Why do you need Retail Insurance?
In the fast moving world of retail, particularly with the increasing presence of online retailing, it is important that retailers recognise the risks they face.
- Injury to customers in-store or through faulty products
Most injuries to customers are caused by slips and trips within a store and are most prevalent in businesses where there are spillages, such as supermarkets1.
- Sales and supply chain interruption
The impact of an interruption at your own, or at a supplier’s premises, could have a significant impact on your business and your reputation.
- Online and e-trading
Trading online may introduce a number of new risks for retailers, such as loss of data and threats from hackers. Cyber Insurance can provide protection for a number of those risks.
How we can help
We work with you to design a full range of insurance solutions to protect you against these risks and keep your business running. We can help you find the right cover to meet your ever-changing needs and ensure you’re always protected. Read more about the risks your business could face below.
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Injury to customers in-store or through faulty products
If a serious accident occurs in your store, an investigation by health and safety authorities could arise. Faulty products causing injury or damage are uncommon but can be significant especially if electrical, DIY or medical products are being sold. Manufacturers will have responsibility for the safety of their products, but you could be involved in a claim. Public Liability and Product Liability Insurance provide protection for claims brought against you by affected parties including legal costs.
Sales and Supply change interruption
Arranging the appropriate Property Damage and Business Interruption Insurance is important so your business can recover as quickly as possible. Your business needs to be protected from:
- loss of sales
- loss of profits
Having robust and tested business recovery plans will help to soften the impact of an interruption to your business.
Online and e-trading
Trading online can create a number of risks for retailers:
- loss of customers' personal data
- compromised IT systems
- potential extortion threats from hackers and cyber criminals
The imminent introduction of General Data Protection Regulation (GDPR) also adds to the responsibilities of retailers who trade online. Cyber Insurance can provide protection for a number of those risks. We can also offer you support to ease the effects of an incident such as: notifying customers; legal fees; forensic investigation and PR support.
Where retailers are moving goods using their vehicles, risks can arise from accidents causing injury or damage to third parties as well as to your own vehicles and stock. Motor Insurance will provide protection for motor claims and goods in transit will cover damage or lost stock whilst being moved. Risk management solutions such as driver training and vehicle maintenance will assist in reducing the frequency and impact of vehicle accidents.
Managing people risks
Staff are one of the important assets of any retailer and you have regulatory and statutory responsibilities towards your employees. Employers' Liability Insurance is a legal requirement that provides cover for accident or illness for employees caused by the work they do for you. Good health and safety management such as risk assessments and rehabilitation support will lower the frequency and impact of such claims and help to retain your workforce. Keeping your staff healthy is also vital to the smooth running of your business. We provide solutions to look after your employees’ health, help plan for their futures, and create rewards packages to support their physical, emotional and financial wellbeing. You can find details of these solutions under the Look after my employees section. Absence, staff attrition and recruitment cost your business money. We can help to mitigate against people risks and keep your employees engaged, healthy and happy.
The risk to vacant property by malicious damage, squatters and structural damage is increasing. Commercial properties are emptying at an alarming rate. In 2017 alone, almost 6000 stores closed.
PMI is the most popular benefit offered by employers. Yet, it’s often perceived as an expensive benefit. But there are ways for you to keep the costs affordable.