How to make your shop insurance go the extra mile
Everyone who goes into business, in whatever line of work, does so with a single, clear intention – to make a healthy living. To be successful, working hard is a pre-requisite and there is no getting away from that fact but where you can be clever is by managing your costs cannily. There will be certain expenses that you will have to proceed with but, crucially, the amount that they total up to is very much controllable by you. Arguably the biggest of these expenditures will be concerning your shop insurance.
You may currently be engaged in a policy that is costing you a small fortune and, unfortunately, there is very little that you can do about that without incurring further costs. Therefore, you should treat your opportunity to renew as a major exercise in cost cutting – and a chance to re-evaluate your options with significantly more depth. Many stick with their current insurer either out of convenience or simply because they are too lazy, and these traits should be discouraged from being practiced as much as possible. You’ll be astounded as to the amount of high-quality shop insurance underwriters there are out there and you should actively be sounding them out. This product is one of the few in the insurance world that genuinely leads to long lasting relationships between the two parties so by getting your research done properly, you could land yourself with a long term partner that even your other half will approve of!
To get you started, we’ve put together the shop insurance equivalent of the Ten Commandments, which you should follow like gospel if you want to secure a fair – yet exhaustive – premium and policy.
- Mitigate the potential risks that your shop or business may face. Primarily, this will include getting in place a top quality burglar alarm system that is fitted by an approved professional, so as to cover your work from all angles.
- ‘Deadlocking’ the premises when it is not in operation is another popular security mechanism that brokers like to see in place. Remember, though these may seem as additional cost burdens, they could go a long way into helping you secure a cheap shop insurance policy.
- Metal bar shutter on access points are now done as standard by most shops and, if you are operating within a big retail complex, this sort of security will most probably be provided for you.
- Always do the little things right – knowing where your keys are, who is in the building at any certain point and who has access codes and passwords are all often taken for granted but keep checking and stay on top of it.
- Regularly servicing your property will ensure that any undue problems that it may come across – damage by a natural disaster or theft, for example – will not be overtly difficult to rectify due to the quality of the underlying structure already in place.
- If you are operating out of a multi-storey or tiered building, it may be wise to look into employing a night-watchman. However, you should always be absolutely meticulous when in the recruiting process, as any such individual will most probably have access to all areas. The stringent vetting procedures should also apply to your regular, retail based staff.
- Any modifications you may make to the shell of your property should be logged with your insurer as a matter of urgency. Even if it is only a negligible change, you should flag it as it could be critical should you need to raise a claim in the event of a problem arising.
- You should be looking to put in place a public liability insurance deal in place at your earliest convenience, which should run in tandem with your shop insurance equivalent. Excellent and regular staff training will also mean that you are limiting the potential reason for a customer to bring a complaint against you because of negligence, or related faults.
- When looking around for shop insurance quotes try and arrange it so you are paying your premium in regular instalments. This will help your cash flow and budget in other areas of your business, and can be hugely necessary in lean periods.
- Try and keep all your business related insurance requirements with the same provider. Not only does this build up a relationship which will, over time, prove to be mutually beneficial as a certain level of trust is built up but you’ll also be, inevitably, offered loyalty bonuses and discounts.
So, there you have. The points above are in no way designed to be an exhaustive path to a top notch shop insurance policy, but they will certainly get the ball rolling in the right direction. If you are up for renewal, now’s your chance. Don’t waste it!