Global Courant
Shops have always been the target of thieves, and since the emergence of retail rows in the early nineteenth century, their owners have presented various security considerations to deter organized crime. Most of these security requirements were pushed for by insurance companies before underwriting the risk.
Today, for insurers, it’s nothing but a risk, except that the types of goods to be protected and the security considerations that shops must deal with have changed somewhat over the years. Similarly, all insurance companies today, when offering retail insurance to retailers, will insist on what is known as a ‘minimum level of protection’ for the policy to be valid.
The responsibility for securing a retail building to the minimum security level usually rests with the property owner. If the shop is owner-occupied, the shopkeeper will need an all-risk home and contents insurance.
The buildings section of the policy will insist with clauses and wording that certain thief deterrent security features are in place. Usually these include double mortise locks on doors and windows and grilles or bars where appropriate.
Most retail properties are leased or leased and in these cases it is advisable to consult the leasehold contract or lease agreement of the landlord to determine the responsibility for insuring the buildings and securing the property.
Tenants will be more concerned with protecting the shop fittings, stock and store contents, but tenants also have a major role in securing the retail premises and will be responsible for additional security. Retail contents policies also usually cover any improvements a retailer has made to a building’s interior and include a fixed fee for this.
There are many retail insurance packages on the market that offer a choice of home and/or contents cover to choose from as part of a broader all-risk package suitable for both landlords and tenants.
The retail package includes coverage for risks such as business interruption, corporate and employer liability coverage for store employees, and a range of legal and employee protection coverage that may arise as a result of an attack on the premises or a burglary.
All retail insurance policies will ask at the quote stage about the level of security currently in place for the store, but this is highly dependent on the type of business conducted at the store. Insurance companies need to know what type of locks and bolts have been used, alarms installed, CCTV and whether security patrols are deployed.
Many retail insurance companies will insist that certain approved burglar alarms be installed before offering to insure the risk. If the store sells high-risk goods, such as high-end electronics or alcohol and tobacco, most insurance companies will insist on additional security and ask that insured amounts be established for each type of high-risk inventory.
The premium paid for retail insurance often depends on the security equipment present. While these devices are often an expensive expense initially, they can save money in the long run because generous discounts are available when the store’s security meets all the insurer’s recommendations. This is especially true if the store is located in an area with a high risk of theft, where the insurance company will undoubtedly have higher minimum security requirements.
Shop insurance and safety considerations
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