A Guide To Shop Insurance

Owning and running a shop can be hard enough work in itself, often seven days a week, without the additional worry of what might happen to your livelihood should the worst happen. Fortunately there are many different shop insurance policies available today covering all the risks that a retailer might face in running a business from a premises that sells goods and services to the public.

A shop insurance policy will contain a variety of covers, packaged up for the convenience of the shopkeeper.

These include shop buildings and contents cover, stock in trade cover, business interruption and loss of profits, money cover and staff fidelity insurance, legal protection, window & glass cover for shop fronts, goods in transit, public liability, employers liability, and various options to cover shop specific risks. Shop insurance packages will include as standard most of the above risks, whilst some insurers allow the prospective policyholder to select the covers that are appropriate for their particular type of shop.

Shop Insurers use various basic rating factors to decide premiums and postcode and annual turnover are major factors.

The location of your shop will largely determine the price you pay for cover, in particular for shop stock and contents. A shop located in a run down housing estate with known propensity for theft and vandalism will command a much higher premium than one located in a modern shopping centre with street security and CCTV. Annual turnover is used to calculate cover levels such as the impact of a loss on a shops ability to trade.

Shop buildings insurance covers the costs of rebuilding the shop and the costs of replacing the shop front, which is invariably made of glass. All buildings insurance covers permanent fixtures and fittings such as toilets and doors. This cover is available for both shop owners and those who lease the property.

Shop contents insurance covers all the additional shop fittings and equipment that is used in the daily running of the business. Most insurance companies will require a breakdown of the contents of the shop into sums insured fo business equipment, fixtures and fittings, electrical and computer equipment, tenants improvements, refrigerated stock and all other stock.

Shops that require protection for high risk goods held on the premises will usually need to declare the total values of each stock item. High risk shop stock and goods are those that attract thieves and are expensive to replace. Examples of high risk stock items are electronic equipment, cigarettes, and tobacco, designer clothing, computers and digital equipment, software, computer games and consoles, drugs pharmacy and medicines, watches and jewellery, mobile phones and radios, photographic equipment, power tools, TVs, DVDs, CDs and Wines and Spirits.

If your shop has high risk stock you can reduce the cost of your premiums by having adequate security in place. This includes an insurance company approved burglar and fire alarm, window grills, shutters and bars, CCTV and sprinklers. Many shop insurers will only offer stock cover if the minimum levels of security are in place for all shops, regardless of the stock contents held. A lot of insurers may offer further large discounts to the premium if the shop owner lives on or above the premises and is there at night.

Shops by their very nature deal with members of the public and a good insurance policy will usually contain liability cover as standard. This should include Public Liability of up to £2,000,000 for any one claim by a member of the public who may suffer loss or injury visiting the shop.

If you employ staff all policies will offer Employers Liability cover of up to £10,000,000 one event and because shops sell goods and services, Products Liability cover of £2,000,000 for any one period of insurance.

Other standard features of a shop insurance policy are various levels of cover for Legal expenses and Legal protection, Employers, Public and Products Liability, Loss of profits, Glass and Sanitary Ware, Money cover and staff Personal Accident assault, Business Interruption, Goods in Transit, Loss of Licence, Treatment Risks and Seasonal increases in stock contents value.

Factors That Make Shopping Online a Good Idea

Shopping being an essential one for everyone can be fun and easy for some, while some would consider it a chore and irritating. Online shopping is the perfect solution for the home bound and for those who find shopping a difficult task. Online shopping has proved to be a boon for those who live in rural areas too. Whether you’re buying directly from a business online retailer, an individual online shopping site, or an Internet auction site, shopping online can be fun, simple, time saving and economical.

More about Shopping Online…

Since the development of the Internet, all hard-to-obtain, hard-to-do things have become quite simple that anyone can get anything from wherever they are, all by using a your PC. The Internet not only gives you an ocean of information you required, at the same time expands your shopping options like never before! Now, with only a few clicks of a mouse, you can go online to buy just about anything you need or want.

Festival shopping can be a real stress for most of you, and with Christmas just around the corner, it’s time for you to think about the gifts you have planned to buy. Secure online shopping gives you a little less shopping stress and saves more time, especially during Christmas and other festival season when the crowd packs the streets. Shop your things without venturing into the crowded shopping areas and wrestling your way between shoppers. Most important of all, you need not hurry or worry about finding a parking lot for your car. A simple online search can lead you to the right product at the right price, fast.

If you are looking for great online shopping suggestions or you want to find Australia’s best online shopping websites please read on…

Online shopping benefits…

  • Online shopping offers unbelievable convenience to the shoppers.
  • Online shopping allows people to browse through a variety of retailers, items and categories without leaving their home, compare prices with greater ease and order as many items as they can afford.
  • It provides round the clock service that allows you to shop at your leisure, regardless of your time. Unlike direct shopping where you can shop only during the showroom’s working time, online shopping allows you to buy things any time, 24 hours a day, seven days a week and 365 days a year.
  • Compared to physically going to a shopping mall to shop, online shopping can reduce overhead costs in a variety of ways that inturn reduces the prices to an unbelievable amount.
  • Online retailers too offer many attractive sales promotions. “Festival/seasonal offers”, “Discount sales”, “Buy one and get one free”, and “Buy now” could be few of them. Bargains can be numerous online.
  • Online shopping renders you great help if you wish to gift your daughter who is staying in another country, you can make her day special by sending her a jewellery set by shopping online.
  • With a click on your mouse, you can buy anything from flowers to fly tickets. Groceries, clothing, jewellery, gifts, wine, art, pet supplies, pharmaceuticals, sports goods and equipment, toddlers and kids essentials are some of the others you can get online.
  • The transaction you do is purely safe and your credit card data is encrypted.

Use the checklist below to help make your online shopping experience a safe one

  • Be clear with your needs & budget: With copious online retailers in the Internet, supplying anything you wanted are sure to confuse you while deciding on the one you are looking for. So it is important to be clear with your needs and preferences along with your budget to make your shopping easy.
  • Decide with your paying format: Be clear with your payment format, whether using your credit, debit or charge card before shopping, for making your shopping safe. It is always advisable to save and get your transaction records printed.
  • Check out the terms & conditions: Do read the terms and conditions of the site from which you have decide to shop, to be clear with the delivery, refund policies and warranty. It is a good idea to search and shop from retailers within your country, if you want fast deliveries and low shipping fees.
  • Know your online retailer: Make sure you shop from secure and safe online shopping sites.

We hope this info helps you to shop safely and wisely online. Online shopping is the most practical, economical and fun method of shopping that is perfect for everyone. It saves on your time. Browse through different products without going to the market, compare the prices of products offered by online stores and make the best deal for yourself and your loved ones.

We Earn Money, Shop Till Our Souls Get Tired – The Never Ending Process

“Shopping and buying” in the layman’s perspective, “Purchasing” in the marketing parlance all means to give money for something we get. To be short, it is trade. Barter was one system those days to exchange goods against goods where no money and calculation came into action. For example a kg of rice was exchanged for a kg of wheat and so on. Those days have gone. Now it is all money. People started thinking big when they started earning more and more. The situation is like they purchase just because they have come to that status and sometimes just because it is possessed by their neighbors. I feel ownership of something is valued more than value of money. Books define market as, “A place where buyers and sellers meet and exchange their products and services”. Today, it has become a stage for earning money. People have become so much obsessed with shopping and exploring products. Well, it’s up to people how they look at it. Some buy just because they want to possess it, some do shopping as a hobby, relaxation, and some create a situation for them to shop and so on. It is endless.

Developing a craze towards shopping depends on the mindset as well as buying behavior of a person. Quality of goods, customer satisfaction, and seller’s attitude play a very important role in dragging customers to their shop. Generally discounts; good shopping environment, customer relationship management, value added services etc are some of the strategies/activities they perform to keep loyal customers. Well, product availability, services, variety of branded goods, assortment of products, store ambiance etc are considered very important.

Shopping is done by each one of us almost daily. We find some reason to buy something. Pens, pencils, groceries and so on. List is endless. I have seen people would write down a list do buy but when they get into the shop, they get carried away by the attractive displays, advertisements, and sometimes even the wrapper and buy the things which is not in their list. Finally they come home and say, “Oh my god, I have got this one. I forgot what I wanted. It is my mistake” and so on. In marketing parlance, it is impulse purchasing.

Well, shopping is always fun. Some plan to shop. To others, it just happens. There is one term “window shopping”. Defining it would be great. It is always cheapest way of obtaining satisfaction. It is the only shopping in which people do it with a lot of pleasure and happiness because no money gets out of the pocket. Window shopping is even more great if the shopping mall is air conditioned well perfumed with good fragrance and the store ambiance is colorful. Wow. I am sure everyone would have experienced this.

Festivals always begin with shopping. This is the only culture followed all over the world. What do we buy during festivals? Sweets, chocolates, gifts, clothes, stationeries, fruits, flowers, dress materials, junk foods etc. The list is surely endless. “Hey, come let us see what we find there, will this shop be okay for us?, where do we get branded clothes?”, are some of the questions we will be able to notice. Specialty stores earn a lot during this period. When I think of specialty stores, the word brand loyalty hits my mind. It is when a person uses only a particular brand. They do not compromise with other brands. “Somehow I want it” will be their attitude. In that case men have a lot of brands to stick on to whereas women don’t.

Basically I love shopping. I buy anything that is good and worth paying. People generally ask me, “Why did you take Retail management as an elective paper in your marketing” and this is my answer to them, “I love shopping and moreover retailing sector is coming up”. There is always one question that keeps coming in my mind. Why do people buy? The very true answer is because of the external appearance (packaging) and the considerable price. Packing plays a very important role in the sale of a product. The best example would be FMCG (Fast moving consumer goods) products. Shampoos, biscuits, chocolates, tooth pastes, cosmetics and many fall under the category. I feel impulse purchase is influenced by the packing.

I feel, targeting the kids would make any company successful. Kids are influencers in most of the families. Right from biscuits to clothes parents give them the choice. Those days the attitude towards shopping for a child was, “I have bought this for you”. Now it has changed entirely. It has now become, “see if this will suit you, if you don’t like it you choose”. Cartoons and animated wrapper does not matter. Pleasant color and good designs matter a lot.

As I mentioned earlier, I love shopping. I feel people should have the art of observing things that happen around them when they shop. Well, it is very interesting to see the product assortment, salesman’s way of responding, displays inside and outside the shop, promotion strategies followed to attract the customers, lights over the products, maintenance and so on. The joy of watching people enjoying and buying what they want cannot be expressed in short. Shopping itself is an endless topic. My idea of looking at shopping will not be the same as others. It need not be also.

I feel a salesman can create ‘n’ number of footfalls to his shop. Promotion, advertising, brand image and location contribute a lot externally but inside the shop, how the customer is treated matters a lot. In a shop, a section should not have too many salespersons. If the crowd is too much, it helps. If there are limited customers, then it irritates the customers. Clutters like repetition of requesting, delay in showing the products, lack of attention to one customer generally happen. I have seen people deciding if they should get back to the same shop or not in the billing counter itself. If they like it, they say, “This is the shop I was looking for, awesome service, great shopping experience and so on”. If they don’t like the service, even if everything is good there, “I have never had such a bad experience, they don’t have anything with them other than their salesmen and so on”. This reminds me of one saying, “One satisfied customer can bring ‘n’ number of customers”. This is “Word of mouth strategy”.

I wish to share what I enjoyed as a customer while shopping in points. I feel this is the best way I can express. Many may identify the shop itself. I list them in general.

• Advertisement according to the themes. If pink is the color of the day everything in that shop would be decorated in the same color.
• Customer relationship. They tend to send card wishing birthdays and wedding day.
• Informing us about their new collection arrived, discounts and so on through phone, sms or emails.
• Attractive displays, mainly in the jewel shops by way of inviting attention
• Lighting and display of products in to the category they belong.
• Appreciating the customers on their choice or suggesting the customers that it will suit them.
• Letting customers pick their needs.
• Entertainments inside the shop such as dressing some person like a cartoon character to amuse the kids so that their parents can shop without any trouble.
• In some shops customers are allowed to select a song of their choice by placing a pay juke box

Lots come to mind when I think of why I like a particular shopping complex or why I like shopping. As mentioned earlier, it is an endless topic. Well, thanks for reading this ‘long’ blog of mine. I started this topic long time back, but now only I have completed it. I know there are few marketing jargons which I have used in this blog. I am still not satisfied. I feel I am leaving it incomplete. I have to stop now or it will keep going. I hope to find time to write more in this area. Once again, thanks for reading. I have written what I feel with very little of marketing knowledge. Thanks once again for reading my blog…