Insurance Options for Retailers

Running a retail store can be a complicated business, with no two days ever the same and many different potential challenges. Regardless if you a have gift store or a bakery, there is always the potential risk for things to go wrong. Having the appropriate retailers insurance in place to protect your retail store is a smart move when it comes to managing the risk of your business.

You’ve put in many hours and hard work into establishing your business so it makes sense to protect it. Let’s take a look at some of the insurances available through BizCover which can help protect your retail business.


Public Liability insurance*

This is one of the first insurances a retail business will typically take out to cover their business.  It covers legal fees and compensation costs if a customer, member of the public, or a supplier claims against you for injury (not covered by the Accident Compensation Corporation (ACC)) or damage to their property as a result of your alleged negligent business activity.

If your retail business sells products then it is also important to consider Product Liability insurance. It protects your business against claims by third parties relating to property damage or personal injury (not covered by the ACC) caused by your products

Some Public Liability insurance policies include cover for Product Liability cover.


Money and Theft cover*

Part and parcel of operating a retail store is the exchange of money within your business premises, especially during peak periods when large amounts may be handled. Money cover, which is available under a Business insurance package (also known as BizPack), provides cover for money belonging to your business that may be lost, stolen or damaged whilst in your store or whilst in transit to or from your store or in your professional custody.

While you may take all the right measures to ensure your store is safe, pesky thieves can still strike when you least expect it, wreaking havoc and causing a financial loss to your retail store. Thankfully there is Theft cover (also available via a Business insurance package) to provide a safeguard against loss or damage caused to your contents or stock through theft or attempted theft at your store following violent or forced entry.

Machinery Breakdown and Business Interruption*


The list of products that rely on being refrigerated are endless, from cold drinks to ices creams, fresh cuts of meat and produce. If your store’s refrigerators broke down, you may feel like you’re throwing money away, but fear not, there’s insurance for that!

Machinery Breakdown cover takes away the stress of having to worry about digging into your savings when your fridge, air conditioner and other equipment decides to quit working. An available Business insurance package option, this insurance can provide cover for the repair and replacement costs of your machinery following a breakdown with an extension also available to protect for the loss of stock if your fridge suffers motor burnout, or if your store experiences a power failure, causing your food stock to spoil.


Life is full of unexpected events and when they strike the financial impact can be devastating. Take the time to think about your store and ask yourself could it survive if you had to shut up shop due to a majorinterruption? Business interruption insurance, another BizPack option, provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire).  It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).


Building Insurance and Glass cover*

If you own your retail business premises you are going to want to protect your bricks and mortar with Building insurance. Available through a BizPack, Building insurance covers your building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy.

You may also need to consider Glass cover, if your store has features like large shopfront windows, mirrors and display cabinets. BizPack Glass cover provides protection for breakage of internal and external  glass and signage you own or for which you are legally responsible, at the insured premises.


Cyber Liability*

Like most small businesses, there’s a high chance you rely on the convenience of the internet to get you through the day. Unfortunately, the threat of a cyber attack doesn’t discriminate when it comes to the type of businesses impacted, retailers included. For example, an EFTPOS terminal connecting to your operating system could be exposed to potential hackers and be attacked.

Viruses and malware can cause major disruptions to your system, potentially crippling your store from being able to sell products, access important documents and get on with the daily tasks of running your business.

Cyber Liability insurance is designed to help protect your retail store from claims and to 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, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event.


Insuring your retail business


Running your own retail business and helping your customers should be your focus without having to worry about the future  if something were to go wrong.

Covering your business with the appropriate levels of cover offers you peace of mind knowing that you have a financial safeguard in place to protect your business for the long run.


* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.  The information contained on this web page is general only and should not be relied upon as advice.

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