Retail Business Insurance Basics – What Shop Owners Need to Know

​Running your own business, showcasing your products, and meeting customers face to face, there's nothing like running your own business. You're entirely in control, from designing your product labels to stocking up. You're also responsible for securing your retail business insurance. What you should know about this type of insurance and how to get it is up ahead.

Shop Insurance: What Does It Cover?
Retail or shop insurance is a term that covers different kinds of policies, including bakery insurance, pet shop insurance, veterinary insurance, and the like. It also covers conditions like public liability insurance, employer's liability, business interruption insurance, and shop premises insurance. These policies protect from unforeseen events and can be adjusted according to your business needs.

Claims and Renewal Are Easier
When you have your business insurance in one policy, claims and renewal become easier. You will have one policy to remember with one due date. There is no need to spend long hours checking various kinds of policies for your business as only one cover will protect you.
 
Premises Insurance
One of the types of commercial or retail insurance is shop premises insurance.  If you own your shop, this type of insurance can cover repair and damage your business costs. Your rebuild cost is the cost of repairing or rebuilding your business if unforeseen events like fire, theft, etc. This type of insurance will also cover floods, earthquakes, storms, and vandals.

Equipment and Stocks
This type of coverage is for any equipment you use for your business. This includes mobile phones, laptops, personal computers, manufacturing machines, ovens, coffee machines, etc. Equipment coverage pays for replacements, damages, and theft. 

Note that all insurance companies cover portable equipment so check this out, especially if this type of business equipment is vital in your business operations. Meanwhile, stocks and contents coverage will protect all your inventory from damage, theft, spoilage, or all the things you keep in your shop. 

Business Interruption Insurance
When your business is interrupted due to unforeseen circumstances like vandalism, stock holdups, natural disasters, and the like, interruption coverage can help you restart your business.  This usually covers your profit, disruption, fixed costs, temporary location, and any other additional expenses.

Conclusion
If you already have business insurance, check your current policy. Any changes in your retail business must reflect on your policy; it’s best to consult a business insurance expert to get the best strategies.

At Desmond Insurance, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.