When you have a bricks and mortar retail outlet, it’s important to think about how you protect this property from the many unexpected threats that can affect your ability to trade.
The recent civic disorder and violence on British high streets has shown how vulnerable shops, offices and public spaces can be to the possibilities of malicious damage, fire and other risks.
And, with natural forces like extreme weather conditions, such as flooding and high winds, an ever-present risk, there are many ways that your premises can be damaged – leaving you without a place to trade and generate revenue.
5 tips for protecting your retail livelihood
Keeping your business up and running is vital as a small business owner. So, here are few key tips to help you protect and preserve your retail premises and livelihood:
Make sure you have the best insurance
It’s essential to take out a retail insurance policy that covers not just the property, but also all your stock and key business assets. Talk in depth with your insurer to make sure you’re covered for all circumstances.
Plan and take preventative measures
None of us has a crystal ball, but if local protests are planned, or extreme weather is forecast, do your best to plan ahead, secure the premises and keep the building watertight/windproof etc.
Have a business continuity plan in place
A business continuity plan (BCP) is a vital element of your retail strategy. This plan lays out exactly what must happen in the event of a catastrophic event or emergency, so you can keep trading as a business.
Choose the right location
The location of your premises is critical. If a high street has flooded twice in recent years, there’s probably a better location for your store. Research local flood plains etc. and choose a retail location that’s as risk-free as possible.
Work with your local community
Being a valued and committed member of your local community can be a big help. In a worst case scenario, where your premises are damaged, asking for help from your neighbours and community may be a fast and effective way to get the business up and running – and serving these local communities.
Talk to us about your business continuity planning
If you’re concerned about risk-management and risk-prevention for your retail store, updating your insurance and business continuity plan is a must.
The UK Government has a helpful Business Continuity Management Toolkit that’s available here.
