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What is Theft insurance? 

Theft insurance covers you against loss of contents and stock as well as damage to your business premises, as a result of theft or attempted theft involving forcible or violent entry from your business premises.

Things “wandering off” is an unfortunate part of doing business for many. From your stock and tools to computers and furniture, anything could fetch a price for thieves and create an expensive headache for you.

That’s why many small businesses add Theft cover to their Business Insurance Pack to help them replace stolen items.

Theft-insurance

What does Theft insurance cover? 

What is covered
Stock in Trade  

Your business stock and inventory

What is covered
Patterns & Designs 

Patterns, models, moulds and designs stated on the Policy Schedule

What is covered
Fixtures & Fittings 

Your fixtures and fittings (if you are a tenant), such as lights or cupboards

What is covered
Furnishings & Furniture 

Furniture, furnishings, carpets, curtains and internal blinds

What is covered
Advertisiang & Display Equipment 

Display units and advertising equipment used to promote your business

What is covered
Computers & Digital Storage 

Computers and other equipment for storing data, such as servers

What is covered
Tools & Equipment 

Machinery and plant, tools, instruments and utensils of trade and equipment

  • Money or negotiable instruments (this can be insured separately)  
  • Motor vehicles (unless they are stock) 
  • Property not contained in a locked building  
  • Tobacco, cigarettes or cigars (unless shown on your insurance certificate) 
  • Jewellery, furs, bullion, property made of gold or silver or precious stones 
  • Glass 
  • Documents, patterns, models, moulds, plans or designs (unless shown on your Policy Schedule) 

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3 industries who purchase Theft insurance most: 

A manufacture working at workplace

Manufacturers

  • Cabinet Makers
  • Electronic Goods
  • Clothing Manufacturing
  • Fabricated Metal Products
  • Welding Services
  • Processed Food 
  • Candle Manufacturing
  • Jewellery Manufacturing
Health care & Allied health

Allied Health 

Theft cover is suited to a wide range of industries and occupations in addition to the ones listed above.

How much does Theft insurance cost? 

Theft insurance costs can vary based on the type of stock you hold, your business location and other factors. Every business is unique, and so is the type and cost of its policy.

Get cover that works with the risks of your business

You can select different levels of cover. This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

Get cover that works with the risks of your business

You can select different levels of cover. 
This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.

Unsure how much to choose? Think about:

Size of inventory 

Business location 

Cost of replacing equipment, fixtures, etc. 

Worst case scenario claim size 

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

See how much others have saved while purchasing policy through BizCover

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