Most insurers now offer tailored insurance products for retailers. Many also include pubs and restaurants within their definition of retailers, so many of the covers listed here are also found in other policies targeting the health and hospitality sectors:
- Material damage all risks cover for the assets of the business including buildings, contents and stock. This section is usually extended to include loss of metered water and oil, trace and access, damage to underground services, debris removal, seasonal stock increases, replacement keys/locks and cover at exhibitions.
- Business interruption – cover against lost gross profit and increased costs following an insured loss. May also include losses following failure of public utilities and denial of access. Retail policies usually automatically carry a high standard level of cover.
- Goods in transit property while in transit in your own vehicle or with a third party carrier.
- Money cover for loss of (or damage to) money while in transit, in a bank night safe, on the premises (during and out of hours), in a safe or strong-room or at the private residence of the proprietor, Director or authorised person.
- Personal accident (assault) benefits payable to person(s) injured during robbery or attempted robbery.
- Employer’s liability statutory protection against injury to employees in the course of their duties.
- Public liability protects policyholder liability to third parties while on the business premises or while the policyholder works at third party premises.
- Products liability third party protection against damage/injury caused by goods sold by the policyholder.
- Glass breakage where policyholder is liable for damage to glass, sanitary ware and signage as occupant of a property.
- All risks cover for contents removed from business address with pre-determined geographical limits such as laptop computers, exhibition equipment.
- Refrigerated foods deterioration of chilled or frozen foods due to rise or fall of temperature in a cold chamber.
- Loss of licence important cover for licensed premises, protection against loss of income arising from loss of liquor licence.
- Legal expenses limit available for legal expenses in employment disputes, legal defence, property protection, tax disputes, contract disputes, debt recovery and tenant disputes.
This is only a summary of the range of covers in a commercial leisure/hospitality package. As with all insurance policies, cover varies between insurance companies and is subject to terms and conditions. Always read your policy carefully.
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