But choosing the right cover and insurer can help to protect you and your company at the time when you need it most.

Employer's liability

No matter what size of your business if you have employees, be they full time, part time or volunteers, you may be legally required to have employer's liability insurance. This can cover the cost of compensating employees who are injured or become ill as a result of their work.

Public liability

Public liability cover can protect you in the event that a claim is made against you by a member of the public for an incident that occurs in connection with your business; for example, if a customer slips and injures themselves in your business premises as a result of you or your staff failing to display a wet floor sign.

Product liability

If you are going to be designing, producing or selling a physical product then you should consider product liability. This cover can protect your business against any injury to members of the public, or damage to their property, which has been caused by the products you have supplied. Whilst your business might not have produced the product in question, if it has your business name on it, you could still be held accountable.

Specific cover for your shopfront

If you are looking at setting up a retail business it's worth looking at whether there is cover for your shopfront, especially with retail crime such as ram raids and other violent store front attacks on the rise. Some providers, such as The Retail Mutual, will offer fixed glass cover as standard with your buildings cover.

Business interruption cover

If the unexpected occurs, have you considered how your business might be impacted? Business interruption cover can be invaluable in keeping you and your business afloat during the time that it takes to process your claim.



Protection of stock and contents

If you are looking at going into retail, you will need to make sure that you have the appropriate cover for your stock and contents. This should include conditions surrounding theft and accidental damage. If you have high-risk stock, your insurer will likely require a monitored alarm to be in place and if this is inadequate you will effectively not be covered outside of business hours. In the longer run it is good to get into the habit of reviewing your cover levels every six months.

How can I make sure I have the right cover?

Always take up quotes from more than one provider and ensure that you are comparing like with like when it comes to what is covered. What seems to be the cheapest option can turn out to be the most expensive in the event that you actually need to make a claim.

The Retail Mutual was established in 1999 to provide an alternative to traditional insurance for independent retailers. To find out more about how we can protect you, your business, your premises, your stock your staff and your customers, call 0333 2121 007 or click here to start your quote online .