Hardware Shop Insurance
Anyone running a hardware shop needs to consider a specific set of insurance options to protect their business operation. Your hardware shop may act as the workplace for employees, in which case you need employers’ liability insurance as a legal requirement. If your hardware shop uses any motor vehicles, you must also give these at least the minimum legally required motor vehicle insurance level.
To protect your hardware shop outlet, you can choose a buildings and contents insurance policy that is specifically designed for this type of use. It should therefore be tailored to cover your hardware stock, which may well be substantial in value. If you carry out hardware work such as repairs, you should also seek to cover any equipment you use, as well as standard shop equipment such as cash registers and optionally your retail environment fixtures and fittings.
If your staff are carrying out work using dangerous equipment, you can also opt to cover them for health and life insurances, and optionally personal injury for you and them. Legal cover for any potential compensation claims may also be a useful option in the case of a hardware store.
Business interruption insurance is a commonly used option in cases where some unexpected situation forces a business to stop operating in the short term. If you are transporting your hardware stock around, it may be worth opting for goods in transit insurance cover as an additional policy element, something many people forget to think about when arranging cover.
