Retail insurance is not limited to department or grocery stores but can cover any type of business that sells products. This includes art suppliers, milk bars, bakeries, newsagents, hair salons, pet shops, giftware outlets, jewellery shops and online sellers.
Retailers carry specific risks within their industries. This includes risks pertaining to trading and products as well as public liability. Retail insurance is specifically designed to financially protect against these types of risks.
Here are some of the nitty-gritty things brokers would like you to know about retail insurance.
- Since retailers often deal in a mix of EFTPOS and cash, they may need to carry physical money to the bank or temporarily store cash in the shop. Policies can include cover for money-in-transit or cash on the premises for these types of occurrences.
- Retail insurance can cover specific types of equipment – such as coffee machines, refrigerators, registers and more. It can also cover a business for loss of or damage to electronic equipment such as laptops, desktops and mobile phones.
- Retail stores often advertise their wares in very ‘physical’ ways that may involve the use of glass cabinets, window displays, signage or mirrors. Retail insurance can provide cover for glass breakage and damage to signage or displays.
- A typical retail policy is likely to include a mix of coverages – such as product and public liability, theft, glass breakage, business interruption and cyber insurance.
A good broker will always take the time to fully understand the retail business in question so they can source the best solution for its financial protection. Get in touch with your local Reliance Partner if you would like to know more about retail business insurance for your shop or store.