April 19, 2022
Agency
Is There Insurance for Retail Owners?
Retail stores are unique businesses that require specific attention and insurance. Whether you run a florist company, a pet store or a jewelry store, you’ll want to invest in retail insurance. 
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Professional liability: As opposed to general liability, professional liability provides coverage against claims made against your business due to errors and omissions or negligence.
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Directors and officers: Directors and officers liability coverage protects your business in case a claim is filed against one of your directors or officers.
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Cyber liability: If you run a business with an online store, you will want cyber liability insurance. This provides coverage in case a cyber attack which can cause information leaks, blackmail and more.
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Business owner’s policy: A business owner’s policy, or BOP, takes general liability and property coverages and brings them together into one business-tailored property.
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Employment practices liability: Employment practices liability provides coverage in case an employee files a claim regarding violation of their legal rights by the company.
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Liquor liability insurance: If your store sells liquor, you’ll need liquor liability insurance to protect you in case a customer commits a crime or other deed after drinking alcohol bought from your store.
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Property/inventory insurance: A retail store has a lot of items to cover. If a disaster strikes or if your goods are stolen, it’s important to have the loss covered with property insurance.
All businesses typically require workers’ compensation in case an employee is injured on the job. This is especially important for pet stores or any retailers selling heavy equipment. Additional insurance that stores may need are:
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Commercial auto insurance: Personal auto insurance most likely won’t cover you or your employees when driving vehicles used or owned by the business, which is where commercial auto insurance steps in.
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Inland marine insurance: If you transport goods and equipment often, those items may not be covered by personal or commercial auto insurance. Inland marine insurance offers coverage for goods and equipment damaged or stolen while in transport.
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Jewelers block insurance: Jewelry stores or stores that carry jewelry will want to invest in jeweler’s block insurance. Property or inventory insurance may not cover expensive jewelry items.
Shop around and check the insurance laws in your area. Most states have certain laws regarding insurance that certain retail stores must carry.
Tags: Retail insurance