‘Pick and Choose’ Cover for Small Shops Launched


October 2021
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‘Pick and Choose’ Cover for Small Shops Launched

SME insurance specialist Superscript has launched a customisable business insurance product for independent shops, allowing retailers to pick and choose the cover they want.

The provider is pitching the subscription-based policies to small retailers with evolving needs, who may not want the commitment of a yearlong policy.

As standard policies include the cover most vendors will need, including the legally mandated employers' liability; public liability; product liability; cover of buildings, contents, stock and portable equipment outside of premises; and cover against terrorism. The basic policy starts at £12.95 per month and can be cancelled at any time.

Vendors can augment the policies with additional cover to meet their specific needs. This includes cover for business interruption, shopfront and windows, book debts, deterioration of stock, goods in transit, loss of licence and theft of money by employees.

The insurance caters to 200 types of shops, including cafes, newsagents, clothing stores, and beauty salons.

The policies will help shops facing debts and uncertainty as a result of the coronavirus crisis, Superscript said.

“We’ve developed a flexible and customisable insurance product because we want to support small, independent shops as genuine partners,” co-founder and chief underwriting officer Ben Rose said. “We understand that it’s a volatile time to set up shop, and those that have continued to operate throughout lockdown now owe four times more in debt than they did before the pandemic.”

“Long-term fixed contracts and bundled insurance packages that result in shops paying for covers they don’t need is making life more difficult for them. They need insurance that will empower them with the flexibility to sell new products, invest in new equipment or hire new workers as and when they need.”

Nearly 400,000 businesses—6.5% of the total—failed last year, according to recent figures from the Department of Business, Energy and Industrial Strategy (BEIS).