Australia is home to almost 140,000 retail businesses. These businesses contribute significantly to the country’s economy, accounting for 4.1% of GDP and 10.7% of employment. However operating in this sector comes with a great deal of risk, from the growth of online retailing to the entry of new global retailers affecting independent shops operating across Australia.
Local shops however are vital to the communities that they service, and as such should be protected. Shop insurance can help your business survive should the worst happen.
What is Shop Insurance?
Shop Insurance is specialist business insurance, curated specifically for shops and shop owners, to address the risk exposure of businesses operating within this sector.
Shop 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 Associated with Shop Insurance?
Shops are exposed a significant amount of risk during their day-to-day operations. From Public Liability exposure to the risk of theft, fire or flood.
As the owner of a shop, it’s important that you are aware of the hazards that your business faces that will increase your risk exposure. Steps can and should be taken to reduce the likelihood of risk negatively affecting our business.
Some common risks that may occur in shops include:
- An electronics repair store is flooded during a storm, which destroys stock, business equipment and client’s laptops and mobile devices that have been left for repair. With Shop insurance, the costs incurred as a result of the flood may be covered.
- A client visiting a clothing store trips over a loose cable on the floor and seriously injures herself. She takes legal action against the clothing store, seeking compensation. Appropriate Insurance may cover the costs of defending the business and any resulting compensation payout.
- Thieves break and enter into a jewellery shop taking stock and money from the safe. The costs associated with the lost stock and repairing the damage to the store may be covered with appropriate Shop Insurance.
- Cyber criminals hack in to the point of sale system at a food store, taking customer information including credit card details.With appropriate insurance, the costs associated with this incident may be covered.
Certain steps can and should be taken to minimise the risk of something going wrong on the job. However, as risk cannot be completely eliminated, Shop owners should consider an insurance policy that will cover them in the event that something goes wrong.
What Are the Key Elements of a Shop Insurance Policy?
Our brokers consider the size and type of your business, the amount of employees you have, whether you rent or own your premises and many other factors to recommend the right policies. A Shop Insurance policy may include following:
- Business Pack Insurance: Providing a wide range of insurance protection for your business, business pack insurance can be tailored to suit your company’s specific needs.
- Commercial Property Insurance: Providing your business with financial protection against damage to your physical assets.
- Public Liability Insurance: Protecting you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.
- Business Interruption Insurance: Covering you for loss of profits while your business is out of action, Business Interruption Insurance protects your business for loss of income or expenditures sustained as a result of direct loss, damage, or destruction to your insured property.
- Machinery Insurance: Machinery Insurance is designed specifically to cover for your machinery and equipment, Machinery Insurance is more specialised than commercial motor vehicle insurance, most notably because it covers off-road usage.
Speak with a PSC Direct insurance broker to secure a policy that meets your Shop’s unique needs and enjoy the peace of mind associated with securing a comprehensive policy.
Who Needs Shop Insurance?
The retail sector in Australia is extremely diverse. Shops of all sizes selling a wide variety of goods contribute to our economy by providing employment opportunities and making goods available to the public.
Shop Insurance can protect any retailer, whatever their circumstance, from the small local store to a city retail outlet. With appropriate shop insurance, you can focus on what you do best, without having to worry about what would happen if something goes wrong.
How PSC Direct Works for You
A team of specialist business insurance brokers, PSC Direct offers protection for SME businesses across Australia. We apply our considerable experience in sourcing insurance for Australian SMEs to find the most appropriate policies that meet the specific requirements of our clients’ businesses.
At PSC Direct, the ongoing success of your business is important. We care about each individual business that we work with, and treat each as a unique company with it’s own risk exposures and insurance requirements. This best enables us to source the right cover that will offer the highest level of business protection.
While we use online systems to review your business, our insurance brokers fully review any policy before it is recommended to you, adding that all important personal touch to the process.
We draw on our experience with thousands of similar businesses across Australia to match the needs of our clients to our extensive database of insurance policies.
PSC Direct has relationships with a number of Australia’s leading insurers and underwriters, offering us access to a range of polcies from leading insurers and underwriters. These affiliations give us considerable buying power in the market; allowing us to negotiate more cost effective insurance premiums on behalf of our clients.
At PSC Direct, we’re dedicated to protecting your business. We know that insurance can be complicated, that’s why we offer advice and explain in simple terms what is available on the market and what policies are most appropriate for business in your specific sector.
With industry-wide experience, our brokers have provided cover for a range of companies, from import / export businesses to retail outlets, market stalls, family day care centres, real estate agents and financial planners.
We offer a range of policies relevant to most businesses such as Public Liability and Property cover and can also offer a range of covers to meet the specific requirements of businesses in specific sectors such as Cyber Insurance, Contract Works Insurance and Machinery Breakdown Insurance.
At PSC Direct we are invested in the continuing success of your business and our brokers will be with you into the future as your business grows and insurance requirements change. Furthermore, in the event of a claim we will be with you every step of the way to ensure you achieve the most desirable outcome for your business.