When you own a retail store, it’s important to have an insurance policy that is tailored to meet your store’s specific needs. First and foremost, the type of merchandise that you sell plays a huge role in choosing a retail insurance policy, because the amount of coverage that you require is dependent upon the value of what you’re insuring. If you own a custom-printed t-shirt shop, you will require much less insurance than a jewelry boutique.
Additionally, there are many different types of retail insurance policies that you may consider. Business property insurance, general liability, commercial crime insurance, workers’ compensation, and business interruption insurance are some of the types of plans that are available to you as a business owner.
Business property insurance can cover the cost of repairing damages due to natural disasters, like a tree breaking your storefront window or your basement being flooded during a storm. This will also cover damage reparations in case of a fire. Not only will property insurance cover the cost of repairs to your actual facilities, but it will also cover replacing damaged inventory/furniture/appliances.
General liability retail insurance is incredibly important, because no one can anticipate when something will go wrong. If a customer gets hurt in your store, of something of theirs is damaged while in your store, general liability insurance protects you from a liability suit going after your business or personal assets.
Commercial crime insurance protects your company from fraud, theft, and forgery. Although you would like to believe that everyone you meet is a good person, that’s unfortunately not the case. Over the course of your business ownership, you may encounter dishonest employees who try to steal from you. Commercial crime insurance will protect you against employee dishonesty, forgery, money theft, burglary or robbery, and computer fraud. There are many things that a dishonest employee can take advantage of, but having the appropriate insurance is the best protection for your company’s assets.
Workers’ compensation is a must for all businesses. Accidents do happen, and you don’t want to run the risk of being responsible for hefty medical bills if one of your employees gets injured on the job and you don’t have adequate coverage. Workers’ compensation covers the medical expenses relating to a workplace injury, and income lost due to absence from work while the employee is recovering.
Business interruption insurance acts as a safety net for your business in the event that something goes wrong for you, either professionally or personally. If you become ill, or experience a family emergency that keeps you from being able to run your business, interruption insurance will keep you afloat while you’re business is closed.
Retail store owners have a lot of important decisions to make involving the appropriate coverage for their businesses. Speaking with an experience insurance broker is a wise choice when trying to make the decisions that are right for your business, because not investing in enough retail insurance can have costly consequences!