In order to provide small retail operators with more comprehensive protection, GIO Business Insurance has released an all-in-one insurance policy designed to meet their specific needs that also includes often-overlooked coverage.
The Retail Protect policy combines common insurance covers traditionally found in general packages, such as Public Liability, Property Damage and Theft, with standalone covers such as Management Liability and Commercial Motor insurance.
The policy also includes Business Interruption, which is one of the most important – and most overlooked – insurance covers for Australian businesses.
GIO Business Insurance Senior Leader, Commercial Portfolio, Leigh Smith says retailers usually buy a general business insurance package that includes cover for common claims such as public liability, fires and theft.
“If they want to cover more advanced risks, such as lengthy trading interruptions or unfair dismissal claims, they must take out separate policies in addition to their packaged cover,” he said.
“However, some business owners will overlook these separate covers, thinking their general package will be sufficient. As a result, many retailers are underinsuring by neglecting the additional cover and exposing themselves to easily avoidable risks.”
The Retail Protect policy also includes a range of covers specifically for retailers that deliver goods to customers, including Commercial Motor, Goods in Transit, and Portable Items.
Commercial Motor is similar to personal motor insurance for business vehicles, while Goods in Transit provides cover for stock transported to customers. Portable and Valuable Items covers mobile business equipment, such as mobile phones, computers and handling equipment, against damage and theft.