum to help protect your business in the years to come.

Business contents, this will cover stock, machinery, plant, computers and importantly, any customers goods in your care, custody or control.

Commercial legal expenses, this will cover employment tribunal costs and inland revenue tax investigation (either aspect enquiries or full investigations) costs.

Business interruption or consequential loss. If the business suffers an insured event (ie fire, flood, break in) then there will be an interruption to your trading profits, this covers the losses you suffer. 

Combined liability, including employers, public and products. We are a more litigious nation than ever before, make sure you have adequate liability insurance.

Shop front glass cover, if you lease the premises you are 95% likely to need to insure the glass and possibly the shop front (frames etc) in its entirety.

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