Running a retail business can mean wearing many hats. From handling customers to balancing the books and looking after your staff, the retail world is busy with no two days ever the same. Time is precious, but one thing which probably can’t wait on your to-do list is getting your business insurance sorted.

It makes sense to have business insurances in place to safeguard your hard earned retail business. That’s where BizCover can help, providing a stress-free online shopping experience, saving you time and money.

We understand how small businesses operate and how important business insurance is. Our easy-to-use platform allows you to jump online 24/7, receive multiple quotes and get your insurance sorted in minutes. 

Let’s take a look at some of the main types of insurances you may want to consider as a retail business and how they can help you stay in business for the long run.

Business insurance for retailers 

Whether you’re selling the best fish and chips in town, a grocer or a snazzy dress shop, your retail business caters to your customer’s needs. No matter how much care you may take to secure your business, your shop is still exposed to certain risks.

Things like accidents, property damage, theft or fire are some of the common reasons you need to consider when protecting your business with the appropriate type of insurance cover.

Here is a quick overview of different types of insurance you need to consider as a retail business. 

Public Liability insurance*

Public Liability Insurance, often referred to as General Liability, gives you peace of mind, protecting you and your business against  third party claims in the event a customer, supplier or a member of the public are injured (and not covered by the Accident Compensation Commission (ACC) ) or sustain property damage as a result of your negligent business activities. It also picks up legal defence costs you incur in relation to a covered claim.

Did you know, that if you lease your premises, then your landlord may insist on you having public liability insurance?

Business Insurance*-Fire, storm, theft and accidental damage are just some of the events that can damage your business assets in your retail outlet.

Business insurance can cover you for:

Contents*: Protects the contents in your shop including stock against damage or loss caused by theft, accidents, natural catastrophes or vandalism.

Building*: covers the building and structure of your shop in the event of damage from storms, fire, natural catastrophes or other extreme weather events.

Money*: Covers you in the event business money is stolen, lost or damaged while on your premises, in transit or temporarily stored in a private residence.

Business interruption*: Business interruption insurance 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).

When you think about the potential impact a claim could have, could you  afford to be out of business for days, weeks or even months on end without earning an income? 

Cyber Liability*:

Chances are you rely on your technology to help streamline your business and to create a convenient sales process, but it can also leave you vulnerable to potential attacks from cyber criminals. An example is your EFTPOS terminal which can be subject to being attacked and any customer databases that store sensitive information. 

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.  It covers you for losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.

Let’s take a look at some of the situations and scenarios where you may need to make a claim 

Examples of potential retail business claims

When you are working with customers, suppliers and members of the public, stock, money and cyber systems, there is an increased risk for things for unwanted accidents to occur.

These are some of the main types of risks that retail businesses are exposed to:

• Slips, trips and falls– something as simple as leaving a box of stock on the floor or an unsecured electrical cord can quickly become safety hazards, causing the potential for an injury to occur. This may not be covered by the ACC.
• Machines breaking down– when you rely on things like refrigerators to keep your stock cold and fresh, the last thing you want is for them to be out of action.
• Natural disasters– when events like fire or storms strike, the damage to your store’s building and contents can be devastating, potentially closing your business doors while repairs take place.
• Cyber-attacks – all it takes is for hackers to get into your online customer database or EFTPOS machines to cause havoc. 
  
  

It’s time to #BizSave on your business insurance online

Now is the time to experience hassle-free insurance online and #BizSave on your business insurance policy with BizCover. These are just some of the ways we make getting your business insurance sorted easy.

• Receive multiple quotes from some of NZ’s leading insurers in minutes- you tell us a little about your business and the kind of cover you are looking for and we will prepare the quotes! 
• Compare policies easily- once you have received your quotes, you can compare the policies side by side. 
• No paperwork– we know you haven’t got the time to waste filling out forms, so that’s why we’ve given the mountain of paperwork the flick.
• Save time– purchasing business insurance has often been a time consuming, complex and manual process, something we were destined to change. 
• Buy online 24/7– operating a retail business can often mean working outside of the usual 9-5 business hours and that’s why our online platform is open 24/7.  
• Get your policy documents instantly– Once you have selected your policy and made payment, your policy documents will be sent instantly to your inbox. 

At BizCover we understand how much time, effort goes into running a retail business and how every hard-earned dollar matters. Our online platforms gives you access to a range of Business Insurance options at competitive prices, protecting your business from unexpected threats and your back pocket too. Members of Retail NZ will also get a further $25 off our competitive rates, so visit BizCover today and see if you can #BizSave on insurance for your small business. 

Visit BizCover today, start comparing quotes and see how much you can save today. 

*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.