Insurance for retail businesses – why it matters
Damaged stock, premises and equipment are key things to consider, as well as what you’d do if someone was injured in your shop. But there are other risks too. Whether you run a single shop, a chain or an online retail business, you rely on a supply process and if anything goes wrong in production, you could face legal action – even if you’re only selling the goods. Hiscox will tailor your insurance package to protect you against the specific risks of the retail industry, so you know your business is fully covered for unexpected events.
Why you need insurance in the retail industry
Damaged or stolen goods
Your shop could get flooded or suffer a serious fire leading to loss of stock, or a major theft could mean a real headache for your business. When you work in retail, you need to know your stock is protected because if anything happens to it, the cost of replacing it could be hard to come back from. If the worst happens to your business, we’ll be there to cover the cost and help you get back up and running again as quickly as possible.
Accidents and injuries
If you employ one or more people, employers’ liability insurance is a legal requirement in case anything happens to a member of staff that results in them bringing a claim against you. For example, they could fall from a ladder while restocking shelves. But what if a member of the public was injured in your shop? If someone slips or something heavy falls on them from a high shelf, they could also bring a claim against you.
Loss of revenue
Your business could lose out on revenue through an accident that leaves you too injured to work and requiring extra help, or your shop could suffer fire damage that means you have to close for months. Our range of covers can protect your business against major incidents that lead to lost revenue, so you can focus on getting things back to normal without worrying about your finances.
If you’re not sure what you need, tell us a little more about your retail business. We’ll help you to build your quote and explore any other insurance needs.
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Key types of insurance for retail businesses
Public and products liability insurance
Public and products liability insurance covers you if someone is injured or their property is damaged because of your business or the products and services you provide. The incident may not even take place in your shop, for example, you could be having a business meeting with a supplier when you spill a cup of coffee over their laptop. Whatever the nature of the claim and whoever’s at fault, we’ll help to cover the costs involved. It’s an invaluable lifeline for your business.
Personal accident insurance
You need to know you’re covered if anything happens to you that means you can’t work. Whether you take a nasty fall during a hike, you’re in a car accident or something else, personal accident insurance can help out with expenses so you can concentrate on getting better. It doesn’t matter if it’s for a week or several months, we can give you some financial support until you’re ready to return to work.
Cyber and data insurance
From managing your orders to paying your employees and promoting your shop, you rely on various online systems to run your business. But have you thought about what you’d do if you accidentally shared confidential data with the wrong recipient, or if you fell victim to a cyber attack? Small businesses are increasingly the target for hacks because they’re seen as easier to get into, so make sure you’re fully protected with our cyber and data cover.
These are just some of the types of business insurance for retail businesses that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
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