What insurance does a Carpet Retailer or Soft Furnishers Need?
The simple answer is 'it depends', but probably something pretty similar to any shop or retailer but with wordings that have special attention to details in areas of the material damage and liabilities unique to your trade. For example, insurers need to know about work away from the premises, particularly Installations and Carpet Fitting, even when done by a sub contractor. Standard policies purchased off the shelf may not hold all the relevant indemnities to meet your exposures.
Much has been done in recent years with regard to the flammability of carpets and soft furnishings, but the fact remains that there is a risk of fire and of course the product can be damaged by water and many other accidental means. We would recommend an inclusive 'all risks' policy wording to provide maximum indemnity.
Many retailers operate a fitting service and even when this is done by outside contractors on a self employed sub contract basis the retailer carries an indemnity law towards his customers and clients for damage that may be caused by negligent acts. Most retailer policies will restrict work away from the premises to delivery acts and separate extensions are required to give the indemnity required.
It is vital in our opinion that any retailer discuss with an appropriately experienced insurance broker what there business actually undertakes before purchasing a policy. It could be said that should your insurer not know of an amendment or extension to the most narrow of the standard trading activity then realistically it can not be expected to be insured under the contract.
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.
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: