As specialist business insurance brokers we provide instant on-line quotes for second hand book shop insurance from a panel of leading shop insurance providers in the United Kingdom.
What is second hand book shop insurance?
The policy you will require for a second hand book shop is typical of a shop insurance policy for most other retailers with perhaps one significant difference.
The policy itself is a package policy, that is to say that it brings together a range of insurance products under one policy to provide you with a fairly compehensive insurance policy as standard.
The policy will include cover in respect of;
- Property and Material Damage: protecting you against loss or damage to physical assets such as stock and general contents
- Business Interruption: protecting the income of the business if this is affected by a material damage claim
- Business Money: protecting the cash in your business
- Combined Liabilities: Public, product and employers liability insurance protecting you against claims in respect of your legal liability.
- Goods in Transit : protecting your property in the course of transit
- Additional covers may also be available depending upon the provider.
What is different about second hand book shop insurance?
Many insurers are somewhat nervous about insuring any second hand goods retailers, this relates to two aspects in particular;
- Product liability insurance which provides protection against claims arising from the sale or supply of a product, this is not really a cause of concern for insurers.
- The basis of valuation for stock, this is often quoted as a difficulty by insurers, when actually it isn’t. The basis of valuation in respect of stock is always on an indemnity basis. In retailing this means basically the amount you paid for it, not what you are selling it for – the same as any other retailer. For second hand books this is as simple as making sure that you record the price you paid for the stock so that it may be correctly valued in the event of a loss. The insurer should include a reference to this in your policy.