Retail Business Insurance 

Compare insurance quotes with Savvy to help you find the best policy for your retail business. 

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, updated on August 1st, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

A busy shop filled with eager customers can be great news for any retailer, but shopping crowds clamouring for a bargain can also bring with them additional risks. However, if you have great business insurance to protect you and all your assets, you can sit back and enjoy the crowded spectacle in your shop knowing you can claim for a variety of covered events.   

You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your shop or retail outlet and the insurance you need and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance for your retail business today. 

What types of insurance should I buy for my retail business?

There are several types of business insurance you should consider for your shop or retail business. These include: 

Public liability insurance 

Public liability insurance is essential for anyone who has a business that involves contact with members of the public. It can cover you against claims that your business activity caused injury to a customer, client or supplier or that it resulted in damage to their property. This insurance can offer between $5 million and $20 million worth of coverage and is a compulsory element of most commercial property leases. 

What it covers:  

  1. Third-party personal injury claims 
  2. Damage to a third party’s property 
  3. Legal fees to defend yourself 

Product liability insurance 

Product liability insurance can cover you against third-party claims that a product you sold was faulty or caused material loss, sickness, injury or death.  

This type of insurance is important for any retail outlet (including online retail businesses) because your business can be held responsible for any product you supply, even if you’ve just imported or bought the product from its original manufacturer. 

Cover starts from $250,000 and can often be bundled together with public liability and other forms of business insurance into a business insurance package. 

What it covers:  

  1. Claims that a product you supplied caused sickness or injury 
  2. Third-party damages claims 
  3. Legal fees to defend yourself 

General business insurance 

General business insurance is also necessary to protect your shop fittings, stock and glass against any insured events that may affect your business. Business insurance can include many specific types of specialist insurance that are necessary for retailers, such as:  

  1. contents and stock (which you can choose as an optional extra cost as part of a business assets insurance option) 
  2. glass breakage – which is another add-on purchase which can offer protection in case of vandalism to your glass shop fittings or an accident or natural event which results in your glass shopfront being broken 
  3. business interruption – which can protect you if an insured event causes you to shut your business and suffer financial loss 
  4. building insurance – if you own your retail premises and suffer damage to the structure of the building 

What it covers: 

  1. Fire, storms, water leakage 
  2. theft, vandalism and collision incidents which cause damage to your business assets 
  3. electronic and other portable equipment  

Cyber liability insurance 

Cyber liability insurance can protect your EFTPOS terminals and computer systems from many forms of cybercrime. It can also help you recover if your systems are hacked or sensitive customer information is stolen. 

What it covers 

  1. Data breaches including theft of client information 
  2. The cost of a forensic investigation into the cause of the breach 
  3. Data recovery costs 
  4. Cyber extortion and denial of service threats 
  5. Crisis management costs 
  6. Advertising and communicating with customers 
  7. Legal costs including any fines and penalties imposed

What isn’t covered under general business insurance?  

The most common general exclusions include: 

  1. Injury to yourself or your employees 
  2. Flood damage 
  3. Glass breakage (unless you have specific glass insurance) 
  4. Unlawful activity or criminal negligence 
  5. Reckless behaviour or intentional damage 
  6. Anything to do with asbestos 
  7. The effects of pollution caused by your business activity 
  8. Damage to computer hardware 
  9. The upgrading of a system unrelated to cybercrime 
  10. Power outages or failure of satellite or telecommunication services 

How much will my retail business insurance policy cost? 

There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:  

  • The state you’re in  
  • Whether you live in a rural or urban area 
  • Whether you’re a sole trader, are in a partnership, or run a business 
  • Your business size and turnover  
  • If you have any employees 
  • Your insurance history 
  • Whether you’ve made an insurance claim in the past five years 

The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.  

However, the cost of business insurance for a shop in Melbourne may not be the same as the cost for a similar business on the Gold Coast, as your location also plays a part in determining insurance risk. 

You can find out how much any specific type of business insurance will cost by comparing quotes right here with Savvy. Whether you need insurance for your retail business or your online store, you’ll be able to find a policy which is perfect for your business needs right here. 

Why do I need retail business insurance?

Shops welcome thousands of customers a year into their stores. Any of these customers could potentially fall, slip or get injured whilst shopping. Public liability insurance is there to protect you from liability associated with your customers, clients and suppliers. 

Most small to medium-sized businesses have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe such as a fire which destroys an entire shop and all its contents. If this happens to you and you have adequate insurance to protect your business, you’ll have a far better chance of recovering quickly and getting back on your feet

Types of business insurance

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Frequently asked questions about retail business insurance

Is public liability insurance compulsory for retailers?

Public liability insurance is a required condition of most business leases. In addition, many landlords also require glass insurance to be taken out before they will sign a new shop lease agreement. Your landlord may ask to be listed on your insurance policy as an interested party when you do take out glass insurance for your premises.  

What’s the difference between public liability insurance and professional indemnity insurance?

The difference between public liability and professional indemnity insurance is that public liability offers cover for claims by third parties that your business activity caused injury, illness or damage to property. Professional indemnity, on the other hand, offers cover for claims by customers or clients relating to professional mistakes or negligent advice which caused material loss. As such, depending on the nature of your retail business, you may not need professional indemnity cover. 

Is it cheaper to take out a business insurance package rather than separate insurance policies?

Retail business insurance packages may prove to be cheaper than taking out several separate policies in certain situations. However, this will depend on the number of different types of insurance you need, so it’s important to compare your options before you buy to determine which is most cost-effective for your business. 

What information will I need to make an insurance claim?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident (what happened to cause the damage or loss) 
  • Specific dates and times when the incident happened 
  • Contact details of any other parties involved (or witnesses to the event) 
  • Details of your police report number (if a crime took place) 
  • Details of the property lost or damaged (including its age and value) 
  • Your bank details for settling the claim

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Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.

Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.

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