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Why do Retailers need it?

Your retail business, be it a fashion boutique, grocery or gift shop, caters to your customers needs. No matter how well you secure your retail business, your shop is still vulnerable to certain risks.

Accidents, property damage, theft, or fire are just some of the reasons why you need comprehensive insurance for your retail outlet.

With BizCover, retailers can compare multiple insurance policies, their features, benefits, and quotes, quickly and easily – no matter the size of your retail business. In just a few minutes, you can get back to business, while the insurance cover does the rest.

Did you Know?

Many commercial landlords require the tenant to have both public liability insurance and glass insurance before signing a lease.

Insurance for Retailers

Public Liability

If you are in business you have a potential liability exposure arising out of the operation of your business. A Public Liability policy will cover third party property damage and or injury that might not be covered by ACC. It is a very affordable cover considering the amount of protection you receive. If you lease your premises, then your landlord will more than likely insist on you having public liability insurance.

Business Insurance

Fire, extreme weather, natural catastrophes like earthquakes and vandalism are just some of the factors that can damage valuable assets in your retail outlet.

Business insurance can cover you for:

Contents and stock: Protects the contents and stock in your shop against damage or loss caused by theft, accidents, natural catastrophes or vandalism.
Building: The policy covers the building and structure of your shop in the event of damage from storms, fire, natural catastrophes or other extreme weather events.
Glass: Protect assets in your shop that are made of glass and are vulnerable to damage. This includes mirrors, glass shelves, windows, and showcases.
Money: Recent statistics show the New Zealand economy loses more than a billion dollars each year due to shoplifting and theft. Ensure your cash is safeguarded against theft or damage, whether it is stored within business premises, in personal custody, or transit.
Business interruption: The policy covers loss of revenue that can occur when you are not able to run your business due to insured events.

Cyber Liability

While technology can offer your business convenience and streamlined processes, it can also leave you vulnerable to attack from malicious external parties. For example, if your EFTPOS terminals connect to your operating system, your whole system could be subject to an attack.

Malware, viruses and hackers can disrupt your network operating system, making it impossible for you to sell your products, manage inventory, or access important documents. Hackers can also collect sensitive customer data and credit card details in which case you may be liable for claims.

However, with cyber liability insurance in place, you may be covered for legal costs and expenses related to cyber risks.

 

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