UK Newsagents' Insurance
Newsagent shops like all other
businesses need insurance for protection against damage, liability and
Stock and contents insurance
With this type of cover, you can
protect the contents found inside your business including stock. The
amount of cover will differ depending on the policy. For example, you
can purchase insurance to cover contents up to £750,000. Contents
insurance generally covers everything including fittings, fixtures and
stock. Stock cover is limited to protecting one’s stock for the amount
insured. Generally it is a good idea to obtain insurance to cover all
one’s contents, if such a policy is within your budget range.
Employers Liability Insurance
In the United Kingdom,
employers are required to have a minimum employer’s liability (EL)
insurance if they have any employees at their business. EL insurance
covers employers for damages and legal fees associated with employees
who are injured, made ill, or killed as a result of a fault by the
employer. Under the law, employees have the right to seek action even in
cases when a business closes or goes bankrupt. The Health & Safety
Executive (HSE) enforces the laws on employer’s liability insurance, and
they can impose fines of up to £2,500 for each day that you fail to have
EL cover. Each employer must have at least £5M of employer liability
cover, which usually is not a problem since most policies provide at
least £10M cover.
insurance covers the newsagent from damages linked to members of the
public who are injured on one’s business property. Such insurance is
especially important for businesses that have regular customers or
deliveries on their premises. Public liability insurance also covers
damage to third party property at your business location. Most cover of
this type will include both medical and legal costs that could arise
from public liability claims.
Newsagents may need product liability insurance to protect themselves against claims that result due to damage caused by their products. For example, if a newsagent business should sell food or other products on their premises, and someone becomes ill from such products, this type of cover would provide protection from related legal claims.
If you own your business building, then you will probably want to purchase buildings insurance. With this type of cover, you can protect your entire building including walls, gates and fences. Such cover usually also includes fixtures and fittings, and pays the costs of removing debris and hiring professional consultants. Of course, one should try to obtain cover adequate to handle the expenses one would incur in case of a total loss of the building, for example, in a fire.
Employee Dishonesty Insurance
With this type of insurance, you are covered against claims caused by the fraudulent actions of employees. For example, if an employee or group of employees such steal cash, equipment or any other property of the employer. Employee dishonesty cover will usually include cases of forgery, theft, fund transfer, credit card fraud, computer fraud, and money order fraud. Since crime by employees at the workplace is on the rise, many business owners are obtaining this type of cover.
Business Interruption Insurance
If your business should be interrupted, you could suffer a serious cash flow problem. Business interruption insurance is designed to provide you with money to help you get your business up and running again in case of such an eventuality. Such cover can include stoppages or interruptions due to natural disaster, vandalism, illness, construction activity and hardware failures.
Income Protection Insurance
With this type of cover, you are protected if suddenly your income from your business should dry up due to your own illness or accidental injury. The insurance provides you with an income for a specified period while you are recovering from your condition.
Covers equipment, tools and other items used by professionals in their trade. With this type of cover, the items are protected against damage, theft or loss regardless of whether this happens at the business location or off-site.
Finding the right insurance policy
Many companies offer newsagent
insurance, so it pays to shop around and compare policies. Always make
sure to read the fine print so that you know exactly what is covered and
for how much. Also carefully read the part that deals with exclusions in
the policy. If you have any questions, make sure the insurance agent
provides clear answers. If the agent is hesitant or unable to provide
you with sufficient and clear information, then you should take your
Remember that every insurance policy is different. ALWAYS read the policy carefully to make sure that it has the right cover for you!
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