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LOWERING RETAIL INSURANCE COSTS
Why Risk Management Matters for Retailers
Insurance premiums for shops are heavily influenced by risk. Retailers that actively manage theft, fire, liability and staff safety risks are often rewarded with lower premiums and better policy terms.
This guide explains practical steps you can take to reduce insurance costs while improving the overall resilience of your retail business.
How to Reduce Shop Insurance Premiums
- Install and maintain approved alarm systems
- Use CCTV to deter theft and support claims
- Fit secure locks, shutters and safes
- Accurately value stock and contents
- Avoid underinsurance and overinsurance
- Choose appropriate excess levels
- Maintain good claims history
Managing Common Retail Risks
- Staff training to reduce accidents and injuries
- Clear walkways to minimise slips and trips
- Fire safety checks and electrical inspections
- Stock control procedures to limit theft
- Safe storage of high-value items
How Insure24 Helps Reduce Your Insurance Costs
- Access to multiple retail insurers
- Advice on improving risk profile
- Policy reviews to remove unnecessary cover
- Negotiation of better terms at renewal
- Ongoing support as your business changes
FREQUENTLY ASKED QUESTIONS
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Can improving security really reduce insurance premiums?
Yes. Insurers often offer lower premiums when approved alarms,
CCTV and physical security measures are in place.
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Does claims history affect shop insurance costs?
Yes. Frequent or high-value claims can increase premiums,
while a clean claims history can help reduce costs.
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Can increasing my excess lower premiums?
Often yes. Higher voluntary excesses can reduce premiums,
but should be set at a level your business can afford.
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Is it cheaper to use a combined shop insurance policy?
Combined or package policies are often more cost-effective
than arranging multiple separate insurance policies.
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Can Insure24 review my existing shop insurance?
Yes. Insure24 can review your current cover and recommend
changes to improve protection and reduce costs where possible.