You’ve worked hard to create a successful retail business. From writing the business plan, to selecting the merchandise and location, you have labored over every detail to ensure the success of your business. Wouldn’t it be comforting to know that your insurance company has been as thorough in designing coverage to protect your assets? Here are just a few of the insurance options retailers can pick from to help minimize their financial risk from lawsuits, failed equipment and property losses.
- Equipment Breakdown: Helps cover the cost to repair or replace equipment, such as computers, air conditioners, phone systems and steam boilers, from loss or damage caused by mechanical breakdown or artificially generated electrical current.
- Peak Season: Provides an automatic increase to your insurance limit of up to 25% for business content to cover seasonal variations in your inventory of supplies.
- Employment Practices Liability: Helps cover claims, including legal defense costs, for certain employment-related lawsuits brought against you by your employees or job applicants. A basic limit of insurance is automatically provided, with higher limits available for an additional premium.
- Premises and Operations Liability: Helps provide coverage for bodily injury and property damage sustained by others at your premises or as a result of your business’s operations.
- Products and Completed Operations: Helps cover you for losses due to claims for injuries or damages to others caused by the products you sell or by the work you perform for your customers
You need property and general liability insurance to minimize the basic financial risks of running a business. Additionally, retail insurance includes coverage designed for specific industry risks. Our agency can find a customized policy that includes coverage most suitable to you. There is a wide variety of retail insurance options. Here are common coverage's.
- General Liability Insurance: Providing coverage for all premises, operations, products and completed operations. Liability lawsuits from clients, employees, suppliers and the public.
- Property insurance: Offers financial protection in the event that the retail’s property (either its building structure or contents) is ruined or damaged in an insurable event such as a fire or theft.
- Workers compensation insurance: This pays for medical expenses and some lost wages should an employee be injured on the job.
- Business continuation insurance: Provides ongoing income in the event that your business is forced to shut down. Alternatively, it could pay for some of the expenses of temporary relocation of your restaurant.
- Commercial Auto Coverage: You may need a Business Auto policy for vehicles used in the typical operation of your business. This could include vehicles used to travel to trade shows or conventions or to meet with suppliers. It could also include vehicles used to run errands to pick up the mail, office supplies, lunch for an important meetings, or to make a deposit at the bank.
- Umbrella Coverage: Provides additional limits over your existing liability policies.
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- Business Income: This helps cover loss of income when you can’t run your business because of covered property damage caused by an unexpected event. For example, a fire causes your business to close for 3 days while repairs are made. Business Income coverage can help you meet ongoing financial obligations, like rent and payroll.
We can search for the best policies based on the size of your business and the number of employees. Call us today to get started with a free quote.