Retail and Consumer Brands

In today’s world, building a brand image that people trust is incredibly important. Your retail business needs to be robust, resilient and able to respond quickly to challenges to maintain consumer continuity and confidence.

If something goes wrong, a well-planned and executed risk management and insurance programme can help your retail business to respond quickly, maintain continuity and manage your reputation.

Find out how HISL Brokers Limited can help you to manage any potential risks and protect your staff, customers, buildings and equipment within a comprehensive insurance solution.

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Types of insurance cover your retail business may require

Insurance programmes for retail and consumer brands would typically include a combination of the following cover:

Business contents insurance: This will provide cover for the interior elements of your shop, such as fixtures and fittings, equipment and any furniture.
Business assets and equipment insurance: Provides cover for the assets that your retail business needs to operate, such as computers, mechanical equipment, tools, machines and stock.
Public liability insurance: Provides protection if your retail activities kill or injure a member of the public or damages their property. For example, if someone slips over in your shop as a result of the floor being wet, this will give you some protection in the event of a claim.
Products liability cover: Provides cover if an individual suffers damage or injury as a result of a product that you designed, repaired or serviced.
Employers’ liability cover: This is a compulsory type of insurance for employers, regardless of whether the member of staff is permanent, temporary, volunteer, contractor or freelancer. The minimum level of protection is £5m, which will cover the cost of compensation claims if staff get injured or fall ill as a result of carrying out their required duties.
Buildings insurance: If you’re responsible for insuring the building where your retail business operates, this will provide cover for your shop in the event of flooding, a fire or theft.
Business interruption insurance: Provides cover for financial losses if your business can’t operate from its normal retail space due to fire, major theft or a flood. This includes things like loss of income and rent.
Stock insurance: Provides cover in the event that your stock is damaged through fire or flooding, or if it is stolen.
Online shop insurance: If you sell products from home via websites such as eBay, it might be worth looking into getting online store insurance, as some home insurance companies do not cover home-based businesses. Online shop insurance covers many of the same elements as insurance for a physical shop and can provide additional peace of mind against cyber security threats and data hacks.
Goods in transit cover: This will provide cover if goods are damaged or lost while being delivered by post or courier.
Theft of takings: If you take payments in cash, then you may want added protection in case of theft from you, anyone working for you or your premises.
Cyber Insurance: This will cover you in the event of any form of data breach due to a cyber attack, as well as for any business lost due to your systems being shut down.
Directors’ Insurance: In the event of a claim being made against you personally, directors’ insurance will provide financial protection and cover the costs of defending your case in court as well as settling any successful claims.
Product Recall

These are just examples of some of the types of retail and consumer brand insurance policies that we look after at HISL Brokers Limited.

What insurance do I need for my retail business?

If you are responsible for the running of a retail business you should consider taking out a tailored insurance programme. The wide variety of risks to both the staff and customers create the need for an insurance solution that provides comprehensive protection.

We know that no two retail and consumer brand are the same, so speak to us today to find out which policies will best meet your needs.

The cost of insurance for retail businesses

The combined premiums that you will pay for your retail and consumer brand insurance programme depends on the level of cover that you need and the breadth of risk that your business is exposed to.

It is crucial to ensure that you are properly protected in the event of an incident occurring. With that in mind, at [broker_name] we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.

Importantly, we work tirelessly on your behalf to present your business to potential insurers as accurately as possible so that premiums are completely appropriate to your risk exposure.

Insuring your retail business

HISL Brokers Limited is well placed to provide you with the professional support to review your current insurance programme and assess where you might be at risk from underinsurance, or even paying for excessive cover.

We understand that retail and consumer businesses face unique risks and challenges on a day-to-day basis, and that you need bespoke insurance that works for you and gives you the level of cover that is appropriate to the risks that you face.

Give your business the protection that it deserves today – if you want to find out how much peace of mind costs, contact Paul Kerneror the team by calling: (0)20 7220 9020.