What Are the Specific Risks Associated with Shop Insurance?
Shops are exposed a significant amount of risk during their day-to-day operations. From Public Liability exposure to the risk of theft, fire or flood.
As the owner of a shop, it’s important that you are aware of the hazards that your business faces that will increase your risk exposure. Steps can and should be taken to reduce the likelihood of risk negatively affecting our business.
Some common risks that may occur in shops include:
- An electronics repair store is flooded during a storm, which destroys stock, business equipment and client’s laptops and mobile devices that have been left for repair. With Shop insurance, the costs incurred as a result of the flood may be covered.
- A client visiting a clothing store trips over a loose cable on the floor and seriously injures herself. She takes legal action against the clothing store, seeking compensation. Appropriate Insurance may cover the costs of defending the business and any resulting compensation payout.
- Thieves break and enter into a jewellery shop taking stock and money from the safe. The costs associated with the lost stock and repairing the damage to the store may be covered with appropriate Shop Insurance.
- Cyber criminals hack in to the point of sale system at a food store, taking customer information including credit card details. With appropriate insurance, the costs associated with this incident may be covered.
Certain steps can and should be taken to minimise the risk of something going wrong on the job. However, as risk cannot be completely eliminated, Shop owners should consider an insurance policy that will cover them in the event that something goes wrong.