Owning and running a store can be quite a tough job in itself, often seven days a week, without the added worry of what might happen to your livelihood should the worst happen. Fortunately, there are many different store insurance policies available today that cover all the risks a retailer might face running a business from a location that sells goods and services to the public.

A store insurance policy will contain a variety of coverages, packaged for the convenience of the merchant.

These include Store Buildings and Contents Coverage, Business Inventory Coverage, Business Interruption and Loss of Profits, Money Coverage and Staff Fidelity Insurance, Legal Protection, Window and Glass Coverage for Showcases, Goods in Transit, Public Liability , employers’ liability, and various options to cover shop-specific risks. Store insurance packages will include most of the above risks as standard, while some insurers allow the prospective policyholder to select coverages that are appropriate for their particular type of store.

Shop Insurers use several basic rating factors to decide premiums, and zip code and annual billing are important factors.

The location of your store will largely determine the price you pay for coverage, particularly store stock and contents. A store located in a run-down development with a known propensity for theft and vandalism will command a much higher premium than one located in a modern mall with street security and CCTV. Annual billing is used to calculate coverage levels, such as the impact of a loss on a store’s business capacity.

Commercial buildings insurance covers the costs of rebuilding the store and the costs of replacing the store front, which is invariably made of glass. All building insurance covers permanent fixtures and fittings, such as toilets and doors. This coverage is available to both store owners and those who rent the property.

Store contents insurance covers all additional store fixtures and equipment used in the daily operation of the business. Most insurance companies will require a breakdown of store contents into sums insured for business equipment, fixtures and fittings, electrical and computer equipment, tenant improvements, refrigerated stock, and all other stock.

Stores that require protection for high-risk goods on the premises will generally be required to declare total values ​​for each item in stock. High-risk stock and products are those that attract thieves and are expensive to replace. Examples of high-risk stock items are electronic equipment, cigarettes and tobacco, designer clothing, computers and digital equipment, software, computer games and consoles, medicines, pharmacy and drugs, watches and jewelry, mobile phones and radios, photographic equipment , power tools, TVs, DVDs, CDs and Wines and Spirits.

If your store has high-risk inventory, you can lower the cost of your premiums by having the right security in place. This includes an insurance-approved fire and burglar alarm, window screens, shutters and bars, CCTV, and sprinklers. Many store insurers will only offer stock coverage if minimum levels of insurance exist for all stores, regardless of stock content. Many insurers may offer deep premium discounts if the store owner lives on or above the premises and is there at night.

Stores, by their very nature, deal with members of the public and a good insurance policy will usually include liability cover as standard. This should include public liability of up to £2,000,000 for any claim by a member of the public who may suffer loss or injury while visiting the store.

If you employ staff, all policies will offer Employers Liability cover of up to £10,000,000 per occurrence and, as the shops sell goods and services, Products Liability cover of £2,000,000 for any period for sure.

Other standard features of a store insurance policy are various levels of coverage for legal expenses and legal protection, employers, product and liability, lost profits, glass and sanitary ware, money and personal coverage Accident assault, business interruption, goods in transit, Loss of License, Treatment Risks and Seasonal Increases in the value of the contents of stocks.