There are almost 140 000 retail businesses in Australia, accounting for 4.1% of GDP and 10.7% of employment. The risks of operating in this sector are becoming ever more prevalent, with the growth of online retailing and the entry of new innovative global retailers being just the start for retailers. Australia’s Retailers also operate under several regulatory regimes that restrict their competitiveness and ability to innovate.
These risks pose a constant threat to your business, but are in the most part, out of your control. Other risks can, and should be insured against in order to ensure the ongoing success of your Retail business.
PSC Direct offers Retail Insurance for businesses operating across the sector, including:
Builders Insurance can help your business survive the unexpected, with minimum losses.
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Our Insurance Partners
Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
What are the Specific Risks Faced by Retailers?
Retail business owners face a significant amount of risk during their day-to-day operations. From Public Liability exposure to the risk of theft, fire
Every trade is different, but there are several common risks that retailers should be aware of whatever their niche, for example:
- An electronic store catches fire, destroying stock, business equipment and the building. With appropriate Retail Insurance, costs associated with replacing stock and repairing the premises may be covered.
- A jewellery store is robbed, with the thieves taking stock and money from the safe. The costs associated with the robbery may be covered with appropriate Retail Insurance.
- During a storm, the display sign falls from a Sports store and breaks. The retailer’s Business Insurance may cover the costs of replacing this sign.
- A cleaner at a clothing store forgets to put a ‘wet floor’ sign up after mopping the floor and as a result a customer falls and seeks compensation. The Public Liability section of the retailer’s business insurance may cover resulting legal costs and any compensation pay out.
What Are the Key Elements of a Retail Insurance Policy?
Choosing the right covers for your business can be complicated. The most appropriate cover will depend on your individual circumstances, such as the size and type of your business, the amount of employees you have and whether you rent or own your premises.
Most Retail Insurance policies will typically cover the following:
- Fire and Storm Damage: Protecting you against loss or damage to your business tools, equipment, contents, stock or a building in the event of a fire, lighting, explosion, earthquake, impact including falling trees, malicious damage and storm damage at the business premises.
- Burglary: Covering you for costs incurred as a result of an unknown person(s) breaking into your premises or the premises you are renting and stealing your business stock, contents or equipment.
- Money: Covers money being stolen from your premises.
- Glass: Covers breakage to shop front windows, glass shelving or display cabinets, sign writing and advertising signs.
- Public and Products Liability: Protecting you against claims of negligent acts in connection with your business that result in personal injury or property damage.
Who Needs Retail Insurance?
Australia’s retail industry exhibits great diversity in terms of size of business, region, retail format, competition within sectors and in the nature of goods sold.
Retail Insurance can protect any retailer, whatever their circumstance; ensuring you have peace of mind you need to get the job done, without worrying about what would happen if something goes wrong.
How PSC Direct Works for You
The team at PSC Direct comprises specialist business insurance brokers, experienced in sourcing insurance for Australian SMEs. We care about the clients we service and want to fully protect their businesses. That’s why we treat each and every one as an inividual entity, considering their unique requirements to source the most appropriate cover that will offer the upmost business protection.
PSC Direct Insurance Brokers use online systems to review your business. We draw on our experience with thousands of similar businesses across Australia to match your needs to our database of indexed insurance policies. In order to ensure you have the most appropriate cover, our insurance brokers will fully review any policy before it is recommended to you.
PSC Direct is an entity of PSC Insurance Group, one of Australia’s largest private insurance broking houses. This affiliation offers us access to a range of leading insurers and underwriters as well as membership of a range of national and international insurance organisations. Part of such a wide insurance network, PSC Direct is best placed to source cost effective covers for our clients.
Protecting your business is important to us. We understand that insurance can be complicated, and we’re here to simplify it for you. We provide advice and cover to a range of businesses across Australia, in industries from Accounting to Engineering, Mining, Retail and Trucking. We know the policies necessary to fully protect your business and assets in the specific sector you operate in.
We are able to offer a range of policies from standard Public and Products Liability to more specialised covers such as Management Liability, Commercial Property, and Cyber Insurance and Tax Audit Insurance. We’re not only here to source your policy but to develop a business partnership with you. We will work with you as your business changes to offer alternative or additional insurance policies, or in the event of a claim, we’ll assist you until settlement.