Comprehensive insurance for convenience stores, corner shops and independent grocers.
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The following covers are typically available as part of a retail package or commercial combined policy for your type of business.
Most retailers can choose between a shopkeepers package policy (a pre-built bundle of covers) or a retailers commercial combined policy (where you select and tailor each section). A broker has a responsibility to recommend the right approach based on your specific demands and needs — and to ensure you are adequately covered, not just cheaply covered.
These are the risks and coverage gaps most commonly seen in this type of retail business. A broker familiar with your trade should address all of these at inception.
Buying a cheap policy is a false economy if the cover is inadequate. Many retail claims are settled at less than the full loss because the sums insured — for stock, contents or business interruption — were too low. A broker has a legal duty to advise on adequacy of cover. Buying direct from an insurer leaves that responsibility entirely with you.
Before purchasing retail insurance, always verify the credentials of the insurer or broker you are dealing with. Check specifically how long they have been arranging this type of cover. Ask whether your policy is underwritten by a UK-based insurer or an offshore carrier, as this can affect your rights and protections under the Financial Services Compensation Scheme (FSCS) in the event of insurer failure. The onus is on you as the policyholder to satisfy yourself that both the cover and the insurer are appropriate for your specific needs.
Questions we see regularly from businesses like yours.
No. Shoplifting is not covered by retail insurance policies. Theft cover applies to break-ins and, separately, theft by employees (if added). Stock shrinkage from shoplifting is a trading loss.
No separate policy, but you must declare the value of chilled and frozen stock accurately and add refrigeration breakdown cover. Without it, a compressor failure overnight could leave you with an uncovered loss.
Given high daily footfall and the risks of wet floors, heavy goods and food products, £5m public liability is advisable. Some landlords will require this as a minimum in your lease.
Work with a broker who understands retail — and who has a duty to recommend cover that meets your needs, not just sell you a policy.
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