We are finally beginning to feel a little lift in the economic state of Ireland; unemployment rates have reduced by 10% since 2012 and are rapidly declining. With that, comes a reopening of opportunity for new businesses to flourish in our growing economy. If you are looking to start a new business or are in the process – it is crucial you ensure you have retail insurance. So, what exactly is retail insurance, and what does it entail?
Since we started providing retail and commercial insurance our specialist team have been asked all sorts of questions and queries in relation to retail insurance. We are always very interested in questions posed as, although many of them are the same, the answers can vary a huge amount from business to business. This is because each and every business has completely different requirements for their specific situation. As a retail owner, you may have many questions about shop insurance for your specific business. Our expert team deal with retail insurance daily and are always delighted to help business owners with understanding retail insurance. After a brief meeting we thought it would be a good idea to share with you some of the most frequently asked retail insurance questions and their answers.
Buildings Cover
Buildings cover insurance is the most important aspect of your retail insurance. Insuremyshop.ie covers you for the estimated cost of your premises including removal of debris, professional fees etc. Buildings insurance covers you from all standard risks such as bad weather, water damage, vandalism and fire. You might be able to save money on your premium by estimating the rebuild cost of your building as opposed to the market value.
Content, Fixtures & Fittings Cover
Depending on the size of the retail business or shop, you will have small or large elements of fixtures & fittings and contents. Buildings insurance covers fixtures and fittings such as fitted kitchens, bathroom suites or display units. Contents can be anything from office equipment to fridges or shelves. To make sure you cover all contents, walk through each room and calculate everything thoroughly. This is an important part of retail insurance. Many shops will have at least between €5,000 and €10,000 worth of contents. If you are unsure about anything or do not know if something should be specified on the policy contact Insure My Shop and we’d be happy to clarify.
Stock
Every retail business has some element of stock. Business stock insurance covers the loss, theft or damage of stocks. Stocks should be insured for cost value not resale. The exact extent of coverage depends on both the policy and the insurance provider. Target stock, namely alcohol and cigarettes, should be specified separately on the policy due to being high risk items in terms of theft.
Money Cover
The goal of a business is to create and earn money. Whether it is cash, cheques or electronic transfers, at some point money will be involved. The money can be covered under a business insurance policy. As there are different types of money insurance, make sure to talk to your shop insurance company to find the one that suits your needs. Many insurers offer a standard limit of €5,000 cover for cash in case of theft, fire, etc. Cash can be covered in the safe, a night safe, the register, in transit to the bank and at the client’s house.
Public & Employers Liability
Public Liability cover is a must for any retail business owner who come into contact with members of the public, customers or customer’s property. It covers against injuries and loss sustained by a customer on the business premises. Employers’ liability cover is necessary if you have even one other employee working with you under your business. This applies to full time or part time staff. Employers’ liability insurance provides you with cover if an incident occurs and you become legally liable to your employee for any injury, death, disease, damages and expenses which may occur during the course of their employment with your business.
Business Interruption Cover
Insuremyshop.ie provides business interruption cover with a lot of our policies. Business Interruption Cover covers you in the case of significant loss as a result of an incident. It also aids you with gross profit loss incurred as the result of a claim. Learn how to prepare for business interruption.
Treatment Risk Insurance
Treatment Risk Insurance is available upon request. It is typically used among beautician, hair salons other similar trades as they offer treatment facilities.
Retail insurance is difficult to define as it tends to vary depending on the industry the business is operating. The insurance premium you require will differ depending on what you require. Visit our FAQ section for more specs on retail insurance.
Insuremyshop.ie and CFM Group are specialists in commercial and retail insurance. To see what we could do for your business, please call us on 01 231 9320 or request a callback by filling out our quote form.
