The end of 2020 is in sight, with many retailers hoping for a strong Christmas to make up for the poor trading conditions this year. Whilst there is a lot to prepare for the Christmas trade, it’s important to take some time and check in to ensure you have enough financial protection to keep your business safe over the festive season and into the new year.
Increase in stock
By now most retailers have increased their stock levels in preparation for the Christmas trade. If you don’t have cover it is worth looking at options to protect your stock. If you do already have Business Insurance to cover your stock and contents from theft or damage, it’s worth checking your policy wording to see if you are adequately covered, including whether your policy contains an additional benefit providing a seasonal increase in cover amounts.
Increase in customers
With more visitors to your premises and more stock around there is also an increased likelihood of an incident or accident. It could be as simple as someone tripping or slipping or overstocked merchandise falling from shelves. Now’s the time to make sure you have Public Liability insurance, and if you do have it, make sure you have adequate cover.
Increased chance of burglary
During the break many stores will operate shorter hours, or they may close their doors over the public holidays, making it an opportunistic time for burglars with an increased likelihood of break-ins. We’ve already mentioned checking you have enough cover for stock and contents in the unhappy event of a break-in, but also think about cover for glass if you have a big shopfront window or glass cabinetry and make a plan to remove any cash from the premises.
Unfortunately, we’re all too aware of the impact of the bushfires from last Christmas. If you are in an area that could be impacted by bushfires it is smart to ensure that your business has the right cover, including cover for your premises if you own them. Business Interruption is also important to consider, providing cover if faced with the possibility that you won’t be able to operate due to fire.
It’s good to regularly review your policy to ensure you are paying a fair price for your cover. This does not mean reducing your cover but rather comparing policies. With BizCover you can click compare your cover and buy online in minutes. Like Rebecca, a clothing retailer from Melbourne, saved $400** when she switched her business insurance through BizCover.
As an NRA member you also get up to 15% off on Business Insurance Packs and Public Liability insurance with BizCover. Visit the Member Portal Exclusive Offers page to redeem your discount.
* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
**Savings made July 2020.