From shopping malls and high streets to online
Retail is a competitive business. The retail sector is changing as the economy and technology develops. Retailers are working harder than ever before to succeed.
There are almost 160,000 retail businesses in Australia and majority are small businesses. Retail is one of the largest employment sectors in Australia.
From Hardware to Homeware, Tempo Insurance Group has the experience to advise your retail business.
We understand that every retail business is unique, and we will take the time to build an insurance program that protects your business.
Key Risks for Manufacturing Businesses
Property and Equipment
Whether you own or lease your location, most retail businesses cannot operate if their location is out of action.
Insurance protection for your property, plant and equipment is critical to the ongoing success of your business.
If you rent your location, you should also check your lease and confirm if you are responsible for insuring Glass.
Business Interruption
Could your retail business survive with revenue for 3 months?
As they say, “Cash is King”
Business Interruption Insurance covers your fixed costs and profit in the event of insurable damage to your business location.
Calculating your Insurable Gross Profit is complex, and we have the experience to assist with this.
Public and Product Liability
Under Australian Law, it is your responsibility to make sure that your products are safe and fit for purpose.
If your products cause injury or property damage to a third party, you may be responsible for this.
Public and Product Liability Insurance covers your legal liability to third parties for product damage and bodily injury caused by your business.
The policy can also cover legal fees you incur to defend yourself.
Cyber Risk
As retailers pivot online, they become more vulnerable to cyberattacks.
You may hold Personal Information about your customers. This information is gold for cyber criminals who can sell this information or use it to commit online crime.
Cyber insurance covers the costs associated with cyberattacks, including ransomware, data breaches, and system recovery.
How Tempo Insurance can help
Tempo Insurance Group is a specialist insurance broker for retail businesses.
We understand that every business is unique and we will take the time to build an insurance program that protects your business.
- Speciality stores
- Online retailers
- Supermarkets
- Household goods
- Clothing and footwear
- Department stores
- Franchises
Contact us for a quote or more information
Frequently Asked Questions
Do I need Glass Insurance
Under most business property policies, glass is an additional option.
Many retail businesses are located on a High Street with a glass shop front. Most commercial property leases require the tenant to insure glass.
If you lease your location, you should check the lease to confirm if you are responsible for insuring glass.
Do I need Public Liability Insurance?
Australia is one of the most litigious countries in the world. Under Australian Law, it is your responsibility to make sure that your products are safe and fit for purpose.
Public and Product Liability Insurance covers your legal liability to third parties for product damage and bodily injury caused by your business. The policy can also cover legal fees you incur to defend yourself.
For example, if a customer slips over in your shop, they may take legal action and hold you responsible for their injury. Public Liability would protect you from this claim.
I import products from overseas, what insurance do I need?
Under Australian consumer law, an importer can be deemed the manufacturer and, therefore, liable and legally responsible for any problems caused by the product.
You should consider Public and Product Liability in order to cover the risks associated with importing.
