Wednesday, 11 March 2020

Whether you are running a small clothing store, a bicycle shop or a dry-cleaning operation you could be at risk of losing it all in an instant as a consequence of a range of threats, such as fire, theft and personal accidents.

Purchasing retail business insurance is often an afterthought, sadly often only after something goes really wrong. The reality is that your business is at risk from the first day you start selling your goods – therefore it is of fundamental importance that you protect it.

Having a physical location draws footfall traffic from the general public which is great for your business but also means that you are exposed to public liability risks, which can result in damaging lawsuit claims.

It makes sense to protect your business from all possible risks. You can gain control and avoid any regrets when things don’t go as planned. It is important to identify your business needs and find the best coverage plan to suit your specific needs.

Who is it for?

As business owners, your main focus is to sell your products or services and achieving target revenues. While these are key business considerations, many business owners disregard purchasing retail insurance, which they see as less important and unnecessary cost. Consider for a moment, whether you can afford not to have business insurance given the very real risks that you face.

Having retail insurance ensures that you can operate your business with peace of mind, knowing you have support in place for any unforeseen, difficult times ahead.

Here are examples of retail businesses that should be protected under the retail insurance plan:

  • Appliance repair shops
  • Baking or cake supply retailing
  • Bicycle and accessories stores
  • Book stores
  • Butcher shops
  • Clothing retailing
  • Computer retailing
  • Confectionery retail / Chocolate stores
  • Convenience stores
  • Fashion accessories stores
  • Footwear / shoes retailing
  • Flooring stores
  • Fruit stores
  • Gift shops
  • Golf equipment retailing
  • Health food retailing
  • Kitchen retailing
  • Laundrette
  • Liquor retailing
  • Pet supply stores
  • Print and copy shops
  • Repair shops
  • Stationery shops
  • Speciality stores
  • Sport goods stores
  • Vegetable shops
  • Wine shops
  • And many more…

What is covered?

Retail insurance packages are generally made up of a combination of coverage designed to protect your business from standard risks. Some of the coverage include your premise (building and contents), your customers (public liability) and possible expenses if you are unable to operate (business interruption).

View the following table to gain a better understanding of all the coverage included in the retail insurance policy;

Cover type: What is covered:
Fire Covers damage to, or loss of, your business premises, equipment and furniture caused by fire, lightning and/or explosion.
Burglary Protection against damage to your building, loss of goods and products in the event of a break-in and/or burglary of your business premises.
Money Protect your hard earned money, cheques or money orders kept in your business property against theft. Most policies will also cover against losses incurred whilst funds are in transit to the bank.
Plate glass Get coverage to replace shattered glass doors or windows in showrooms, shops, offices or buildings with the plate glass insurance.
Public liability Public liability insurance indemnifies you against legal liabilities to third parties should any accidents occur during your business operations. For example, if customers accidentally fall or slip in your premises, then this coverage will help negate some of the financial burdens.
Employer’s liability Shields employers from any legal liability claims made arising from work related accidents or illnesses sustained by employees.
Fidelity guarantee Covers financial losses due to fraud or dishonesty in the workplace committed by your employees.
Loss or damage of goods Secure your goods against any loss or damage caused by fire, accident or theft.
Client’s personal effects Covers the loss or damage of your client’s personal belongings.
Hospital cash Protects you by providing daily cash payments during hospitalisation to help relieve financial stress.
Treatment risk Protects you against compensation claims arising from your professional services.
Personal accident Protect yourself and your loved ones by against financial burdens when confronted by accidents. These plans cover medical expenses and loss of income.
Infectious disease When faced with specific infectious illnesses, such plans cover hopitalisation and treatment expenses.


No two retail businesses are exactly alike, as such, the coverage offered in the SME package may not be sufficient for your industry. Identify your business needs and ensure you obtain the appropriate insurance coverage to fully protect business. Insufficient coverage can prove to be both costly and damaging for your overall business. Instead make sure that you protect your inventory, employees and customers from such possible risks.

Rest easy knowing that your retail business is covered against the unknown. Learn more about retail business insurance by viewing various packages at

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