Insurance limits determine the maximum amount an insurer will pay following a claim. If limits are set too low, you may face significant shortfalls even when a claim is accepted.
Clothing shops are particularly exposed due to fluctuating stock levels, seasonal collections and high customer footfall.
Your stock and contents limit should reflect the maximum value at risk, not just your average trading position.
Seasonal peaks, new collections and sale stock all need to be considered to avoid underinsurance at the worst possible time.
Public liability limits should reflect footfall, premises layout and potential injury severity rather than simply choosing the cheapest option.
Business interruption limits are often misunderstood. They should reflect gross profit or turnover over the full recovery period, not just a few months of trading.
What happens if my shop is underinsured?
How often should insurance limits be reviewed?
Should I insure stock at retail or cost price?
Are higher liability limits expensive?
Can Insure24 help calculate the right limits?
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