There are over 2,000 Supermarket businesses in Australia, employing over 300,000 people across the country. These businesses contribute significantly to the economy as a whole, generating $105billion annually. This is clearly a lucrative industry to be in, however business owners in this sector are exposed to significant risk and competition.
Australia’s Supermarkets and Grocery Stores industry is one of the most competitive industries to be in. In the last 5 years, German Supermarket ALDI has quickly grown, significantly altered the industry as a whole with its discounted offerings. This has forced others in the industry to cut their own prices and expand their private-label product ranges in order to stay competitive. Changing consumer attitudes and shopping preferences have also heavily influenced the industry. Operating in such a volatile environment, these businesses should be protected.
What is Supermarket Insurance?
Supermarket Insurance is specialist business insurance curated to address the risk exposure of businesses operating within this sector.
Supermarket Insurance can help your business survive the unexpected, with minimum losses.
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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 that Supermarkets are Exposed To?
For business owners, knowing the risks that you are exposed to and taking steps to minimise the chance of these risks occurring is key to the ongoing success of your business.
Every Supermarket is different, however there are certain risks that are common to businesses across the industry. The following risks should be considered by all supermarket managers:
- Manual Handling: Staff may suffer strains or bruising injuries, to their back or elsewhere, from taking deliveries and stacking shelves.
- Slips, Trips and Falls: Staff and customers may suffer sprains, fractures or bruising if they trip over objects, such as stock, or slip on spillages and fall.
- Violence: Supermarket staff may be on the receiving end of threatening behaviour from shoplifters or abusive members of the public.
- Falls From Height: Supermarket workers often have to change light bulbs and promo displays that are high in the air. If they fall from this height they may suffer bruising and fractures.
- Moving Vehicles: Staff or members of the public could be injured by being struck by a delivery vehicle or other vehicle on the premises.
- Cold Temperatures: Staff may suffer discomfort or even injury when carrying out freezer work.
What Are the Key Elements of a Supermarket Insurance Policy?
We know that choosing the right covers for your business can be difficult as the most appropriate cover is dependent on a number of factors. We will consider the size and type of your business, the amount of employees you have and whether you rent or own your premises to recommend a policy that suits your individual circumstances.
A typical supermarket insurance policy may include the following covers:
- Business Interruption Insurance: Business Interruption Insurance covers your business for loss of profits while it is out of action as a result of an insured circumstance. It protects your business for loss of income or expenditures sustained as a result of direct loss, damage, or destruction to your insured property.
- Commercial Property Insurance: Providing your business with financial protection against damage to your physical assets and property.
- Cyber Insurance: Cover that protects businesses from risks relating to their IT infrastructure and activities. Cyber insurance will typically cover losses incurred as a result of data destruction, extortion, theft and hacking.
- Electronic Equipment Insurance: Covering your business for the associated costs and losses in the event that any of your electronic equipment (such as computers or electronic point of sales systems) breakdown.
- Public Liability Insurance: Protection for legal and court costs in the event that someone is injured, or has their property damaged while you are providing a service to them.
Who Needs Supermarket Insurance?
Australia’s Supermarket industry exhibits great diversity in terms of size of business, region, retail format, and the nature of goods sold. While this type of retailer generally concentrates in supplying a range of food and beverage products, many have now diversified and supply products from the home, fashion and electrical products markets too.
No matter what type of supermarket you own, from a huge cosmopolitan superstore to a modest local grocery store, you need to ensure it is protected. At PSC Direct, we can source the most appropriate insurance cover to suit your specific business needs.
How PSC Direct Works for You
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and public liability insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
- 72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.