Shops FAQs
We've answered some of the questions we often get asked by brokers about our Shops product.
We can accept businesses that operate more than one acceptable trade from the business premises. Referral is required to our underwriting team.
When applying for cover, you’ll need to tell us the following:
• The description/s of business activities carried out in the premises
• Any split in revenue
Acceptable risks can be found in the ‘Acceptable Treatments definition’ and ‘What is not covered’ sections in the policy wording.
Our Shops product is suitable for hair and beauty salons and shops that rent a chair.
If payment is made through one till, the hirer would be considered as an employee. This is applicable whether they are self-employed or not.
Market traders are ineligible for our Shops product.
We will, however, consider infrequent or short period of market trading. For example, Christmas markets and makers markets. Referral is required to our underwriting team.
When applying for cover, you’ll need to tell us the following:
• The nature of the event, and any planned activities
• Dates for when cover is required
• Venue details
• Confirmation risk assessments have been completed
Also known as cloud kitchens, dark kitchens, and virtual kitchens – these are eligible for our Shops product.
This is a food service business that services customers exclusively by delivery and pick-up, based on phone and online ordering.
Online trading or retailers is the sale of goods and services over the internet. They can have varying characteristics, which make the trade suitable for our Business Combined and Shops products.
For online retailers, our Business Combined product could be more suitable, as it can underwrite common characteristics of online retailers. For example:
- Stock at third-party locations
- Up to £10,000 stock at third party locations without referral, straight-through quotes (greater than Shops refers)
- Allows up to 3 premises to be included
- North American exports/turnover
- Manual (warehouse) employees
Homeworkers are acceptable on our Shops product.
These risks are eligible under our Business Combined product.
They are ineligible through our Shops product, as it is not tailored to underwrite these risks. It can, however, accept a retailer that occupies an industrial unit.
Work experience staff are included within our definition of ‘Person Employed’ and will be covered by the policy.