Insurance for Gift Shops

Why do Gift Shops need it?

With your hard-earned money tied up in stock for your business, it makes sense you would want to protect it. And that means having business insurance. Let BizCover give you the gift of hassle-free insurance with multiple competitive insurance quotes from some of Australia’s leading insurers, in minutes.

Insurance for Gift Shops

Public Liability Insurance*

If you operate through a shop, you want customers in your store.  Public Liability insurance is designed to provide protection for you and your gift shop business in the event a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities

Things that could go wrong include a display collapsing on a customer or a customer tripping on stock that was left on the floor. Having the right Public Liability insurance will give you peace of mind.

Business Insurance*

Your customers are important but so is your stock, shop contents, and building. Without the right cover, you could be hit with a few unwanted financial challenges that could throw a spanner in the works. Business Insurance cover includes:

• Contents* – This insurance will cover for loss of or damage to items such as business equipment, stock, plant and machinery, records and furniture belonging to you at the insured location.
• Building* – This insurance will cover for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind).
• Business Interruption* – could your business survive being shut for a week? This insurance will cover for financial loss as a result of an interruption to your business caused by an insured event (such as fire).

Cyber Liability*

As a gift shop owner you regularly hold customer data like credit card details from processing sales online. Holding such sensitive customer data can come with the risk of an unwanted claim for a data breach, something your business can do without. This is where Cyber Liability insurance* can help.

Cyber Liability insurance is designed to help protect your gift shop business from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.  Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cybercrime, cyber extortion/ransomware and business interruption due to a cyber event.

 Cords causing chaos

A gift shop owner outdid herself with a beautiful new display stand with exquisite lighting. A cord coming out from the stand caused an obstruction and a lady visiting the store tripped and broke her wrist. $12,000 was paid out by the owner’s public liability insurer for  medical costs, lost work and rehabilitation.

Damage control

A gift shop owner rented premises in a quaint free-standing terrace. A large storm caused the outside drains to be blocked resulting in water leaking in through the roof and damaging stock and fixtures in the store. $8,000 was paid out in damages under the owner’ Contents cover.