Published: 10 February 2023
Protect your business from rising retail crime
Retail crime is a very real source of concern, costing businesses often thousands of dollars in replacing stock and repairing damage. Learn more about your insurance options to help protect your business.
Over the past year the media has confronted us with almost daily images of business owners boarding up their shop entrances, sweeping up glass and assessing stock losses as ram raids continue to rise.
Retail businesses being targeted include liquor stores, vape shops, dairies, petrol stations and high-end clothing stores. The most common items being stolen are generally money and cash registers, tobacco, alcohol and branded clothing.
Ram raids are noteworthy for both their brazenness and frequency. Data released by the New Zealand Police under the Official Information Act (requested by Open Justice) revealed more than 500 recorded ram raids in 2022, a six-fold increase from four years ago. *
- Replacing stolen property and stock
- Cost and time to repair damage to the building (such as shopfront glass), often exacerbated by nationwide supply chain shortages
- Stress to staff and owners in dealing with the aftermath of the criminal activity.
Accessing appropriate insurance solutions is an effective risk management measure to help minimise the financial impact of retail crime.
If your store is impacted by a ram raid, Business Assets and Business Interruption insurance solutions can help you recover and get back on your feet.
- Business Assets (covered under your Material Damage Insurance):It can provide cover for physical loss or damage to your buildings, equipment and stock caused by burglary or weather-related events.
- Business Interruption Insurance**:It can help businesses recover after experiencing an unexpected event (such as a ram raid) which brings operations to a temporary standstill. It can cover lost revenue, insurable gross profit and fixed expenses including staff wages or loan repayments.
Talk to your broker about the right insurance cover for your business.
*https://www.nzherald.co.nz/nz/adrenaline-and-tiktok
**A separate Business Assets or Material Damage policy is required to cover your business assets and must be triggered first to initiate a Business Interruption claim.