5 insurances every convenience store owner needs to know about

Convenience store owner with goods at the store

You’re a retail lifesaver, helping customers at all hours with all sorts of essentials, from early morning coffees to midnight snacks. As a convenience store, you’ve got all bases covered, but have you taken the time to consider the needs of your business and the best way to insure it?

Let’s take a quick look at some of the risks your convenience store is exposed to and how insurance can help safeguard it from potential disasters.

Dealing with the public

In retail, you deal with people every day, adding that extra responsibility to ensure your store is safe and hazard free. And it’s not just customers you need to think about, there are visiting suppliers and other third-parties too.

When you’re setting up your business, there’s a lot to think about like your banking, marketing and importantly your Public Liability insurance. It is one of the most essential types of cover, protecting your store from potential claims from a third party for accidental injury or damage to their property.

Accidentally leaving a box of stock in the aisle could easily end in a claim if a customer was to trip and experience an injury. Freshly mopped floors are a common cause of slips and falls, and one which can end up being very costly without the right protection.

Public Liability insurance can provide you with peace of mind and financial relief by providing cover for the legal expenses and compensation if awarded, meaning you can keep your doors open without shutting up shop for good.
Stocking the shelves
From a packet of chips to loaves of bread and that sneaky bag of lollies, your store’s stock and contents help keep you in business and being without them would be let’s say slightly inconvenient?
Stock and Contents cover is vital for when those unexpected events strike, protecting your goods from a range of insured events like fires and storms, vandalism and malicious damage, Contents cover can shelter your business from financial destruction.

Money matters

While a lot of shopping takes place in the online marketplace, convenience stores still handle large amounts of cash daily and Money cover can protect your hard-dollars. Providing protection for money that is lost, stolen or even damaged while in your store, the cover can even protect your money while in transit to or from your store or in your custody.
And as hard as you may try to secure your business from the threat of theft, those pesky thieves can still find a way to wreak havoc, causing a financial loss to your business (and we’re not talking about a few missing chocolate bars).

Theft cover gives you that extra security and can protect your store from loss or damage to your contents or stock through acts of theft or attempted theft following a violent or forced entry.

Keeping your cool

Ice cold drinks, milk, ice creams these are just a few fridge favourites, especially during those warmer months. If your refrigerators broke down, you may feel like your pouring money down the drain, but fret not, there’s an insurance for that!

With Machinery Breakdown cover, you can take away the stress of having to fork out the big dollars when your store’s fridges, air conditioners and other equipment decides to call it a day. Not only can it cover the repair and replacement costs of your machinery following a breakdown, an extension of cover is available to protect for loss of stock if your fridge suffers motor burnout or if your store experiences a power failure spoiling your food stock.

Your store doesn’t have time to be out of action. Could your business survive if you had to shut up shop due to an interruption caused by an insured event? Business Interruption provides cover for loss of turnover caused by damage at your own premises and can assist with the payment of ongoing expenses like the operation of your business or relocation costs.

Protecting your store

You may be located on the corner street of a rural town or on the main drag of a major city, if you own your bricks and mortar, you are going to want to insure it! Building insurance covers the costs of repairing or rebuilding your store as a result of fire, storm or other insured events outlined in your policy.
Consider Glass cover if you have a shopfront or mirrors within your store. Glass cover will cover the cost of replacing internal or external glass that may have been accidentally or maliciously damaged or broken.

We know how important convenience is, that’s why protecting your store with the right cover doesn’t need to be an overwhelming task. Arranging a quick quote handpicked from Australia’s leading insurers is only a few clicks or phone call away, ready to help.

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