SME Business & Retail
The SME business and retail sector in Australia thrives on innovation, customer satisfaction, and smooth operations. Protect your business from risks such as property damage, theft, and liability claims with our tailored insurance solutions. Whether you run a small boutique, a growing enterprise, or a multi-site retail network, we’ll focus on keeping you covered.
Products
- Business Insurance Pack
- Cyber
- Crime
- Workers Compensation
- Marine
- Management Liability
- Motor
- Product Recall
- Professional Indemnity
- Corporate Travel
Some significant exposures for SME and retail businesses
- Crime – fraud-based claims and employee dishonesty
- Crime – theft of cash or property by shoplifting
- Cyber – external hacking to gain access to sensitive/confidential client information
- Equipment – breakdown of refrigeration machinery and consequent loss or deterioration of stock
- Equipment – breakdown of communication, computer and EFTPOS machines
- Management risks – breaches of WHS legislation, discrimination, privacy breaches and other employment practices liabilities
- Marine – loss or damage to goods being delivered where a delivery service is offered
- Product liability – errors in labelling and packaging/repackaging
- Product liability – product tampering
- Product liability – food poisoning or foreign objects in food products
- Property damage – faulty display lighting or faults in refrigerated showcases
- Property damage – faults in air-conditioning and refrigeration systems or other building plant and machinery
- Public liability – customers slipping on spilled produce, food or liquids or customers tripping over fallen merchandise
- Workers’ compensation – electric shocks from lighting or poorly maintained displays or refrigerated showcases
- Workers’ compensation – back injuries from lifting and carrying stock
Product Spotlight – Management Liability
Management Liability Insurance protects business leaders from personal financial loss due to claims of mismanagement, breach of duty, or other wrongful acts. It covers legal defense costs, settlements, and fines, offering vital protection for directors and officers. This insurance is essential for businesses of all sizes, as it safeguards both the company and its leadership against potential risks
Common sources of claims include:
- Regulators alleging improper or illegal conduct
- Defamation by directors/officers
- Workplace health and safety incidents
- Employee theft of money and property
- Tax audits/investigations
- Employment issues including unfair/wrongful dismissal, discrimination, harassment, wrongful failure to employ or promote
- Breach of intellectual property rights
- Social engineering fraud
Claims Example
Employee Theft
Business Details – Food Wholesaler
Background – An employee of the insured concealed transactions with a retail distributor to steal and sell fresh produce, hiding the theft by omitting entries in the sales management system.
Outcome – The crime section under the insured’s management liability policy responded to cover the loss.
Total Payment – $250,000
Alleged Wrongful Dismissal by Employee
Business Details – Food Manufacturer
Background – A former Managing Director alleged wrongful dismissal after termination. They claimed the insured breached the employment contract by failing to appoint them as CEO, withholding agreed remuneration and incentives, and taking adverse action in response to complaints about these breaches.
Outcome –The employment practices liability section under the insured’s management liability policy responded to cover the loss.
Total Payment – $370,000
Shareholder Dispute
Business Details – Clothing Retail
Background – Minority shareholders of a clothing retail chain alleged unfair prejudice regarding a share option that diluted their interests. Proceedings were initiated to compel the majority shareholder to purchase their shares. The case settled on the first day of the hearing, with the majority shareholder purchasing the minority interests.
Outcome – The directors & officers liability section under the insured’s management liability policy responded to cover the loss.
Total Payment – $725,000
Liquor Licensing Violation
Business Details – Bar
Background – A bar licensee faced a complaint from police for failing to maintain safety and health standards, breaching liquor licensing laws.
Outcome – The statutory liability section under the insured’s management liability policy responded to cover the loss.
Total Payment – $28,000