Real examples of commercial insurance for retail businesses

When a misunderstanding with a courier resulted in a financial loss for our client – a footwear retailer whose stock was destroyed – they were able to claim on their Hiscox commercial insurance policy, in order to resolve the problem and recover the cost.

Our client was running a pop-up store in London, selling footwear. They needed to transport some of their stock to the business’ head office, which was located across the city. They packaged the footwear in some re-used materials they had left over from a food delivery firm. It turned out that the courier they enlisted for the job had a policy that they must incinerate all food items they receive, so they went on to destroy the stock in their possession. Our client had successfully had their stock delivered by the same courier in the same packaging on a previous occasion, so had no reason to think it may be a problem this time.

Fortunately, as our client had a retail and shop insurance policy with Hiscox, we were able to step in and help. Our retail and shop cover is designed to protect retail businesses from the common risks they face day-to-day. This includes stolen or damaged stock, injury to customers or damage to their property following a visit to the shop, and injury to a person or damage to property due to faulty products sold.

In this instance, it was agreed that we would cover the cost of the destroyed shoes. The courier also offered a refund in the form of credit, however, because our client didn’t intend on using their services again after the incident, we agreed that we would not deduct this refund from the amount paid out for the claim.

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