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General liability Coverage
Risk Factors
If a customer slips and gets hurt while shopping in your boutique or if your employee breaks a customerâs phone while helping them make a purchase, you can be held liable for the damages.
Solution
General liability helps to protect your retail business from lawsuits claiming youâre responsible for an injury or property damage. General liability insurance can help cover their medical costs or replace a damaged item.
Commercial property Coverage
Risk Factors
Commercial property insurance can help to protect the place where you run your retail business.
Solution
It helps cover your businessâ inventory and owned or rented equipment including Rolling crates, Shelves, Computers and Cash registers.
Data Breach Coverage
Risk Factors
Retail businesses often collect sensitive employee and customer information including Credit card numbers. The loss or theft of that information could leave your store open to lawsuits and damage your reputation.
Solution
Data breach coverage helps pay the costs that result when personally identifiable information is lost or stolen, including Notifying impacted individuals, Managing public relations and Good faith advertising.
Employment Practices liability Coverage
Risk Factors
Retail businesses may face claims from current or past employees over issues such as Harassment, Wrongful termination, Wrongful failure to promote and many more.
Solution
If an employee sues you for discrimination, your retail business may face significant costs for your legal defence. But EPL can help your business cover those costs.
Workersâ Compensation Coverage
Risk Factors
If an injured employeeâs family decides to sue you, you may end up paying for legal expenses from your pockets.
Solution
Required by most states, workersâ compensation insurance provides benefits to employees for work-related injuries or illnesses. These benefits include Medical care, Wages from lost work time, Funeral costs and Disability care.
Workersâ Compensation Coverage
Risk Factors
If an injured employeeâs family decides to sue you, you may end up paying for legal expenses from your pockets.
Solution
Required by most states, workersâ compensation insurance provides benefits to employees for work-related injuries or illnesses. These benefits include Medical care, Wages from lost work time, Funeral costs and Disability care.
What is Retail Business Insurance?
Simply put, itâs insurance protection for any type of retail store owner. Itâs a customized form of business insurance designed to provide business owners with the coverage needed to keep their business operational after a catastrophe or a lawsuit.Â
Retail business insurance isnât just a one-size-fits-all bundle of coverages filled with protection you donât need. Itâs actually a package of insurance options that you customize to protect yourself against the risks your unique retail store faces.Â
These insurance plans can be fine-tuned to meet your needs and budget, no matter the size or type of operation you run.
Nearly half of all retail businesses that temporarily close their doors after a natural disaster fail within 5 years. A solid business plan coupled with a retail insurance policy can prevent large financial losses and allow your store to remain profitable regardless of what unexpected event comes your way.
Types of insurance do Retail Business owners need?
Retail businesses can range from a small corner shop to a large chain of stores. When you run a retail business, there are a few commercial insurance policies youâll need to secure, either to meet state requirements or to protect your business venture, like:
- Businessowners policy (BOP)
- Commercial property
- General liability
- Business income
- Equipment breakdown
Other business insurance products
- Business auto insurance
- Employee dishonesty coverage
- Workersâ compensation
- Utility services coverage
- Crime insurance
- Product liability insurance
- Cyber liability
- Umbrella liability
- Inland marine
Already Have Retail Business Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesnât meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.