This article is in partnership with BizCover
Running a retail store can be a complicated business, with no two days ever the same. Whether you own a gift store, a bakery or in fact are selling any kind of product, there is always the potential for something to go wrong.
You have put in the hours and hard work into growing your business, it makes sense to protect it too. Let’s look at some of the insurance options available for retail businesses like yours.
PUBLIC LIABILITY INSURANCE
This is a common type of insurance for small to medium sized retailers. It is designed to provide protection for a business in the event a customer, supplier or a member of the public is injured (when not covered by the ACC) or sustains property damage as a result of the insured’s (your) negligent business activities.
You can also insure the products you sell by taking out Product Liability insurance.
MONEY AND THEFT COVER
Part and parcel of operating a retail store is the exchange of money within your business premises, especially during peak periods. Money cover, which is available as part of a Business insurance package (also known as a BizPack), provides cover for money belonging to your business that may be lost, stolen or damaged.
Theft cover (also available via a BizPack) insures against loss or damage caused to your contents or stock through theft or attempted theft at your premise.
MACHINERY BREAKDOWN AND BUSINESS INTERRUPTION
The list of products that rely on refrigerators is almost endless, from cold drinks to ice creams, fresh cuts of meat and produce. Take out Machinery Breakdown cover, and you won’t have to dig into your savings when your fridge, air conditioner or any other insured equipment gives up the ghost.
Business Interruption insurance, another BizPack option, provides cover for the loss of income and increased costs of operating your business caused by a specified insured event.
BUILDING INSURANCE AND GLASS COVER
If you own your retail business premises, Building Insurance allows you to protect your building and property. Available as part of the BizPack, Building Insurance covers your building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in your policy.
You may also want to consider Glass cover if your store has features like large shopfront windows, mirrors and display cabinets.
Cyber Liability insurance is designed to help protect your retail store and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.
Choosing the appropriate level of cover for your business offers you peace of mind knowing that you have a financial safeguard in place to protect your business in the long run.
As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. Before deciding to purchase a new insurance policy, which is a financial product, you should read the insurer’s policy wording (available on our website) and determine whether you wish to obtain financial advice.