Shop Insurance

Shop insurance is a combination of different covers that can help protect your retail businesses. It can provide cover for legal action from your customers or employees and damage or theft to stock and property.

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Based on responses from Lloyds Bank customers surveyed between Jun 2020 & May 2021 after purchasing Lloyds Bank Business Insurance.

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What does shop insurance cover?

Shop insurance can cover many important aspects that are important to the running of your retail business.  This can include cover for your physical premises, goods and stock (on your premises and in transit). It can also cover claims from customers and employees.

The main areas that a retail shop insurance policy can cover include:

Public Liability

If a customer or supplier is injured or their property is damaged in your shop due to negligence, they could claim.  Public liability insurance can cover any legal fees and compensation.

Employers’ Liability

It’s a legal obligation to have employers’ liability insurance when you employ anyone to work in your shop.

This is true whether you have casual, temporary staff or contractors.

Buildings insurance

If you own the shop premises or are required by the lease, you’ll need buildings insurance. This can cover against the cost of damage from an insured event, like a fire, flood or vandalism.

Legal expenses

An optional extra for shop insurance, legal expenses cover can cover the cost of defending your retail business in court.  Legal expenses insurance cover some or all of your solicitor costs.

Stock and goods in transit

Stock inside your shop is generally covered. Goods in transit protects items against replacement costs if they’re stolen, lost or damaged on the way to or from your premises or warehouse.

Business interruption

Events like a fire or flood can mean your shop has to close or is open for reduced hours. Business interruption covers insured costs incurred from lost income.

Keep in mind

Insurance covers are subject to the individual terms, conditions and exclusions of the insurer providing them. Always review the policy documentation supplied during the quote process to ensure you have the cover you need.

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Call 0345 377 0002

Lines are open 9am-5pm. Monday to Friday, excluding Bank Holidays.

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Do I need shop insurance?

Shop insurance can protect you from a range of claims that could prove expensive without adequate insurance cover. If a customer is injured and makes a legal claim, or your stock is damaged due to a flood, shop insurance could protect you from the associated costs.  Running a retail business with at least one employee means you may legally need employers’ liability insurance.

You should consider shop insurance if your business has the following:

  • Stock for sale
  • You repair items for customers
  • Customers visit your shop
  • You visit customers at their home or business
  • You own the building or you are required to insure the building by lease contract
  • You keep money on the premises.

How much shop insurance do I need?

Understanding the risks for your business can help you work out the amount of retail shop insurance required.

Think about the:

  • Nature of your retail business.
  • Value of your stock, based on its cost rather than retail  price.
  • Size and location of the building – is it more at risk of fire or flooding?
  • Daily operations – do you have a high footfall or work with lots of couriers looking after your goods in transit?

The greater the risks to your shop, the more insurance you may need.

Why get shop insurance?

Accidents can happen at any time. Protecting your company against any potential claims can be the difference between your shop staying open or facing huge financial losses. Employer’s liability insurance is a legal requirement – you could be fined if adequate cover is not in place. Unfortunately, a fire, flooding, theft and other damage to your shop could occur. Without shop insurance, the money to repair or replace such aspects will come out of your pocket.

Shop insurance is simply a safety net to help your retail business keep running if the worst happens – possibly the difference between its survival and closure.

How much does shop insurance cost?

There are many factors that can influence how much your insurance premiums are.

 For example, a small shop with a handful of employees will generally be cheaper to insure than a large department store with lots of staff.

The level of footfall in the area, whether your stock includes any dangerous equipment or the type of products you sell can all affect the cost of shop insurance.

Does shop insurance include stock and takings?

Your stock and contents are generally covered when inside your shop. However, most insurers enable you to add goods in transit to your shop insurance policy.  This protects your stock when out for delivery, on its way to your premises with a courier or awaiting collection.  Optional cover can be built into your retail shop insurance policy with theft of takings or loss of money to include cover for your takings. This can protect you against the financial loss if your takings go missing.

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Get in touch

Call 0345 377 0002

Lines are open 9am-5pm Monday to Friday excluding Bank Holidays

Existing customers

Contact numbers for all your queries including details for making a claim.

Important Legal Information

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.

Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.