Shops and Salon insurance
In a challenging and competitive business environment, shops and salons have to ensure that they protect their assets as much as possible. Both online and in the ‘real world’, the sale of goods and services leaves retailers open to claims for personal injury and damage to property, as well as losses through damaged or stolen stock. They also need to consider protecting their assets and their financial stability against other issues, and so the most obvious way of doing this is through a comprehensive core and industry-specific insurance portfolio.
That’s where we can help. We’re called Business Insurance Service because that’s exactly what we do – we provide insurance services to businesses up and down the country. From sole traders to multi-national corporations, shopping centres to hairdressers, we aim to bring our customers the best insurance policies that are designed for the challenges and demands of 21st-century businesses.
Who do we cover?
For private landlords, specific landlord cover is available, which will protect you financially against everything from rent arrears to damage caused by tenants, and loss of income during vacant periods. However, if your property business owns and manages more than one property, you may need more complex insurance cover.
At Business Insurance Services, we understand not just the insurance industry, but the specific needs and requirements of your sector too. That’s why we break our packages down into two sections – core elements (those that are essential for all landlords, managers, and property owners), and optional cover.
Core elements include key insurance cover such as:
- Buildings cover that includes subsidence and accidental damage cover
- Landlords Content insurance – this is essential if you are renting out furnished or semi-furnished property or if your complex has communal areas including gardens
- Property owner’s liability insurance – to protect you against financial claims for injuries or damage to property sustained by visitors
Optional cover can include a wide range of insurance such as:
Loss of rent if the property is uninhabitable or undergoing major repairs
Legal expenses – we do advise all our clients to take this cover out, as it can save you a huge amount of money in the event of legal action by a tenant, or if you have to take legal action to evict a tenant
Alternative accommodation – if the property you own becomes uninhabitable (for example, through fire or a serious water leak) then you will need to find alternative accommodation for your tenants.
Unoccupied properties and renovations
We can also arrange for specialist insurance for unoccupied properties, and those undergoing renovation. These insurance packages will protect your empty property against a wide range of potential risks including:
- Weather damage
- Water damage
- Theft and vandalism
You can choose the length of your cover, ranging from 30 days upwards, depending on how long you estimate the property will be vacant.
Bear in mind, though, that there may be some provisos included such as the installation of alarm systems, the removal of all valuables, and that utilities are disconnected or switched off. You may also have to arrange for regular visits to the property to inspect it for damage or unlawful occupation.
Resident’s Associations – A different kind of insurance
Resident’s Associations are made up of individuals who all have a collective responsibility for their property, whether that’s though financial upkeep or ensuring work is carried out to maintain the properties. In this instance, RA’s will need to consider a few additional insurance criteria to make sure they are adequately covered.
- Directors and Officers’ liability – full transparency is needed when dealing with RA funds, but if things go wrong then there is the possibility that everyone could be held accountable. Directors’ and Officers’ liability cover provides financial cover for legal representation, as long as proven fraud or illegal profit has not taken place.
- Employer’s liability – if a Resident’s Association employs anyone, for example, gardeners, handymen or other tradespeople, even if they are employed part-time or on a sub-contracting basis, it is a legal requirement to have Employer’s Liability.
- Public liability cover – if a complex has communal areas that are accessible to the public then public liability will protect the association against compensation claims for personal injury or damage to property.
Remember, that whether your Resident’s Association operates as a business or NFP organisation, you will need insurance to safeguard the financial security of both the association itself, and the individual members.
How Business Insurance Service can help you
At Business Insurance Service, we’ll take you through the insurance cover you need for your business, and just as importantly, point out if there’s additional cover that you don’t need. We aim to provide you with the best possible salon or shop insurance at a fair price that gives you effective cover against the most likely risks and hazards, and some potential challenges that you may not have even considered.
Our trained brokers are independent, impartial, and will not ‘hard sell’ you into an insurance policy you don’t need. Instead, we’ll work with you to create a portfolio that gives you peace of mind, the right level of insurance protection, and the ability to future-proof your businesses against potential challenges further down the line.
We’re excited to provide MyWave Connect to our clients. This resource portal is your one-stop source for not just insurance but all your risk management, compliance, safety, well-being and other business needs.