Owning and managing a retail store is no easy feat. There are many intricacies that make daily operations possible. And just like any other type of business, there are threats and risks that can shake a retailer’s financial ground — namely, theft (from both customers and employees). Luckily, you can protect your store with a good retail insurance policy that is custom tailored to fit unique retail needs.
The foundation of every business insurance policy begins with property and general liability coverage, which helps cover physical assets and your responsibility to provide a safe environment for customers. In addition, consider the following coverages that are more geared toward protecting retailers.
- Product liability: Offers coverage against claims that a product sold at your store caused injury or illness.
- Property in transit: Protects goods as they’re transported and covers damages incurred along the way.
- Business income: Provides funds to compensate for lost income if your store is forced to temporarily close due to a covered disaster.
- Equipment breakdown: Covers repair/replacement costs for equipment that is damaged or destroyed due to mechanical breakdown, a power surge or another covered event.
- Employee dishonesty: Provides reimbursement in the event of employee theft or fraud.
- Commercial auto: Similar to personal auto insurance, this covers business-owned vehicles and their drivers while on the road.
- Worker’s compensation: Provides funds to employees who are injured on the job, including medical expenses and lost wages during recovery.
For questions about the unique risks of your store, contact our agency today. We promise to give you the personalized assistance you deserve.