Did you know...
Retail is the largest private sector industry in Ireland, employing 280,000 people in 24,000 stores supporting the need for a compelling Retail Insurance product.
This sector is particularly vulnerable to current adverse economic conditions where issues such as cash flow, upward only rent reviews, commercial rates, and VAT levels are driving more and more shops out of business.
Value for money is becoming ever more important, and so insurance solutions must deliver exactly to what the customer needs. The following article offers key insights into what SME Retail customers are concerned about and what solutions are available from leading Commercial insurer, RSA Insurance.
Protecting Damage to their Property:
Most shops owners are concerned about loss of or damage to their most precious commodity - stock. So, if their stock is damaged or stolen they need to be able to replace this stock as quickly as possible to keep their business open and trading and minimise interruption loss. In today's challenging environment many retailers are tightly managing cash flow by holding minimum stock levels operating a 'just in time' policy. They need to know that during peak sales periods, when stock levels are increased, they have automatic cover above their base values. Lead in order times to replace season collections can have an impact on business interruption losses, so it's important to have the right level of cover in place.
Protecting their Legal Liability:
The retailer has a legal responsibility towards their customers and the general public. If members of the public are injured, the retailer could be liable to pay compensation if they or any of their employees have done something wrong, failed to do something they should have, or broken the law. Incidents where customers slip or trip are among the most common accidents which can result in public liability insurance claims. For example, if a spill isn't marked sufficiently with a warning sign on a shop floor and a customer slips and is injured, they may claim for compensation. In addition, they may challenge a customer over an alleged shop lifting incident in the wrong – this may result in a legal action against them for wrongful arrest.
As an employer they need protection from damages and legal fees should a member of staff be injured through the fault of their business. This is increasingly pertinent as many shop owners employ part time staff operating shifts within convenience stores, restaurants, pubs and other entertainment/leisure trades.
Shops are cash businesses and so deal with money on a daily basis. Whether it is money in the cash register, in the safe, or in transit to the bank, the retailer needs the comfort of knowing that should cash be stolen or they or their staff are held up they have insurance in place which will replace this lost cash.
Coucelling Help lines:
Hold ups are on the rise and can cause huge trauma for both the shop owner and the staff affected. Counselling help lines can provide early intervention in addressing the emotional impact and help manage nervous shock and anxiety symptoms.
What does RSA offer?
We understand how much impact the economic climate has had on the Retail sector. These businesses have their costs under constant scrutiny to help manage cash flow, and insurance spend is not immune to this review. On the other hand, as explained above, businesses are more worried than ever which means they won't cut out essential cover they really need.
RSA's Sandra Harvey-Graham, commented: "We have recognised the key issues for retail businesses and we are providing products that meet their needs at an affordable price. Your retail clients want to know they are insured with a company that is stable and if the worst does happen, we are there to help out. Not only do we have the strength of our business, brand and balance sheet, you can also be sure that after 300 years in the business we've built up quite a bit of knowledge and experience along the way".
The RSA Retail product covers a wide range of risks including property damage, business interruption, liability, money and wrongful arrest as standard with many optional extras. The flagship Retail product covers the needs of boutiques, restaurants, off licences and traditional country pubs.
Dedicated Broker site for SME
For more information on our new Retail product, log onto www.RSASME.ie - our fantastic refreshed e-trading system from RSA Benchmark. This site offers brokers an end-to-end online solution, where you can quote, bind, amend and download documentation. This new service offering, combined with a great product suite, demonstrates our understanding and commitment to the SME market.
SME Takes Centre Stage.