There are various types of insurance packages for retail businesses. In the end, it’s important that a retail business insurance package covers a broad range of retail aspects such as:
Property Damage This covers replacement of buildings, contents and stock, including accidental damage. This also covers against fire and perils, theft and/or accidental damage to property that is moved around.
Business Interruption Insure against interruption to retail trade resulting when an insured event takes place. It also protects you should an insured event impact one of your key suppliers, with consequent interruption to your trading.
Theft Covers the cost of contents and stock due to theft.
Public / Product liability Cover against liability for personal injury or damage to property.
Employees Cover for fraud or dishonesty resulting in direct loss of money, negotiable instruments or goods.
Machinery / Equipment Cover against breakdown, explosion and collapse.
Computer Systems Cover against a choice of fire and perils, accidental damage (including theft), breakdown and business interruption.
Tax Audit Covers the cost incurred by your accountant due to the Australian Taxation Office auditing your business’s liability to pay tax.
So remember, when choosing a business insurance package for your retail business. Pick a comprehensive package that covers multiple aspects of your retail operation.