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Retail check list 

Here are ten things to think about when it comes to covering your business:

  1. Do you own or run a small or medium sized business?
    Don’t just rely on extending your personal insurance. It may not give your business the type or level of cover you expect or need

  2. When was the last time you reviewed your business insurance?
    A lot can change during the year like taking on new staff, getting into new areas of work, or purchasing new assets, equipment or stock.  So it’s always a good idea to review your policy and check you’re covered.  Also it never hurts to shop around and check you’re still getting a good deal.

  3. Do you own business premises?
    If you own your own premises you should consider Business Assets (to cover your stock, equipment and building) as well as General Liability insurance.  If you lease or rent, you still should consider Business Assets (to cover your stock and equipment) as well as General Liability insurance, in case you cause any damage to the property you are in, or other people’s property. If you lease a space in a mall, or want to lease such a space, you may need a specified level of general liability cover as a condition of the lease agreement.

  4. Do clients visit your premises?
    Consider General or Public Liability insurance to cover you for accidental damage to other people’s property or injury to someone else.

  5. If your premises or assets were damaged or stolen how long would it take you to get your business back up and running?
    With key assets damaged you may not be able to work for weeks, but you may still have bills and wages to pay.  Consider Business Interruption insurance. It’s designed to cover loss of profits when your business assets are damaged. If you operate out of a fixed location such as a shop or cafe, then this type of cover becomes even more important.

  6. Do you employ any staff?
    Consider Employer Liability insurance. This can cover sums that you are liable to pay as a result of your employee sustaining a personal injury.

  7. Does your stock tend to fluctuate according to seasons?
    Check to see if your level of cover for your stock automatically adjusts in key seasons such as Christmas.  TOWER (TOWER Tailored Business Policy) does this automatically over November, December and January.

  8. Do you keep a substantial amount of stock in a fridge or freezer?
    If you do, check to see if your refrigerated stock is covered for damage caused by accidental stoppage or breakdown of your fridges or freezers.

  9. Would it help your cashflow if premium payments could be spread over the year?
    Ask your insurance provider about payment options.  Cashflow can be an issue for small to medium sized businesses and paying on a monthly or quarterly basis can be more manageable than a one-off annual payment.

  10. Do you think it is important to support Kiwi businesses?
    If you are keen to support other Kiwi businesses, then check to see if your insurance policy is offered by a New Zealand company. TOWER is a New Zealand company that’s been providing insurance cover for Kiwis for over 140 years.


Request a quoteFor your business insurance quote or for more information,
call us on 0800 379 372 Monday - Friday 8.00am - 5.00pm
or complete TOWER's online quote request form, and we
will contact you.