LV= Broker is offering a new retail insurance product, which provides cover for a wide range of shops.

The move comes as part of LV= Broker’s strategy to grow in the SME market over the coming year.

The product offers flexible cover suitable for smaller independent shops through to larger chains for risks of up to £50 million. It offers £500,000 worth of business interruption protection over 24 months as standard, as well as legal expenses cover, including cover for disputes as standard.

There are also a range of optional extras, such as accidental damage cover for buildings and contents, subsidence cover and the option to increase indemnity limits on public and products liability.

The product has full cycle EDI functionality and is available on both LV= Broker’s Gateway and Easytrade portals. The product can also be quoted on over the phone via the commercial underwriting team.

Kevan Aubrey, head of commercial distribution at LV= Broker, said: “As the economy has picked up the outlook for the retail sector is looking more positive. It is currently estimated to be worth around £320 billion but with government-backed incentives to reignite local high streets, we see potential for this market to grow over the coming year.

“There is a real opportunity for brokers here and we have designed this new product to be very flexible and easy to trade with a wide range of retail outlets.”