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There are three things that every shop or business owner should know about shop insurance – three things that are critical to any decision they make and any idea that they have about the things that they need to take care of.

1. Does it cover everything? The critical thing to ensure, when looking at shop insurance is that the insurance actually covers everything you expect or need it to. It’s difficult to put a value on items that aren’t covered by your insurance, so to ensure that you’re doing everything you can, you’ve got to make sure that your shop insurance covers everything.
2. What are the premiums? Once you know what is covered, look at your premiums. Ensure you’ve budgeted for them – shop insurance is a core budgeting item – something I failed to take into account when looking at mine. It’s not something you can skip out on in other words.
3. What’s the excess? The final question many shop owners need to ask is what the excess will be. In the unfortunate event that you have to claim, what do you need to cover in your excess, and what till it change if you do claim? Once you’ve got all of this information, you’re more prepared to make an informed decision about your shop insurance.