Everyday retail operations include many different risks and challenges. With many customers and employees roaming your store, there is the constant potential for accidents or liability issues to derail your business.
What Is Retail Insurance?
Retail insurance is a type of business insurance tailored specifically for stores. The need for the various coverages usually included in retail insurance transcends your merchandise or specific operations. Regardless of if you sell expensive jewelry, high-end clothing, electronics, sporting goods or groceries, all retailers should strongly consider acquiring retail insurance.
Most adequate retail insurance policies will include some combination of the following coverages:
- General liability—When facing a lawsuit arising from an incident for which you are held liable, such as if a customer is injured after slipping on a wet floor, this coverage can help.
- Commercial property—This coverage protects the property you use for business operations, including your building, equipment, signage, landscaping and furniture.
- Business income—If your store is forced to close or unable to operate due to a covered event, business income coverage can help pay for various expenses, including rent, lost revenue and employee wages.
- Commercial crime—Unfortunately, crime is a constant threat to retail businesses. Commercial crime coverage can protect you from theft, burglary, robbery, forgery or alteration, and employee dishonesty.
- Workers’ compensation—This type of coverage is essential for helping you pay for any medical expenses, lost wages and restitution owed to an employee due to a work-related illness or injury.
Your business may want to consider adding other types of coverage to your policy, including cyber liability, commercial auto and employment practices liability. Our agency is happy to help you construct the right policy to suit your needs.
Protect Your Business
Valuable products, fast-paced foot traffic and frequent transactions all contribute to an exciting but potentially risky environment. For retail businesses, it’s necessary to offset these threats by making sure you have the right insurance. Contact R Hobbs Insurance today to start putting together the right coverage for you.