Insurance packages for retail businesses

However, there are many things you can do to ensure you have the best cover. For example, by applying a dollar value to particular risks and understanding the financial burden each risk may produce, you can better identify the potential effect on your bottom line. Other things often overlooked include the impact of exchange rates and inflation as well as the growth of technology, which means you may not be able to replace what you lost with the same item, product or process.

But don’t worry, Morgan Insurance will navigate you through the ocean of insurance cover and lead you to the safe harbour of effective risk management. Morgan will also guide you through many of the other risks that need to be considered including those listed below.

Hazard Protection

Covers the buildings, contents, and stock of your retail business for damage caused by accidents and events such as storm, rainwater, flood, fire, vandalism etc. Can include temporary hire of machinery and/or equipment.

Theft/Burglary

Covers your buildings, contents, and stock up to the sum insured. Can include damage to buildings and fixtures, replacement of locks, protection of premises, and the temporary removal of your insured property to another location subject to the policy limitation. Can incorporate temporary hire of machinery and/or equipment.

Public & Products Liability Insurance

Provides insurance cover in respect of loss, damage, and/or injury caused to third parties as a result of an occurrence in connection with the retail business.

It indemnifies the retail business against legal liability to pay compensation in respect of personal injury or property damage claims arising in respect of the product and/or service sold or supplied by the insured. Normally it does not cover product warranty and is always subject to terms, conditions, and exclusions.

Money

Covers loss of, or damage to, money contained in the building during or outside business hours, while in a locked safe or strongroom, in transit, or in your personal custody while contained in your private residence.

Retail Business Interruption

If an incident prevents or interferes with your retail business, you can be covered for your loss of turnover/income while the incident is resolved as well as the additional working costs needed to maintain your retail business.

Personal Cover

Covers you for injury or illness. Can extend to wrongful detention, arrest, or imprisonment. Also libel, slander, defamation of character, and the invasion of the right to privacy.

Glass

Cover can provide protection against accidental breakage of fixed glass located at the retail business premises. Property covered includes items such as glass/perspex – windows, doors, mirrors, and skylights.

Retail Business Vehicles

Can cover accident, fire, and theft of retail business vehicles. Can include temporary vehicle hire.

Employee Dishonesty

Covers the loss of money or goods (i.e stock) due to the fraudulent or dishonest conduct of an employee for their own gain or the financial benefit of any other person or business.

Machinery Breakdown

Cover for damage to electrical, electronic, and mechanical machinery due to breakdown and located at the retail business premises. Can also include the cost of hiring temporary machinery as well as deterioration/loss of stock following a breakdown.

Portable Property

Covers items such as laptop computers and tools of trade whether at or away from the premises.

Goods In Transit

Covers your retail business for loss or damage to goods or stock whilst in transit and caused by certain defined events.

Tax Audit

Cover for professional fees in connection with an audit by a government body. Cover can be extended to include audit cover of directors of the insured retail business.