Insurance for Retailers aka Shop Insurance

Whether your retailer is up and running or still to open its doors, your business with its retail presences, needs to make sure that it has the right insurance that enables your retailing business to succeed

So what insurances do retailers really need? How much does insurance for retailers actually cost? Do all retailers need insurance or what if I’m operating online as a retailer, do I require insurance? These are all important questions to ask and work through and, depending on your personal and business circumstances, there might be different answers.


What insurances do retailers need?

Public Liability

For retailers, it is important that they have adequate public liability to meet their obligations and reduce their exposure to risk. Public liability insurance provides insurance coverage for your retailing business in the event that a member of the public is injured or experiences damage from your negligent activities.


Product Liability

Product liability provides protection for your retail business if the products you are selling cause personal injury or property damage. It is worth checking if your existing or any new public liability policy also includes product liability coverage. Regardless of whether you’ve sold your product online or in store, product liability is likely to be relevant to any business selling a product.


Inventory Insurance 

In a retail business, good management of your inventory and stock levels is important to help you both have enough products to sell to customers when they want it and to ensure you don’t tie up too much cash with too much inventory and stock levels. Ensuring that your business insurance policy adequately reflects your inventory stock levels and will cover the replacement valuation if your stock is damaged or ruined is critical to a retail business.


Cash Control Measures  

In retail businesses, cash may still be a significant part of your business income. Taking, receiving, counting and banking cash all provide areas where your business can be compromised, either through internal staff or externally through other people. Insurance for retailers requires consideration of your cash control measures.


Speciality Glass Insurance 

For a retailer, the key to a good street presence can be big plate glass windows to showcase and merchandise your goods to prospective customers. Make sure that your business insurance has coverage for your speciality plate glass in the case of cracking or breakage. Ensuring your business isn’t interrupted and you can be back and looking great quickly leads to better business outcomes.


Cyber Security Insurance 

With many retail businesses now increasingly operating across both physical locations and via an online store, make sure you have cyber protection in place. Cyber protection may be included in your small business pack, however, increasingly retail businesses are looking for specific cyber insurance policies to meet their changing needs and increasing reliance on technology to operate their businesses.

These types of insurance may be relevant to your retail business, but your unique circumstances may also require other insurance types such as goods in transit or more. An insurance broker, like Urban Insurance, with experience across all types of retail, is well placed to find the right mix of insurance for your retail business. In the end, appropriate risk analysis and coverage with shop insurance will help foster good management and easier operations.


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