Affordable
Shop Insurance

Shop insurance can protect you from a range of claims that could prove expensive without adequate insurance cover. If a customer is injured and makes a legal claim, or your stock is damaged due to a flood, shop insurance could protect you from the associated costs.  Running a retail business with at least one employee means you may legally need employers’ liability insurance.

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You should consider shop insurance if your business has the following:

• Stock for sale

• You repair items for customers

• Customers visit your shop

• You visit customers at their home or business

• You own the building or you are required to insure the building by lease contract

• You keep money on the premises.

 

How much shop insurance do I need?

Understanding the risks for your business can help you work out the amount of retail shop insurance required.

Think about the:

• Nature of your retail business.

• Value of your stock, based on its cost rather than retail price.

• Size and location of the building – is it more at risk of fire or flooding?

• Daily operations – do you have a high footfall or work with lots of couriers looking after your goods in transit?

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Why get shop insurance?

Your clients will expect you to have Public Liability Insurance as a minimum, and frequently this will be a contractual obligation. But, legally you don’t need it. The only element that is mandatory is Employers Liability and if you’re a one-man band then you don’t need that. However, If like most people, you don’t have surplus cash to cover a worst case scenario, nor the time or expertise to sort a claim then Tradesmen insurance will ensure your bottom line won’t be hit if you have a claim – and you won’t have the lost time or stress of sorting a claim.

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How much cover do I need for employers’ liability?

The amount of employers’ liability insurance coverage you need depends on the size of your business, the industry you operate in, and the specific risks your employees face on the job.

The law requires a minimum of £5 million in employers’ liability insurance coverage for all of your employees, including part-time workers, contractors, and temporary staff.

Many businesses opt for higher coverage limits to ensure they are adequately protected in case of a claim.​

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Is it mandatory to have employers’ liability insurance?

It is a legal necessity for most businesses to have employers’ liability insurance.

The only exceptions to this requirement are companies that have no employees or businesses that employ only close family members.

If a business operates without the legally required level of employers’ liability insurance, it can result in hefty fines and legal penalties.

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Businesses in the UK that employ staff are legally obliged to have employer’s liability insurance which will provide your business with cover against claims from an employee.   You should be insured for at least £5million and are required by law to post your certificate for all staff to see.

• ​Protection up to £10 million

• Cover for your temporary staff

• Working partners are included in the policy.

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What is the Employers’ Liability Act?

The Employers’ Liability Act 1969 (ELA) is a law that requires employers to have insurance to protect their employees in case of work-related injuries or illnesses.

 

Under the law, employers are legally responsible for the health and safety of their staff while they are at work. If an employee is injured or becomes ill as a result of their work, the employer may be held liable for damages.