Shop Insurance costs - rough estimate please

[PrestonLad]

I am planning to open a shop late this year.

Many parts of my business case are quite carefully considered, but my spreadsheet has an almost total guess in the 'insurance' column! It's time for me to refine that figure a bit.

Are there any of you UKBF insurance-broker members willing to take a PM from me please?... I'm not after a quotation (I haven't selected a shop unit yet)... I just want a figure off the top of your head, to see if the 2750 figure I've guessed at seems to be in the right ballpark. I'd PM you a few added details on which to base your guestimate.

Thanks in advance

 

[kulture]

There are several insurance policies you will need

1 Contents. This would depend on how much your stock is worth, what it is, where your shop is, and what kind of alarm you have.

It is impossible to give an accurate ballpark without most of the above.

2 Buildings. Most landlords will want you the tenant to pay or contribute to the buildings insurance.

It is impossible to give any ballpark without knowing how big a shop is, where it is, how it is constructed, what/who the landlord chooses to insure the building for, and what proportion you are expected to pay.

3 Public Liability and employment liability

Again this depends on what you sell, where you are, etc etc etc

So, answer much of the above, then someone can give you a better answer.

 

[DaveSUK]

You'd be best getting a quote online (use a fake number if you don't want sales calls) The price varies hugely by your area, contents value, age of building, security precautions and so on.

For my Manchester central branch we pay just over £400 per year which is good for contents and public liability (employers liability is on a different policy covering all branches) our North Manchester branch for the same cover costs £1200 per year because of the area (and to get insurance on this property we had to upgrade our alarm to connect directly to the police before they would insure us.

Get a quote from http://www.premierlinedirect.co.uk/shop-insurance but they will phone you after.

 

[PrestonLad]

Thanks Kultur & Dave. Fair points.

I'm still hoping to get a ballpark figure from someone, without fabricating stuff. It should only take a minute of someone's time.

 

[Talay]

Thanks Kultur & Dave. Fair points.

I'm still hoping to get a ballpark figure from someone, without fabricating stuff. It should only take a minute of someone's time.

Fabricate the details but put in real postcodes (not your house !) and see what comes back from the online engines. You can do this for non online quotes but some will only accept a telephone number and not reply solely to email.

No-one can give you a price because there are too many variables, specific to your business and your location.

Obviously the nearer you are to M31 the more you'll pay !

 

[antoine82]

I have a coffee shop in West London.
I don't have to payu building's insurance so I ma left with public liabililty, employer liability, product liability, business interruption and a few others stuffs.

£500/year

 

[mhall]

Insurance is a balancing act and you should only insure at all if you feel that the value in having it outweighs the cost. I only want to insure for employers liability over what the landlord demands. Because insurance companies are a bunch of crooks, it is impossible to insure for just that so I begrudgingly pay for public liability. When they then try and sell you the rest of the nonsense and you say "no", they then talk about "minimum premiums". Bearing in mind that, unless you comply with all their demands, ALL your claims can be turned down if they are lumped in one policy. For example, if someone claims under their public liability they may well be turned down if they have not got the required amount of locks on their door. Read, re-read and then read again the small print on your policies.

 

[pen2670]

Bearing in mind that, unless you comply with all their demands, ALL your claims can be turned down if they are lumped in one policy. For example, if someone claims under their public liability they may well be turned down if they have not got the required amount of locks on their door. Read, re-read and then read again the small print on your policies.

But if you take out separate policies, even with the same insurer, you will get hit with 2 excesses if wou make a claim that overlaps eg a break in where you need to claim for a door or window (buildings) and things taken (contents).

Minefield!!!

 

[mhall]

But if you take out separate policies, even with the same insurer, you will get hit with 2 excesses if wou make a claim that overlaps eg a break in where you need to claim for a door or window (buildings) and things taken (contents).

Minefield!!!

That is why it's a balancing act. Personally I won't give my insurance company money for stuff I don't need - the excess on my windows policy was more than the cost of a new window. When someone decided to break the door down I was advised to "take it on the chin". We now have "screamers" instead of bells and sirens as alarms. Very probably illegal to have so many in such a small place but you won't stay on our premises more than thirty seconds without ear defenders if you set the alarms off and you won't pinch much in that short space of time. Quite looking forward to the claim for a perforated ear drum the next time someone has a go !

 

[PrestonLad]

That is why it's a balancing act. Personally I won't give my insurance company money for stuff I don't need - the excess on my windows policy was more than the cost of a new window. When someone decided to break the door down I was advised to "take it on the chin". We now have "screamers" instead of bells and sirens as alarms. Very probably illegal to have so many in such a small place but you won't stay on our premises more than thirty seconds without ear defenders if you set the alarms off and you won't pinch much in that short space of time. Quite looking forward to the claim for a perforated ear drum the next time someone has a go !

Perhaps you should insure against this possibility?

 

[Talay]

That is why it's a balancing act. Personally I won't give my insurance company money for stuff I don't need - the excess on my windows policy was more than the cost of a new window. When someone decided to break the door down I was advised to "take it on the chin". We now have "screamers" instead of bells and sirens as alarms. Very probably illegal to have so many in such a small place but you won't stay on our premises more than thirty seconds without ear defenders if you set the alarms off and you won't pinch much in that short space of time. Quite looking forward to the claim for a perforated ear drum the next time someone has a go !

I like the approach though I do hanker after Mr Burns' solution of "release the hounds".

 

[lockyer]

feel free to drop me a pm, or call me on 01924 895568, during office hours. Just ask for Jon

 

[PrestonLad]

feel free to drop me a pm, or call me on 01924 895568, during office hours. Just ask for Jon

Thanks for the PM Jon - much appreciated, and good news for me!

 

[Stuart Bailey]

phone a local insurance broker they will be able to help.

I can recommend a couple if you want me to.

kind regards stuart bailey thomas guise solicitors

 

[PrestonLad]

Thanks everyone for your input and interest.

For now, I've satisfied my requirements for a ballpark figure... and I'll not need to take it further until I've identified a specific retail unit... which could still be 2-4 months away.

Cheers