What Makes Retail Insurance Necessary?
For any business owner, retail business insurance is a must-have. Many small business owners know how critical it is to be insured, but this goes further with retail establishments. With the many moving parts involved in any business, from inventory protection, customer and staff safety, to store maintenance, the retail industry has a large amount of potential liability.
Owners of retail businesses, whether a mobile booth, an online eCommerce store or a brick-and-mortar location, should consider retail insurance. But is retail insurance affordable? Are its expenses worth it for your business? What coverage or policy amount is right for you? Are you unsure where to start in the process? Below is the breakdown of what you should know regarding retail insurance to ensure you arrive at the right decision. Working with an agent from Connect Insurance will help you to navigate this process.
What Is Retail Shop Insurance?
Retail insurance protects your business or store from potential lawsuits and other business-related losses. Good retail store insurance covers the daily risks, including those risks unique to your business operations. Below are the common risks faced by retailers:
- Damage or theft of merchandise, equipment, or business property
- Employee injury or illness on the job
- Data breach on the business' cyber systems
- The loss of income after a retailer shuts down for repairs to physical damage
- Accidents, weather events, or disasters that might damage your business property
eCommerce businesses, flower shops, grocery stores, clothing stores, and jewelry stores are some businesses that a retail insurance policy can cover. Below are some reasons to consider purchasing a retail insurance policy.
Protect Your Assets
Although a limited liability policy can protect your assets, a retail insurance policy protects your business assets. The specific policy that you will need highly depends on your business. However, if you've got a physical store, you might have to consider protecting your inventory, customers, premises, and employees.
Texas Law Requires You Have Insurance
Starting a business without an insurance policy could potentially be illegal if you have employees. Retail business insurance is necessary for some states, even if you work alone. Hence, it would help if you worked with independent retail companies like Connect Insurance to get the correct retail insurance before opening your doors.
Manage Common Risks
It is thought that retail businesses are at a higher risk compared to renters or homeowners because they've got many people involved and moving parts. People might be injured in the store; there's merchandise on display, risk of buying inventory but not selling it, or property damage that can all be covered in retail insurance. A lot might happen, and it is important to ensure that you're protected against injuries, theft to your customers and employees, and any probable product malfunction.
Be Ready For Claims
Falls and slips are common accidents that happen within the retail industry. According to data from NIOSH, falls, trips, and slips accounted for 27% of the more than 90,000 injuries at work in 2018. If an employee or a customer should encounter such accidents in your business and decide to sue, the costs can add up. Therefore, it would benefit you to get retail store insurance.
Retail Insurance FAQ's
- What Insurance Do You Need For A Retail Business?
Most retail businesses should acquire commercial property insurance for retailers and general liability insurance. These two retail insurance policies are necessary to protect a retail storefront. Public liability insurance covers bodily harm, property damage, advertising, and personal injuries. Commercial property insurance for retailers will cover damages from hazards like hail, explosions, vandalism, windstorms, fires, and lightning strikes. - How Much Does Retail Business Insurance Cost?
The cost of retail store insurance varies based on different factors. These include your business's industry, nature, and location, the number of policies, policy limits, type of coverage, previous claims history, your business assets, and the number of employees. Visit our website for a retail insurance quote. If you need more insurance coverage, you will have to pay more for your policy. For instance, online retail business insurance might cost you less in insurance compared to when you have multiple employees and a physical storefront. - What Things Are Covered Under A Workers Compensation Policy?
A workers compensation policy is essential for any business, including retail. It covers employee lawsuits because of injuries, ongoing care, funeral expenses, death benefits if an employee dies on the job, and medical bills for the employee sickened or hurt at work.
Regardless of the size of your business, retail insurance coverage is vital. Physical businesses with many employees are exposed to various risks like theft and personal injuries. A retail insurance policy protects you from the expenses that arise from these eventualities. Do not navigate this challenging process alone. We can help. Work with professionals who can review your options and offer you advice. Contact us at Connect Insurance for a retail insurance quote today.