What Kinds of Insurance Does A Local Newsagent Require?
Your newsagent shop is likely to be the heart of your local community. Everyone forgets something when they go shopping, so your shop is a handy port of call for an extra pint of milk or pack of bacon for a bacon butty breakfast and daily papers.
It is often a case that your shop is also a lifeline for local elderly residents that struggle to get into town, so the last thing you want to happen is to let your customers down that rely on you. This is why it is essential to have the best Newsagent Insurance cover to help you re-open ASAP should anything terrible happen to your shop.
What Are The Different Kinds of Corner Shop Insurance?
In most cases, a newsagent or corner shop owner will need a range of insurance to protect it. The most commonly used types of insurance for these types of retail shops include:
- Public Liability Insurance: Public liability insurance helps to cover any legal costs and compensation claims made by a customer or visitor to your premises for an injury or damage to their personal property. For example, should a customer slip on some spilt water on the floor and break a leg during the fall, this insurance will cover you against an expensive compensation claim.
- Product Liability Insurance: This insurance covers the cost of compensating anyone who is injured or made sick by any products sold in your shop. Your newsagent may sell a vast range of different products and consumables. However, even though you didn’t manufacture them yourself, you can still be held liable for selling a faulty product or an out-of-date food item that harms a customer or damages their property.
- Employers’ Liability Insurance: This insurance is legally required if you employ staff in your newsagents or corner shop. You need to protect your staff in the workplace, so should any employee fall ill or sustain an injury due to working for you, employers liability insurance will cover your needs. This cover includes any temporary staff you may hire and any newspaper delivery staff that may sustain an injury while out delivering your newspapers.
- Buildings Insurance: If you own your shop premises, it is essential to protect them with buildings insurance. This will cover you against disasters such as fire, flood or storm damage. You will need separate content insurance to cover your shop’s content and fixtures and fittings.
- Contents insurance: This cover protects the contents of your shop. You can get tailored cover to suit your needs, such as emergency glass cover to repair or replace damaged shop windows and accidental damage cover for your building contents.
- Stock insurance: It is not just your physical shop that you need to protect with proper insurance – you will also be holding a lot of valuable stock that will need replacing should it get stolen, damaged or destroyed. The average stock insurance claim for a newsagent shop is around £7000, which is a lot of money for you to pay out of your own pocket if the worst happens.
Why Is Business Insurance So Important For Local Newsagents?
Like any other retail business, your newsagent is exposed to many potential risks. This could be anything from theft and vandalism to devastating fires or floods. Your newsagent insurance will help protect you and your business from expensive repairs, stock replacement or compensation claims from injured customers.
Many small retail shops can experience electrical fires caused by faulty wiring or electrical equipment that can cause devastating damage and will require you to close down your businesses to address. Your fully tailored local shop insurance will help your business to get back on its feet should the worst happen.
These past few years have seen several intense storms and flooding incidents that can completely disable a whole street of local shops. These extreme weather events are unpredictable and impossible to prevent. Should your newsagents or corner shop be affected, it can be very reassuring to know that you have proper buildings and contents insurance to help repair the damage.
Each newsagent or corner shop retail business is unique, and there is no one-size-fits-all solution to protecting your shop. This is why it can help to discuss your newsagent shop insurance with a specialist insurer such as Brisco Business Insurance to ensure you have all your needs covered.
I Rent My Shop Space – Do I Still Need Corner Shop Insurance?
If you run a newsagent or a corner shop but don’t own the building premises, you will still need to cover your business with appropriate newsagent or corner shop insurance policies. Insurance is one of those necessities you have to get right to avoid losing your business to any unforeseen risks.
When you operate a retail business such as a local corner shop or newsagents, your success relies on the customers coming through your door. If you want your customers to keep returning and spending more money with you, you must stock what your customers want to buy and ensure they feel safe and secure when browsing your shelves and making their purchases in your shop.
Newsagent liability insurance is a must if you employ staff in your shop. Employer’s liability insurance is legally required as a small business employer. This insurance covers your business if a staff member claims they have suffered an illness or injury due to working for you.
It can be very costly to legally defend yourself against a claim and the associated compensation costs you may have to pay out.
As outlined above, it is wise to protect your newsagents or corner shop against unforeseen events and financial losses, even when you don’t own the property you operate your business from.
Best corner shop insurance cover as a Tenant
You will need to discuss with your landlord or the commercial building owner about what insurance you are covered for as a commercial tenant. In most cases, the landlord will be responsible for taking out buildings insurance to protect their property against significant risks such as fire, flood, storm and structural damage.
It would help if you clarified whether or not the building insurance the landlord holds covers the repair or replacement of your shop windows. In many cases, shop window insurance needs to be taken out by the tenant. Still, emergency glass replacement might be covered by your landlord’s insurance, so it is worth checking to ensure this cover is not being paid twice.
Public liability insurance is a must as it will cover you for claims made against you by your customers or any other shop visitors. Suppose you or any staff member causes accidental injury or damage to a customer’s personal property. In that case, your business could land in hot water with expensive legal fees and compensation costs to cover. This isn’t something that your landlord or commercial property owner is responsible for.
Hopefully, this guide has given you a better idea of what insurance your newsagent or corner shop business needs. Now it is time to find the best insurance deals tailored to meet your shop’s needs.
Domestic insurance companies are not geared up to cater for business owners, so it makes sense to work with a professional business insurance company with plenty of experience, such as Brisco. Let us do the work for you – our team can compare business insurance options and provide you with the best recommendations.
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