What Does Shop and Retail Insurance Policy Cover ?

A typical shop and retail insurance policy in Ireland typically provides coverage for a range of risks that are specific to the retail industry. While the specific coverage and policy terms will vary among insurance providers, and will depend upon cover required by the policyholder, here are some common areas that a typical shop and retail insurance policy in Ireland may cover:

Property Insurance:

This coverage protects the physical assets of your shop or retail establishment, including the building structure, fixtures, fittings, equipment, and inventory, against risks such as fire, theft, vandalism, or natural disasters.

Contents Insurance:

This covers the contents within your shop, including stock, merchandise, and equipment, against damage, theft, or loss.

Public Liability Insurance:

This coverage protects your business against claims for compensation from third parties for bodily injury or property damage that occurs on your premises. For example, if a customer slips and falls inside your shop and makes a claim against you, public liability insurance can cover legal costs and potential settlements.

Employers’ Liability Insurance:

If you have employees, this insurance covers claims made by employees for work-related injuries or illnesses. It provides financial protection if an employee sues your business for damages.

Business Interruption Insurance:

This coverage helps compensate for lost income and ongoing expenses if your business is temporarily unable to operate due to an insured event, such as a fire or flood. It can cover costs like rent, employee wages, and utility bills.

Goods in Transit Insurance:

This insurance protects your stock or inventory while it is being transported to or from your premises. It covers loss or damage to goods during transit.

Money Insurance:

This coverage protects against theft or loss of money while it is on your premises or in transit to the bank.

Product Liability Insurance:

If your shop sells products, this coverage provides protection against claims arising from injury or property damage caused by a defective product.

Legal Expenses Insurance:

This coverage helps with legal costs associated with disputes, including contract disputes, employment-related claims, or tax investigations.

It’s important to note that the coverage provided by insurance policies will vary, and it’s advisable to review the specific terms, conditions, and exclusions of any policy you consider to ensure it meets the unique needs of your shop or retail business. Additionally, seeking advice from an Insurance Broker can help you understand the specific coverage options available to you.