Good news for the retailer on the high street, the UK consumer prefers to browse on the high street rather than using the ‘virtual shop’ to do their shopping. Over a third (34%) of shoppers say ‘Yes’ to shopping the ‘old fashioned’ way.
The very nature of your Gift Shop business means your stock turnover is open to change depending on the time of year, what might be the latest ‘must have’ or the volume of stock you need to store on the premises. Protecting your premises and of course making sure your customers are shopping in a safe environment are requirements that feature highly on you insurance list.
Understanding what insurance cover your business needs maybe something you are happy to ‘shop around’ for yourself. However, as an Insurance Broker, Be Wiser’s sales advisors are never happier than when they are speaking with our customers. Having a conversation with a customer can really help us understand what insurance cover you need. We can then give you a professional recommendation based on our discussion with you, from our product range from our panel of UK insurers.
You could find that you are underinsured and in the event of a claim your loss will not be completely covered. Or perhaps you are over insured and are therefore paying too much for your insurance. That’s the advantage of speaking to an insurance professional like those at Be Wiser, we will be able to help you make the right decision.
A common problem for gift shop owners is making sure that their stock sum insured is adequate at peak times of the year. It’s just not practical, let alone economical to constantly ring your insurance company requesting an increase (and then a reduction) to your stock sum insured. The better insurance companies have a solution to this problem and include an extension of cover automatically providing a percentage uplift to the stock sum insured for key periods in your business calendar.
One word of caution, the insurance company may specify what period they will cover and unsurprisingly this will often be for the months of November to January. If these months are not your busiest periods, just let the insurer know and it should be possible to make a change – usually at no cost too!
It really could pay you to get in touch with us whether that is online or by giving us a call. Contact us now to see how Be Wiser can help.