Why Insurance is Important for Off Licences
You might not want to think about the worst happening, but as a business, it is important to mitigate any risks to your business. This is especially true when you run an off licence as it carries its own particular set of risks.
Business insurance can protect your business from a variety of possible situations; and offers a wide range of covers.
One of the most common covers is public liability, which provides cover for your liability for injury or damage to third parties. Another important cover is employers liability, covering you for your liability should any of your employees become ill or injured as a result of working for you. Off licences should also ensure they are protected by loss of alcohol licence cover. This can provide you with cover if you happen to lose your licence through no fault of your own.
To find out more about the right kind of insurance for your needs, please make sure that you speak with a broker. They can help you evaluate what type and level of cover you require for your business.
About the Off Licence Industry
Unlike other retail stores which sell alcohol, off licences cater for the specific needs of this market. They may be specialists in world wines, beer, or spirits and the place to go when we need advice for a special present or dinner party.
Often, they are more than just sellers of alcohol; they can provide tobacco, snacks, and other essentials too.
If you do decide to open a small, niche off licence, or perhaps a larger chain store in a franchise, you will need to take the time to research into the appropriate licences that you should have and the legislation affecting your chosen business, to ensure that you are operating legally.
You will find that there are time restrictions in place for selling alcohol, and of course, you should always remember to check the identification of anyone whose age you are unsure of.
Terms and Conditions
* We randomly surveyed 54 new business policyholders (12.5%) with insurance start dates between 12 April 2019 and 1 August 2019. 93% made a financial saving by moving to smei, with an average saving of 15.96%. This data excludes commercial and residential insurance for landlords.
** Standard and optional cover may differ dependent upon insurer.
*** Data compared from 80 policies sold in 2019.
smei is a trading name of Marsh Commercial, a UK award winning expert in insurance and risk management, and part of the same business family as Marsh, a global leader in insurance broking and risk management. Occasionally a representative from Marsh Commercial may contact you in response to your enquiry if your trade type is better suited to that area of the business.
