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The retail industry in the UK is massive - both in terms of its sheer size, the number of people it employs and the revenue it generates for our country's economy. Indeed, according the most recent figures from the British Retail Consortium, 11% of all VAT-registered businesses in the UK are retailers - with the total number of retailers in excess of 180,000.
UK retail sales in 2007 stood at £265 billion, larger than the combined economies of Denmark and Portugal. And at the end of September last year, the retail industry employed 2.9 million people - 11% of the total UK workforce.
SME retail outlets
Of course, the retail industry includes everything from huge supermarkets to small local stores, from DIY chains to local ironmongers. If you are one of the thousands of people who have their own small or medium-sized retail outlet, you will have first hand experience of how involved running a business can be. From paying employees to buying stock, from marketing your goods and services to managing cash flow, having your own shop can be as challenging as it can be rewarding.
You may have also encountered times when having the right shop insurance has made a big difference to the continued success of your business - or when NOT having the right insurance has proved costly. Thankfully, you can now get insurance cover for your business from Direct Line that will give you the peace of mind that comes from knowing that you have the appropriate level of cover in place.
What you get
Shop insurance from Direct Line includes:
- Trade contents - This means that the contents of your premises are covered in the event of loss resulting from what is referred to as an insured contingency. For example, fire, theft, storm, flood and accidental damage.
- Employers' liability insurance - It is always possible that an employee may have an accident in the workplace, through no fault of their own, that may result in incapacitation or injury which may mean they are unable to work for a set amount of time, or perhaps indefinitely. This may well result in a court case in which they will make a claim against you. Having employers' liability cover can help cover the cost of compensation as well as legal bills.
- Public and product liability - Similarly, it's possible that a member of the public may be injured while on your premises or by one of your products. It is a sad fact that the public are becoming increasingly litigious, hence the preponderance of legal firms advertising their help in claims for such accidents. Having the right Public liability insurance can protect you in such an instance.
- Goods in transit insurance - It's always possible that something may happen to your products while they are being moved to or from your shop. Having the right cover for when you are transporting goods can help you should you have an accident or be a victim of a theft.
- Loss of income - Margins for retailers these days can be tight, so if you are forced to close your shop due to a major fire or theft, or any other qualifying criteria, you will want to make sure that you are covered so that you can get back on your feet as soon as possible.
These are just some of the key elements of cover offered by a Direct Line shop insurance policy. You can find out exactly what the policy covers and get a quote in minutes by visiting in the shop insurance section of this website.
Related information:
What you need to know about tax - understanding what you have to pay tax on as a small business owner and how to complete your tax returns.
Residential Property Insurance - if you're the landlord of a property that's used for business, this is the type of policy you'll need.
Shop insurance FAQs - find answers to some of the most commonly asked questions about our retail insurance policy.
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