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 shop insurance policy was introduced as a response from insurance companies for the requirement for a inclusive range of insurance coverage to meet the needs of shop owners but that was provided in a simpler format with just one policy document along with a single premium payable for the contract.
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 shopkeepers policy also allows insurers to deliver the cover which is essential for retailers for a very much lower price than would be due if ever the cover was bought under individual policies of insurance.
These days the package contract is so well established that a great many more youthful insurance specialists will be oblivious 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 loss of profits section protects the business against a reduction in revenue 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 shop insurance products may also be tailored to incorporate specialist insurance for factors specifically associated with certain trades or business for instance loss of licence protection being accessible under a shop insurance package designed for wine bars, public houses or restaurants.
Whilst the cover under the products is diverse and varied the premiums for many shopkeepers products are calculated on the basis of the property damage sum insured under the package.
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 shop insurance broker will provide you with a range of quotes from insurance companies and the information you need to make a choice. In contrast an insurance company will only provide you with the details of their own product.
Whilst the insurance under the retailers policy is wide ranging, you need to, like all insurance contracts go through the quotation information and policy cover carefully as it is ultimately your responsibility to ensure that the policy is suitable for you and meets with your retailers insurance requirements.
The shop insurance policy was introduced as a response from insurance companies for the requirement for a inclusive range of insurance coverage to meet the needs of shop owners but that was provided in a simpler format with just one policy document along with a single premium payable for the contract.
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 shopkeepers policy also allows insurers to deliver the cover which is essential for retailers for a very much lower price than would be due if ever the cover was bought under individual policies of insurance.
These days the package contract is so well established that a great many more youthful insurance specialists will be oblivious 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 loss of profits section protects the business against a reduction in revenue 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 shop insurance products may also be tailored to incorporate specialist insurance for factors specifically associated with certain trades or business for instance loss of licence protection being accessible under a shop insurance package designed for wine bars, public houses or restaurants.
Whilst the cover under the products is diverse and varied the premiums for many shopkeepers products are calculated on the basis of the property damage sum insured under the package.
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 shop insurance broker will provide you with a range of quotes from insurance companies and the information you need to make a choice. In contrast an insurance company will only provide you with the details of their own product.
Whilst the insurance under the retailers policy is wide ranging, you need to, like all insurance contracts go through the quotation information and policy cover carefully as it is ultimately your responsibility to ensure that the policy is suitable for you and meets with your retailers insurance requirements.
About the Author:
Blackfriars Group is a specialist commercial insurance broker offering instant online access to very competitive quotes and cover for a full range of shop and retail insurance from a selected panel of leading insurance companies.