What insurance does a Bookshop business actually need?
A standard retails contract may be all that you need, in which case we can source this quickly and competitively for you. However it is still important to speak to us about your individual book shop. If you hold first edition books, antiques and collections then these will need insuring under your material damage section, particularly in respect of fire and theft, and insurers will need to understand the basis of the valuation. If you fail to adequately disclose these details to underwriters you may find the refuse to pay out in the event of a claim or you could easily find yourself under insured. It is also important to understand if you trade online, overseas or even away from the premises at book fairs and shows. Many shop policies won't cover these activities as standard and so talking to a specialist really pays.
In addition to the standard considerations along with those above, insurers will be keen to know about racking and storage, the number of books kept on site is often considered an increased fire risk, equally water damage to books is also a problem so they'll want to know about any sprinkler systems etc. If you speak to a broker who doesn't understand the risks associated with your specific industry and trade as a book shop owner requiring a suited insurance contract then you could easily end up with an invalid or inadequate policy, often this isn't realised until you need to actually claim, by which time its too late.
Below we note some sections of cover we may expect you to require:-
The Buildings and Contents of the Premises
Your contents (and if selected buildings) are insured against loss or damage caused by a standard range of insured risks normally associated with your trade including Accidental Damage. In addition cover is automatically extended to include:
Damage to Underground Services
Trace and Access costs
Removal of Debris costs
Architect and Surveyors Fees
Automatic Reinstatement of Sums Insured
Money and Personal Accident (Assault)
Covers your business money In transit, on premises during business hours, or in a bank night safe
In the business premises when closed for business or in the private dwelling
Personal Accident (Assault)
Death, Loss of Limb(s), Loss of Eye(s), Permanent Total Disablement £10,000
Total uninterrupted Disablement (up to 104 weeks) £100 per week
Damage to fixed glass and fixed items of sanitary ware.
Goods In Transit (OPTIONAL)
If you have selected this option your needs are those of a retail business that delivers or collects goods and requires cover on those goods whilst in the course of transit. Damage to the trade contents whilst in transit by vehicles owned hired or leased by you. This is not usual for a Bookseller but you may work at events and for such you may have an exhibition type stand and stock of some value.
The following will automatically be included:
Employers Liability £10m
Public/Products Liability £2m
Legal costs and expenses
Loss of Gross Profit following loss or damage by an insured peril.
Cover is extended to provide cover in respect of:
Prevention of Access
Specified Diseases, Murder, Suicide, Poisoning, Vermin or Pests,
Damage at Suppliers premises
Failure of Public Supply of Electricity Gas or Water
Failure of Telecommunications
The policy covers damage and any subsequent loss of income caused by breakdown to equipment or machinery (including computers and refrigeration equipment) up to the limits shown in the policy.