It comes as the insurer’s research of small shop owners and decision-makers found that almost a third (32%) said their shops weren’t currently insured.
In light of this, it said the new product will “address the barriers” to insurance by allowing independent shops to “pick and choose” their covers to a greater degree than what it claims is currently available in the market.
The product is set to cater to a wide variety of shops, with 200 types of small independent shops covered, including newsagents, beauty salons, clothing shops and cafes.
Superscript’s shop insurance will be delivered through a monthly subscription, which can be updated or cancelled at any time. The key covers include:
- Public and products liability
- Employer’s liability
- Portable equipment outside of the premises
- Buildings, contents and stock
Additional covers include: business interruption (caused by damage to property at the shop), shop front, glass, book debts, money, deterioration of stock, goods in transit, loss of license and theft of money by employees.
Ben Rose, co-founder and chief underwriting officer of Superscript said: “We’ve developed a flexible and customisable insurance product because we want to support small, independent shops as genuine partners.
“We understand that it’s a volatile time to set up shop, and those that have continued to operate throughout lockdown now owe four times more in debt than they did before the pandemic.”
He added: “Long-term fixed contracts and bundled insurance packages that result in shops paying for covers they don’t need is making life more difficult for them. They need insurance that will empower them with the flexibility to sell new products, invest in new equipment or hire new workers as and when they need.”