Disasters such as the Camden Market fire, the summer floods of 2007 and the Buncefield oil depot explosion, meant many retailers learned the lesson of having their stock insured the hard way. For many, stock levels were near critical, some were wiped out altogether.
As a shop owner, it's vital that your premises are covered for such eventualities as well as more commonplace situations.
Different insurers will offer various features as standard, so think about what's most important to your business. With crime still a major concern for retailers, it's important to make sure you're covered for loss or damage of stock. Payment for loss of earnings if trading is interrupted could be the difference between surviving and going under in the event of a disaster.
If your shop sells alcohol, you may also want to ensure your policy will cover you if you lose your licence for any length of time.
It's also important to make sure you have adequate buildings insurance. If you rent the premises this is your landlord’s responsibility, but if you own the building it comes down to you.
Many shop insurance policies allow you to extend the amount for which your premises are covered in the event of damage. As a retailer, product and public liability insurance are also a must.