In insurance terms the shop cover package is a relatively new development having been developed and introduced into the UK insurance market in the last forty years.
The shopkeepers policy was developed as a response from insurers for the necessity for a wide-ranging collection of insurance coverage to meet the requirements of retailers but that was provided in an easier format with just one policy document along with a single premium due for that policy.
Before the establishment of the retail package insurance, a retailer would have to buy a full series of policies to ensure that the business was completely protected against a variety of perils.
The retail package also permits insurers to deliver the insurance that’s required for shopkeepers for a very much lower cost than would be due if ever the coverage was purchased under separate heads of insurance.
These days the package policy is so well established that many younger insurance professionals will be unaware of its origins.
The actual cover provided by shop insurance policies is fundamentally the same from provider to provider although insurers will enhance their offering by the inclusion of additional covers and benefits in an attempt to differentiate their product in the marketplace. In reality these changes are often not very significant against the cover in general.
Whilst originally the policy is made up of separate heads of cover for instance fire, special perils, theft and the like it can nowadays be seen in much easier terms albeit the foundation of the insurance continues to be based upon the historical policy covers.
Property damage insurance protects the physical assets of the business such as buildings, stock, goods in trust and general contents against loss or damage from a wide range of perils and should include cover for property in transit, theft, glass breakage.
The business interruption section protects the policyholder against a reduction in turnover that occurs because of a property damage claim happening under the insurance.
The liability section of the contract will include cover for public liability insurance, product liability and employers liability insurance.
Certain retailers policies will also be tailored to incorporate specialist insurance for elements particularly related to certain trades or business for instance loss of licence protection being accessible under a retail insurance package designed for pubs or restaurants.
Whilst the coverage under the products is diverse and varied the premiums for many shopkeepers products are calculated on the basis of the property damage sums insured within the policy.
Shop insurance policies generally provide extremely good value as an insurance product and quotations and cover are widely available on the web both directly from insurers and from specialist insurance intermediaries such as brokers.
The specialist retail insurance dealer will provide you with a range of quotations from insurance companies and the knowledge you’ll want to make a choice. In comparison an insurance company will simply provide you with the details of their very own policies.
Whilst the cover under the shop policy is wide ranging, you should, as with all insurance policies review the quotation information and policy documents carefully as it is ultimately your responsibility to ensure that the policy is suitable for you and meets with your shop insurance requirements.
Blackfriars Group is a specialist business insurance broker in the United Kingdom in business for over 30 years and offering a full range of commercial insurance services incorporating on-line quotes for shop insurance.
Author: Sirius GrantThis author has published 1 articles so far.