Theft is an unfortunate part of doing business for hospitality venues. It can hinder operations by taking money from other areas of the business or forcing a temporary shutdown until you replace essential equipment.
Theft insurance is a godsend for many restaurants and cafes when sticky fingers walk off with your property. However, there’s a common misconception that theft is covered by contents insurance which is not always the case.  Here’s why:
What is theft insurance?
Theft insurance* is an optional cover option available through your business insurance pack. It covers you against loss and damage as a result of theft or attempted theft from your business premises. Damage to the building, locks and safes as a result of a covered event will also be covered.
Typically, items must be securely stored before the robbery for the policy to cover them. When you make a claim, you may need to provide evidence of a break-in, such as a broken lock or smashed window.
Isn’t this covered by building and contents insurance?
Short answer: no. But you’re not the only business owner who has made this mistake.
Building insurance* covers your building if it is damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy. It covers the buildings where you operate but not the items stored inside.
Contents insurance* covers damage to your contents, stock and due to fire and other perils listed within the policy wording.
Because building and contents policies typically do not cover thefts, you could be left to replace stolen items from your own pocket. This is why it’s important for you to always review your cover. Theft insurance can help remove the worry of forking out hundreds (if not thousands) of dollars for your hospitality business.
Theft insurance in action
Here’s how theft insurance saved the day for one Australian restaurant†:
Eight iPads and the cash drawer were stolen after two thieves broke in after hours. The restaurant owner notified the police and lodged a theft claim, part of their business insurance pack.
The restaurant owner provided photos of the damage and CCTV of the incident, as well as original purchase receipts for the stolen items and quotes for replacing them. This information helped speed up the claim, and the insurer paid $2,997.26 to replace the iPads and cash drawer.
Without theft cover, the restaurant would have been out of pocket replacing their stolen items. Instead, they could buy replacements without affecting their cash flow.
Get theft insurance for your hospitality business
Adding theft insurance to your business insurance pack could be a wise move for your restaurant or café. BizCover can help you compare quotes and get instant cover online in minutes—no complicated paperwork, no dramas.
Visit bizcover.com.au to switch and save today.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
†The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizCover. © 2024 BizCover Pty Limited, all righ
