The first thing to consider is whether you own the shop premises or are merely a tenant. If it is the former you will be responsible for arranging building insurance on the property but if it is the later you should check the position with the landlord through your solicitor to establish who is responsible for insuring the property that you are renting as it is normally the landlord.
If you own the shop premises then, whilst you are under no legal obligation to insure the building, it would be a sensible course of action to do so. Can you imagine the potential financial consequences if the building were destroyed in a fire? How would you go about paying for the re-building costs if you don't have sufficient savings?
A buildings insurance policy would provide cover for a variety of things such as should your shop premises be damaged or completely destroyed in a fire, should it be damaged in a storm or through water getting into the building and damaging the structure or due to the infestation of wet or dry rot.
Unfortunately, we live in a society where theft is on the increase and this is particularly prevalent with retail premises as they invariably carry items of stock that have a value. If someone were to break in they are quite likely to cause damage to the structure of the building such as by forcing the door open or breaking a window. A building insurance policy would cover you for such an occurrence.
If your shop premises were to suffer subsidence this could cause thousands of pounds worth of damage and cost a significant sum to put right. A building insurance policy can include subsidence cover thus providing you with peace of mind should this happen.
In this respect, why not contact Shop Insurance Direct who will be pleased to arrange a competitive quote for you to consider without any obligation.