What is Retail Insurance? | Retail Insurance | PCI

As lockdown restrictions continue to ease in the country, we have welcomed the reopening of retail outlets in Ireland. The past year and half has been challenging for the industry to say the least with closures, loss of earnings, staff losses and the competition of major online sites such as Amazon but as the doors on the Highstreet have opened, the footfall in shops is steadily increasing and most retail workers have been able to come off the Pandemic Unemployment Payment.

As the outlook for retail becomes more positive it is important to ensure that every base is covered to protect your business from any further disruptions. Having a comprehensive Retail Insurance policy is of utmost importance. 

What is Retail Insurance?

Retail Insurance refers to a number of insurance covers that are specific to your business and combined to give you the best cover for your individual needs. Retail packages can be tailored to include cover for Fire, Theft and Flood cover, Buildings and Contents insurance, Business Interruption, Money & Theft, Glass and Public & Products Liability among other covers. 

What can Retail Insurance cover?

The three main components of Retail Insurance are: 

1. Public & Products Liability Insurance
   

This policy will provide you cover your legal liability for personal injury, damage to third party property, and/or advertising liability if it occurred in connection with your business. So, for example, if a customer slips in your shop or is harmed by a product you sell, this can help cover the resulting compensation costs.

2. Property Damage Insurance

This is insurance cover for your building, business contents, stock, or specified items if they’re damaged in an event such as fire, storm, impact, lightning, explosion, or earthquake. The cost of removing debris and rewriting records is also included in the cover.

3. Business Interruption Insurance

Insurance cover for a reduction in revenue if your business is interrupted due to an insured event such as fire, burglary, or storm damage.

However, every retail business is different and has its own individual needs which must be reflected in their Retail Insurance plans. A local shop with a deli counter will have different needs to a hairdresser. The shop will need adequate insurance in the event of a customer becoming ill from food they sold while a hairdresser will need insurance in place should a customer experience a reaction from the chemicals used. 

Other types of cover with Retail Insurance

1. Money
   Cash kept on the premises, even in a safe, needs to be covered by Money Insurance.

2. Glass
   Can you cover the cost of a broken shop front? Glass Insurance can.

3. Trade Credit Insurance
   Essential for protecting your business, Trade Credit Insurance means transferring risk away from the business and over to an insurer. It protects the policyholder in the event of a customer becoming insolvent or failing to pay their trade credit debts. Insurers can also help to reduce the risk of financial loss through credit management support.

4. Cyber Insurance
   These days cyber-attacks and hacking have become more common than ever. Your business can be insured against such attacks. Find out more about Cyber Insurance here. 

Who needs Retail Insurance?

Though some may assume that retail refers only to certain types of shops or clothing stores, retail covers most businesses. 

Clothing, charity, sporting, furniture, DIY and sports shops, coffee shops, delicatessens, convenience stores, off licenses and newsagents, hairdressers, beauty salons and nail salons, gift shops, pet shops, dry cleaners, butchers, greengrocers, and bakeries all need some element of Retail Insurance.

Retail Insurance Quote 

At PCI we believe in providing quality insurance policies with favorable premiums. Our team has years of experience in creating bespoke Retail Insurance plans to suit individual business needs. 
If you would like to ensure your business is protected with an all-encompassing Retail Insurance package, get in touch with our expert team for a competitive quote today.