What is Theft Cover?

You’ve worked hard to build your business from the ground up. Along the way, you’ve invested in some pricey pieces of equipment, and you may be the proud owner of valuable stock. Your stock and contents are a valuable part of your business. Without any or all of your stock and contents, your business operations might be severely impacted, or even brought to a standstill.
Many Kiwi small business owners have chosen to take out Theft cover to protect their businesses should the worst happen.

Theft Cover*
This insurance product can cover your contents, stock or from theft, attempted theft or armed hold up. It is not uncommon for theft insurance to require the item stolen to have been securely stored before the theft and for there to be evidence of forcible or violent entry in the commission of the theft.

Did you know?
In New Zealand, retail crime alone adds up to over $1 billion a year (business.govt.nz 2021), with estimated losses of $2 million a day in stolen products (startupdaily.net 2016)? This is no small sum, and small business owners should not have to foot the bill for this crime. This is just one reason why taking out Theft cover appeals to so many Kiwi small business owners.

What’s typically covered?

• Stock in trade
• Patterns, models, moulds and designs stated on the Policy Schedule
• Your fixtures and fittings if you are a tenant
• Advertising and display equipment
• Computers and other equipment for storing data
• Machinery and plant, tools, instruments and utensils of trade and equipment
• Furniture, furnishings, carpets, curtains and internal blinds

What’s typically NOT covered?

• Money or negotiable instruments (this can be insured separately)
• Jewellery, furs, bullion, property made of gold or silver or precious stones
• Motor vehicles unless they are stock
• Glass (you can purcahse glass cover seperately)
• Property not contained in a locked building
• Documents, patterns, models, moulds, plans or designs unless shown on your Policy Schedule.
• Tobacco, cigarettes or cigars unless shown on your insurance certificate

Things to consider

1. If your business was broken into, would loss of business contents or stock put financial pressure on your business? Would you be able to cover ongoing expenses such as rent and bills even if you had to shut your doors for a few days or even weeks while you replaced stock and contents?
2. Is your business in a high theft risk area?
3. Do you have strong physical security systems and deterrents, such as bars on windows, lock-in shutters and alarms?