Understanding Insurance for Retailers

From helping your customers to find their perfect purchase, managing stock, and taking care of your staff, the world of retail is one of countless moving parts. With so much going on, the retail industry is one which is exposed to many potential risks for things to go wrong, and that’s where business insurance can help save the day. 

Whether you’re selling the finest frocks in town or an emporium of gifts, no retail business is immune from the risk of an insurance claim occurring. We know how busy you are, so we’ve created this easy, go-to guide on understanding some of the key business insurance covers available to retailers.

1. Public Liability Insurance*

This is one of the fundamental business insurances retailers may need to consider. Public Liability insurance is designed to provide protection for you and your 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.      

Even if you do your best to keep your retail store safe and secure, all it takes is for a customer or supplier to trip over when visiting your store and injure themselves for a claim to occur- something no retailer needs.

2. Business Insurance Pack*

Your customers help keep the tills rolling over, but take a moment to think, how could you operate without your business assets? Your stock, shelves, and electronic equipment like EFTPOS machines and laptops all help keep your business going, – being without them could spell disaster. 

Business insurance can provide cover for various areas including: 

• Contents and stock* –provides 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* –covers for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind). 
• Glass* – a typical type of coverage for retail businesses is glass insurance, which covers for damage to internal and external  glass and signage at the insured business location. 
• Money* – protect your business money from being lost, stolen or damaged whilst in your business premises, in transit, or in your private residence. 
• Business Interruption* – could your business survive being shut due to an insurable event, for a few days, a week, or longer? Business interruption insurance covers for financial loss as a result of an interruption to your business caused by an insured event (such as fire).

3. Cyber Liability Insurance*

As more and more retailers do their business electronically, the real risk of cyber crime becomes an unfortunate reality. Hackers can be very crafty, stealing financial details via EFTPOS machines or accessing sensitive data from your customer management systems. This is where Cyber Liability insurance can provide valuable protection for your retail business from cyber crime attacks.  

Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage may generally include cover for expenses and legal costs relating to the following: 

• Data breaches
• Theft or loss of client information
• Business interruption costs
• Forensic investigation
• Data recovery
• Extortion
• Fines and penalties
• Crisis management costs (to restore your businesses reputation after an attack or data breach)
• Legal costs from any ensuing civil action taken against you or your company

Let us do the shopping around for you

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