Buying retail insurance can be complicated and time consuming. How do you know what cover you need? Can you be sure you are getting the best deal? In most cases the answer is you cant be sure. Using an insurance broker is the easiest way to ensure your business is properly protected. One benefit of using a broker is the knowledge and expertise they possess. The broker will work with you to assess your retail insurance needs and advise you of not only the covers you are legally required to have, but also covers that can potentially save your business in the event of a loss. You may need to consider the Pressure Systems Safety Regulation 2000 Act, which stipulates that any retail premises with a hot water boiler to make hot drinks must ensure its inspected regularly as part of a planned service and maintenance regime. Should the boiler explode, insurers may challenge the claim if the necessary cover is not in place to maintain the boiler. The same principle applies where chillers are used by florists, butchers, restaurants and other trades. Walk-in theft is a common problem for retailers of expensive items such as cameras, phones and laptops. Your broker can help by including theft cover in your policy. Business Interruption insurance covers loss of gross profit should an insured peril occur on your premises, leaving you unable to trade. This cover will be provided until you can begin trading again, depending on your indemnity limit. Purchasing insurance without the guidance of a broker could leave your business exposed and result in you breaking the law. Once you have agreed the cover you need, your broker will search the market to obtain the best deal. This will certainly save you time and possibly money too. The advantage of using a local broker is their excellent customer service - they are part of the community and you can have a face-to-face conversation whenever necessary. Service is also demonstrated if you need to make a claim. At Higos we have an in-house claims team, dedicated to dealing with any claim received in a prompt and efficient manner. How will you be purchasing your retail insurance this year?
Why Use A Broker To Purchase Retail Insurance