Do retail stores need insurance?*
Whether you operate a clothing store, retail shop, hairdressing salon, café, restaurant, take- away food shop, bar, bakery or florist you face risks with the products you sell and by members of the public entering your store.
While everyone that walks in the door of your store is a potential customer, on the flip side, they are a potential insurance risk.
Also, even once your customers have left your store with their purchase, you may be responsible if things go wrong.
Retail Store Business Insurance – what can it cover?*
Retail store business insurance can cover all or some of the risks below. For more information on what it can cover , requirements and costs please TALK to one of our helpful business insurance brokers on 1300 542 573.
- Public Liability – eg: injuries from slips and falls.
- Product Liability – eg: product or service does not perform to reasonable expectations resulting in damages , or unwanted objects in food, food poisoning.
- Business Equipment
- Fire and Perils – eg: fire arising from flammable products in stock, or cooking, electrical malfunctions, unguarded flames and grease fires.
- Crime – eg: cash and alcohol
- Business Interruption – eg: profit associated with location in the event you are forced to close for an extended period.
- Equipment Breakdown – eg: refrigerator breaking down resulting in loss of stock.
- Commercial property insurance - protection for your retail store property, stock, fixtures and more
Cyber insurance - eg .Hacking of payment facilities or online store
Public Liability and business insurance for many types of retail stores*
Types of retail stores we may be able to cover include:
Some of the main risks for retail business*
Today , more than ever risk management is important for retail business owners. With serious competition coming from both online and bricks and mortar retailers it’s important to think about ways to minimize the risks that could cause serious problems for your retail business.
While it is not possible to insure against all the risks your retail business faces there are a number of key risks that you can obtain protection for if things go wrong.
List of risks for retail business that business insurance cover:
Slippery floors, rainy days and even fallen stock in the aisles could lead to tens of thousands of dollars of damages for your store if a customer slips and falls.
Help reduce the impact of damages from customer injury with public liability insurance.
Your stores credit card processing system is a target for hackers as is your online store if you have one. If you are hacked and incur a data breach you may incur significant tech bills , be open to be sued by frustrated customers, and may be subject to thousands of dollars in government fines.
Help reduce the impact of damages from data hacking with cyber insurance.
Theft, and the threat of theft is an unwanted part of life for retail businesses. While theft typically costs retailers a small percentage of their sales it can wipe away a much larger percentage of your profit.
Help reduce the impact of theft by taking the theft cover option as part of your combined business insurance pack.
Loss or Damage to stock.
A major storm , power outage or even small fire could leave your store with costly damaged or worthless stock..
Help reduce the loss or damage to stock by taking the stock cover option as part of your combined business insurance pack.
Smart Business Insurance pro tip: What is the most amount of stock you have at any one time? Cover this amount. It’s often at peak times business that major accidents occur.
Retail store business insurance quotes from the SMART team of brokers*
Our helpful small business insurance brokers can help you find suitable cost effective insurance for your retail store.
Depending on whether you have a small food business or a large carpet shop ,a clothing store or a restaurant , the level of fit out of your store , certain insurance companies may offer better terms.
Where possible our friendly insurance brokers will obtain multiple quotes on suitable insurance policies for your store from leading insurance companies such as Vero, QBE, Zurich and AIG or obtain a competitive quote from a specialist underwriter.
For more information on retail store business insurance requirements, including what business interruption insurance can cover ,TALK to a SMART Insurance broker on 1300 542 573 for SMART insurance cover for your retail store.
1300 542 573
TALK to a SMART Business Insurance adviser
Monday – Friday 8.45 am - 6.00 pm AEST
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a SMART business insurance broker on 1300 542 573 for more information.