All Property Insurance

Tailored Insurance Solutions for Property Owners and Lessees

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Insurance Solutions for Shops

Running a shop or other retail business can be very hard – However when you consider all the risk that could befall you it could get harder – At APIS we are happy to point out the risks and provide you with the covers and advice so that you’re chances of having to make a claim are reduced.  (See FAQs)

What to look for

  • Sums Insured
    Always ensure that your sums insured are accurate especially for buildings, stock and if applicable Tenants Improvements – Insurers operate a clause called “average” this clause will kick in if your sums insured are not adequate – Insurers are at liberty to deduct the % that you are under-insured from any settlement. For example if you get cover for £100k and it should be £200k and you claims for £50k then you will only get £25k.
  • All Risks
    Always check that your policy provides cover for loss or damage on an All Risk Basis – There are policies available that will only cover certain perils – If you find yourself without all risk cover you could see your claim repudiated
  • Goods In Transit
    Do you regularly send out goods? You might consider looking into a goods in transit insurance
  • Business Interruption Covers
    Does your current policy provide – loss of profits, loss or rent and increased cost of working
  • Stock Levels
    Are stock levels increased seasonally

What Covers you may need

  • Employers Liability – Provides cover against your legal liability in the event of injury or illness to staff members as a result of your negligence
  • Public Liability – Provides cover against your legal liability in the event of injury or illness to members of the public or visitors to your site as result of your own negligence
  • Material Damage – These covers refer to damage or loss of property – for example buildings, contents, tenant’s improvements.
  • Business Interruption – In the event that your premises cannot be operated from provides indemnity against loss of profits and any additional costs incurred
  • Loss of License – If your shop sell alcohol or tobacco and you lose your license through no fault of your own.
  • Loss of Money – Cover for theft of cash whilst on premises or on route to the bank
  • Legal Expenses – Covers the cost of legal expenses if someone sues

 

FAQs – Shops

  • What is Shop Insurance? – It’s an insurance designed to specifically cover the needs of a retail business – The main covers would be for premises, staff, stock and customers
  • What specific covers should a retail insurance policy have;
    • Employers and Public Liability
    • Fixtures and fittings (Contents)
    • Stock in Trade
    • Deterioration of Stock
    • Goods in Transit
    • Money and Personal Assault
    • Business Interruption
    • Loss of Licence (If your shop sells alcohol or tobacco)
    • Commercial Legal Expenses
  • In addition to holding stock for sale at my premises – I also sell online is this covered? – While the stock is in your insured premises this would be covered under your stock – however if you are looking for cover once this has been dispatched to a client this would be under goods in transit.
  • Why must I give accurate sums insured? – An Insurance policy is a contract between you and the Insurance Company and is entered into on the basis of upmost good faith. If even as a mistake do not give accurate sums insured then Insurers can apply the average clause in the event of a claim – This clause simply puts will reduce any settlement by the percentage that you are under for example if you insurer for £100 but really should be £200 and you claims for £50, you’ll only receive £25. If you need assistance in calculating your sums insured the ABI (Association of British Insurers) has some advice on the following link https://abi.bcis.co.uk/
  • What is Business Interruption cover? – In event of a major claim it is likely that your premises will be unsafe to work from – Business Interruption cover provides indemnification against profits lost during this period and will assist with expenses for the additional cost of working
  • How do I calculate how much cover I need for stock, as it changes throughout the year? – When retailers have busy times they will naturally look to increase their stock level – Not all policies will provide this cover – However if you let us know when we complete your proposal to insurers some insurers will agree to allow your sums insured increase by an agreed percentage for your busy times of the year.
  • I have an ATM in my shop can this be covered? – This is not a standard cover item – However some Insurers will allow this on their policies

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