Superscript, the SME insurance provider, today announces the launch of a customisable, flexible, subscription-based insurance product for small independent shops; which are filling the void on local high streets left by the widespread closure of chain stores.
Almost a third of small shops (32%) said that they aren’t currently insured, according to a Superscript survey. The new product, underwritten by MS Amlin, will address the barriers to insurance by allowing independent shops to pick and choose their covers to a greater degree than what is currently readily available in the market in under 10 minutes. Starting at £12.95 a month, it means that shops don’t have to pay for cover they don’t need. Superscript also caters to a wide variety of shops, with 200 types of small independent shops covered, including: newsagents, beauty salons, clothing shops and cafes.
Local Data research showed that these were among the most common types of shop to open in the first half of 2021, as more independent stores opened than closed for the first time since 2017. This is in stark contrast to the fortunes of chain stores, of which 50 are closing every day across the nation’s highstreets. Independent shops are therefore being seen as the saviour of local high streets, with Barclays Corporate Banking predicting that 17,000 new small shops could open in the next 12 months as consumers increasingly ‘look local’.
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
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 at 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. 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.”
Katie Wolff, Head of Digital Trading at MS Amlin, said:
“MS Amlin UK is really excited to be partnering with Superscript in the provision of digitally traded SME insurance where a seamless customer journey and quality of product combine. Digitalisation is at the heart of MS Amlin, and that is why partnering with Superscript is a natural fit for us. We look forward to developing a unique suite of products in conjunction with our new partners and creating real value for our clients going forwards.”