As a retailer, your business is a valuable asset to your community – but you also have complex challenges. You may be vulnerable to changes in the economy, extreme weather events, injuries to staff, product contamination and competition from powerful overseas brands.

What’s more, as more retailers move some or all of their business online and increasingly use in-store technology, you are more likely to be targeted by cyber-criminals.

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Who should consider it?

Whether you run a small café or a large restaurant; a corner store or a nation- wide chain, you’ll be exposed to risk. Even if you don’t have a physical store, your business is still exposed to risks like cybercrime, fraud or injury to customers from a faulty product.

A range of covers can be arranged to suit retailers in all sectors, including beauty, hairdressing, clothing and footwear, department stores, food and liquor, furniture and electronics, plus many more.

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Case Study

Paul and David own a thriving café in inner-city Melbourne. Most of their customers are people who work in the city. They employ a close-knit team of waiting staff, chefs, kitchen hands and baristas.

A burst water main floods their café one night, causing serious damage to the interior, kitchen and serving area covered by their policy. The business needs to close for nearly three weeks for repairs, which means they could have no trade or income during this period.

Fortunately, Paul and David have Business Interruption insurance. This means they’re able to cover their usual bills and pay their staff while they’re getting repairs done and are unable to open their doors. This takes some of the stress out of dealing with the accident – and means their valued team should not suffer financially.

➤ in fact

“In-store technology will provide experiences that cannot be replicated online, increasing the convenience of shopping and payment through in-store product information and comparisons, and promotion of brands.”

CBRE, 30 Predictions for 2030: The future of retail in Australia, 2019

Australia’s retail sector is worth over $325 billion.

(Australian Retailers Association website, 2020)

The retail sector is the second largest employer in Australia, employing almost 11% of the population.

(Business Insider Australia, Report: A guide to change in the retail industry, 2018)

The cost of cybercrime is estimated to cost Australian businesses more than $1 billion each year – and this figure is rising.

(NSW Small Business Commissioner, Cyber Scare: A look at small to medium-sized business and the emergence of cybercrime in Australia, 2017)