Things can get kind of busy when you run your own retail business and it’s easy enough for things to fall off the tracks. Between stocking your shelves, chatting to customers and trying to stick to a marketing plan there’s a lot going on, but renewing your business insurance is one thing that can’t go on the “to-do later list”.

While it may be tempting to cancel your cover to save a few dollars, the financial impact of a claim if you were uninsured could be enough to close your retail business for good, a risk not worth taking.

You’ve worked hard to keep your retail business up and running so it makes sense to maintain and have the right kinds of business insurance in place to protect it. That’s where BizCover makes things easy, providing a stress-free online shopping experience, saving you time and money, even when it comes to renewing your policy.

When your business insurance coverage comes up for renewal it’s the perfect time to give your policies a health check, ensuring that everything is up to date and that you are protected for all the right things. Let us take a look at some of the areas to focus on when renewing your business insurance policy.

What to review when you renew?

Blink and another year has gone past and it only feels like yesterday that you renewed your insurance policy. It’s no secret that time gets away quickly and a lot can happen over 12months within the retail world. That’s why it is important to take the time to go over your policy and make sure that you are sufficiently covered if you needed to make a claim. These are some things to keep in mind:

Has there been any major changes to my business?

Think about your business activities over the past 12 months and note down any significant changes which may have occurred since you last renewed your policy. These could be things like:

• Increase/decrease in staff
• Change in business turnover
• Any new lines of business and changes to the type of business activities your business performs

Do I have enough coverage in place to protect my business if I need to make a claim?

Check the maximum limits and levels of cover you currently have in place on your policies. If there have been significant changes to your business like the points mentioned above, your policy needs to be adequate to cover these. 

For retailers, some of the typical areas of your business that may have changed and that need to be updated on your policy include:

• Having more stock on hand
• Purchasing new equipment
• If you own your business building, make sure new additions or renovations are included

Assessing your current insurance policies

What may have been the appropriate levels of cover for your business a while ago may not be the right ones now. Renewal time is an opportunity to think about what kind of risks your retail business is exposed to and if the coverages you have in place are going to provide the protection you need when things don’t go to plan.

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

Business insurance options for retailers 

From the butchers and bakers to the best craft store makers, your retail business is there to look after your customers’ needs. No matter how much care you may take to secure your business, your shop is still exposed to certain risks. Here’s some insurances to keep in mind when protecting your retail business.

Public Liability insurance*

Public Liability Insurance, 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).

Cyber Liability*: 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.

#BizSave on your business insurance online

Treat yourself and experience online business insurance hassle-free and #BizSave on your business insurance policy with BizCover. These are just some of the ways we make getting your business insurance sorted easy, even when it comes to renewal time.

• 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 determined 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. 

• Make changes to your existing policy- Even at renewal time, the process is straight-forward and easy. The flexible online platform means you can make the changes you need to get the right cover for your retail business.
  
  

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.