SME insurance provider Superscript has launched a subscription-based insurance product for small independent shops.
Underwritten by MS Amlin, the shop insurance policy allows businesses to ‘pick and choose’ and pay only for the cover they need. The product caters to 200 shop types spanning the likes of cafes, newsagents, clothing stores, and beauty salons.
Key covers include public and products liability, employer’s liability, portable equipment outside of premises, terrorism, as well as building, contents, and stock. Starting at £12.95 a month, the policy can be updated or cancelled at any time.
Meanwhile, damage-to-property business interruption, shop front, glass, book debts, money, deterioration of stock, goods in transit, loss of license, and theft of money by employees can be purchased as additional covers.
“We’ve developed a flexible and customisable insurance product because we want to support small, independent shops as genuine partners,” said Superscript co-founder and chief underwriting officer Ben Rose. “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.”
The new product’s rollout comes hot on the heels of Superscript’s announcement in September that it has partnered with Amazon Business to provide tailored insurance for micro and small businesses and sole traders in the UK through Business Prime.
MS Amlin digital trading head Katie Wolff had this to say: “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.”