Your point of sale system has value and needs to be considered in your business insurance policy. It does not take long for a thief or a fire for you to lose it.
In my experience, the major insurance companies, on cost give a very competitive insurance rate, but you need to be aware that often
Chancy in the sense that often for the most unexpected reasons.
I have seen them reject claims and the person being insured get nothing.
They rarely move quickly.
I have seen people being arguing over the settlement for a long time. It is not a lot of fun when you have a $20,000 bill that you paid for an emergency installation, because you need to have a working computer system is still not reimbursed a year later.
They often do not pay all
Particularly with fraud when the numbers get very high the insurance companies pay only a percentage. Say on a $1 million dollar claim, the judge nominates you for a 10% legal slap on wrist, well that will be to you $100,000 plus maybe legal fees which will not be reimbursed.
There are several points I would recommend that when getting your business policy you consider.
When getting your business policy you consider.
How much is it going to cost you to install and replace the damage?
You need here to also consider portable business equipment, like your mobile phones and laptops.
Loss of business while it is being replaced
These costs can quickly add up.
If you offer services like phone cards, bill payments, etc, you may not be able to sell these products until the computers are up and running.
You may need more staff to do the ordering.to record sales, etc
Your VIP club which now on many of our sites is generating about 4% of their trade is off.
If you have a website, it may be affected too.
Then there is loss of goodwill.
Public, Products, Privacy etc. Liability
Here is a horror scenario that happened. A power spike caused a monitor to explode, which sent flying glass throughout the shop. Luckily it was after hours, and the shop was empty, but what would have happened if it was when the shop was open and busy?
Privacy laws and the consequences of breaking it are very scary. There are special policies for this too.
If your EFTPOS is hacked, you might be responsible click here. It would not take long, with skimming your EFTPOS to build up a fair bill. Say you do 40 a day, over six days = 240 EFTPOS transaction. Say $2,000 taken off each that is $500,000+ plus damages plus legal etc.
Miss use of your systems, have a read here.
This is all worth thinking about this when making your business insurance policy.