Insure your worries away

  • Opinion
  • December 28, 2016
  • Travis Atkinson
Insure your worries away

The constant worry of managing stock, covering costs, paying wages and dealing with the issues that come with employing people means business ownership can be stressful.

For many retail business owners, the greatest worry comes from the things you can’t control. What if your premises get flooded and you can’t trade for weeks? What if you are incapacitated and can’t work?

Insurance exists to help take some of your business worries away, although the range of different policy options can be very daunting. A good way to think about insurance is in three categories: insurance for your property, your cash flow and your legal liabilities.

Property insurance is the one category of insurance that most people have. It covers your assets, and for a retailer that means your stock, shop fit-out and motor vehicles. It’s the category of insurance you’re most likely to claim on, for example if your stock is damaged or stolen.  So, as a retailer it’s important to make sure that any property insurance you have covers the replacement cost of both stock and shop fit-out.

The digital age has added a new dimension to insuring property. Today’s retailer has to think about protecting their digital and online assets like websites, ecommerce facilities and digital networks as well. If you get hacked and your online shop becomes unusable, or your customer data gets stolen, there’s going to be a cost involved to manage both the situation and your business reputation, as well as getting your business back up and running.

Most traditional property insurance policies won’t cover digital assets, so it’s important you consider taking out a separate cyber insurance policy to cover your business in the event of a cyber breach or cyber attack.

When it comes to cash flow, not enough small Kiwi businesses think of insuring their cash flow - but they should. Every business owner should consider having an emergency cash flow plan.  Just ask yourself - could you survive without two week’s cash flow? What if an earthquake or flood meant you couldn’t get back into your premises for a month? Do you have a back-up plan? 

There are number of different insurance policies to mitigate these risks for you and every retailer should consider holding at least one of these: business interruption insurance, payroll insurance, income protection insurance or key person insurance.

When it comes to legal liability, making sure you’re covered is critical. Even fewer small Kiwi businesses have liability insurance. Liability insurance is essentially for when something you’ve made, sold or done, or advice you’ve given, harms someone else or causes them to lose money. We’re living in an increasingly regulated and litigious world, so if you’re in business it’s something you just can’t afford to do without.

When all is said and done, the best way to work out the correct combination of insurance for your business to cover your property, cash flow and legal liabilities is to talk to an insurance broker.  Getting advice that is tailored to meet your business needs is the best way to insure your worries away.

For more information on NZI’s business insurance, go to

This story originally appeared in NZ Retail magazine issue 746 October / November 2016

​ ​

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.


H&M's 2019 designer collab will be with Giambattista Valli

  • News
  • May 24, 2019
  • Sarah Dunn
H&M's 2019 designer collab will be with Giambattista Valli

H&M's designer collaborations are met with global consumer excitement. Last year, Moschino was the chosen brand, and for 2019, it's Paris-based Giambattista Valli.

Read more

Karen Walker brings back its preloved Dove Hospice pop-up

  • News
  • May 24, 2019
  • The Register team
Karen Walker brings back its preloved Dove Hospice pop-up

After a successful debut last year, Karen Walker is bringing back its Dove Hospice pop-up at the Newmarket 'Playpark' store. It will once again sell vintage hand-knitted items to fundraise for the hospice charity.

Read more

Countdown's Own wins April's Ad Impact award

  • News
  • May 23, 2019
  • StopPress Team
Countdown's Own wins April's Ad Impact award

With an April full of public holidays and potential long weekends, the month was a big and busy month for advertising. But Countdown's own-brand campaign surpassed the competition to be named the Colmar Brunton Ad Impact Award winner for April.

Read more

Social scoreboard

Zavy and The Register have worked together to create a scoreboard that compares how the top 25 traditional media advertising spenders in New Zealand have performed on social media over the past 30 days, updated in real time.

Regional rollercoaster
What does retail look like in 2019 for ...
Concept to closet
Business coverage of New Zealand Fashion Week.
Town centres
A positive retail environment over the past 12 ...
Amazon Arrival
Keeping up with all things Amazon as it ...
The Retail Yearbook 2017
As we battle our way through the busiest ...
Hospitality enhancing retail
Some think food and integrated hospitality offerings will ...
The future is bright
We spoke with four retailers in their twenties ...
Spotlight on signage
At first glance, the humble in-store sign might ...
Red Awards 2016
The Red Awards for retail interior design celebrate ...
Auckland Unitary Plan
Auckland is changing. The Unitary Plan will decide ...
How to open a store
Sarah Dunn considers what it would take to ...
All things to all people
Kiwi retailers share their omnichannel strategies.
Rising stars
Retail's top young achievers.
Delivering on your promises
The sale isn't over until your item is ...
Retail in heartland New Zealand
Retailers keep the regions pumping, but how strong ...
Women in retail help one another. We spoke ...
The changing face of retail
Shifting demographics are creating big changes in New ...
The retail yearbook
With the help of experts in the retail ...
Retail rogues
We put the spotlight on staff training. Jai ...
Here come the giants
Topshop has arrived in Auckland’s CBD, David Jones ...
From retail to e-tail
Ecommerce has become part of the way mainstream ...
Window shopping: A spotlight on social media
Sarah Dunn and Elly Strang look at how ...
Loyalty in the digital age
How are retailers maintaining loyalty? Sarah Dunn, Elly ...
The Innovators | In partnership with Spark Business
Technology is rapidly changing the retail industry as ...

Kiwi fashion label Maggie Marilyn launches new website

  • News
  • May 23, 2019
  • The Register team
Kiwi fashion label Maggie Marilyn launches new website

The new website launched by New Zealand fashion label Maggie Marilyn prioritises transparency and sustainability.

Read more

Sharesies CEO Brooke Roberts talks what it takes to become a B Corp certified company

  • News
  • May 23, 2019
  • Courtney Devereux
Sharesies CEO Brooke Roberts talks what it takes to become a B Corp certified company

There’s a movement afoot globally to create more companies that balance purpose with profit and view business as a force for good. Called Certified B Corporations, companies that meet the highest standards of social and environmental performance, public transparency and legal accountability can become certified. As of April, Sharesies investment platform was the first financial company nationally to qualify for the B Corp certification, joining just 22 other New Zealand B Corp certified businesses. CEO Brooke Roberts talks us through the process, and the benefits for businesses in becoming certified.

Read more

The benefits of rewarding non-transactional activities

  • Opinion
  • May 23, 2019
  • Ros Netto
The benefits of rewarding non-transactional activities

Product and price is all very well, but retailers are increasingly seeking to avoid discounting by incentivising non-transactional behaviours instead. Ros Netto, consultant at Truth Customer Academy, shares some advice.

Read more
Next page
Results for
About us.

The Register provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2015 Tangible Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.

The Register

Content marketing/advertising? Email or call 022 639 3004

View Media Kit