Director of KBBInsure Ian Hayes explains why business insurance is important for kitchen and bathroom retail showrooms

Talk to any business owner and they’ll tell you that there is always some problem or other that needs their attention. But if something serious happens, it’s the protection from their business insurance that can prove critical.

Most companies in the kitchen, bathroom and bedroom sector are unaware of the common risks they face and few have the knowledge of how to protect themselves.

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Most businesses might worry about damage to their showrooms and the need for Property Insurance – but there is so much more to be aware of and mitigate against, such as:

Business Interruption

It’s cover for the extra costs incurred of loss of profit following property damage. A fire or flood on your premises, or those of a supplier or main customer, could affect a business for months or even years!

Third Party Risks

The list is endless such as slips and trips in the showroom, fitters accidentally causing damage or injury at customer’s homes.

Managing and understanding fitting risks and communicating this to your customers are crucial.

The risks can be different as to whether the fitters are directly employed, self-employed/labour only or external fitters (in our insurance world bona fide subcontractors).

What about the types of property you are working on? Work in high rise apartment buildings, high-end kitchens or work as part of overall building project all need special consideration, especially if you are providing advice and design services.

Employee Risks

Employers’ Liability Insurance is your legal requirement to insure for compensation awards for employees and temporary staff. But what about illness? What about Employee Dishonesty?

Transit

This covers damage to the cabinets, fittings and appliances either in your or your fitters’ vehicles, or with hauliers.

Most hauliers restrict their liability to a certain amount per tonne and can easily attempt to deny liability for reasons such as inadequate packing or failing to notify damage within strict timescales.

Having your own Transit Insurance with a UK insurer is not as expensive as you may think and affords you and your business greater peace of mind.

Cyber

It’s probably one of the risks all businesses face and should, in today’s ‘on line’ market place, be considered carefully and thoroughly. The key issues being protection from cyber-attacks and/or potential loss of data.

The new General Data Protection Regulations (GDPR) coming into force can be a minefield to interpret and adhere to with significant fines likely to be imposed for failure to comply.

Cyber Protection Insurance will soon become a must.

It is vital that protection offers a first response after a security breach or denial of service attacks, the costs communicating with customers after a data breach and specialist guidance in dealing with the regulators (especially the ICO).