Arizona Retailer Insurance
Arizona has 44,742 small retail stores. If you own one of these, it’s important to keep updated on how businesses are doing in this state. For example, in 2010, 9,842 businesses opened in this area, and 65.7 percent made it to 2012. Then, in 2013, 10,776 businesses opened, and 78.0 percent of those were able to stay open through 2014. (Source: BLS, BED). That, in addition to the fact that 2014 saw fewer business bankruptcies than 2010 did, shows that Arizona’s economy has improved since then. (Source: U.S. Courts). If you want to find out more good news for your business, take a look at how Arizona retailer insurance can help you.
Arizona Retailers Need The Following Insurance
Business Liability Insurance (GL) : When your business is doing well, you can expect to welcome a lot of customers to your retail store. But as more people come to your store, there’s a higher chance of an accident occurring. For example, a customer could slip and fall if your floor is not completely dry, or someone might trip over a product that’s on the floor. Either way, when this occurs, you will be responsible for paying for the injured person’s medical treatment. When you have general liability as part of your Arizona retailer insurance, though, your insurer will pay those costs.
Business Personal Property Insurance : When you get Arizona retailer insurance, make sure it includes business personal property coverage. This protects your property and the items within it. For example, if someone breaks a window to get into your retail store and steal products, you will be reimbursed for the value of the stolen goods, as well as the cost of the window. Similarly, if a fire destroys the building and the items in it, business personal property coverage will pay for the repairs.
Workers Comp Protection : It’s your responsibility to protect your employees in case they are ever injured while working for you. You can do that by adding workers compensation to your Arizona retailer insurance. This way, their medical bills will be paid for if they are hurt while working at your store. This coverage also pays for any wages they miss out on as they recover from their injuries. The result is that your employees feel protected at work, and you do not have to worry about paying for their medical bills out of pocket.
Umbrella/Excess Liability : As helpful as general liability coverage is, it’s not always sufficient to cover all the costs of an accident that occurs at your retail store. This means that if the expenses of the accident are more than your liability policy allows for, you will have to pay the rest out of pocket. If you want to avoid this issue, you need excess liability, which increases the coverage of your liability policy.
Cyber Crime Liability : These days, cyber crime is a real – and scary – possibility, especially for successful businesses. If you are worried about your store becoming a target for cyber criminals, make sure you include cyber crime liability with your Arizona retailer insurance policy.