General Liability Insurance For Retail Stores
General liability insurance is designed to protect you from basic accidents. If a customer trips and falls on the sidewalk outside of your retail store she may sue you for damages. General liability insurance coverage protects you from losses due to suits of this sort. General liability also helps protect your business from potential hazards or problems you may not have previously considered. If your retail store is subjected to a catastrophe that is not covered by other areas of your business insurance, general liability will often take care of those gaps.
Business Owners (Bop) Policy For Retail Stores
BOP is critical for protecting your business assets. A business owners policy insures your business building and the contents inside. If your primary retail location is rendered unusable due to a disaster, BOP will provide the funds for temporary relocation. Having a temporary place of business allows you to continue operating and earning profits while your primary store is being repaired or replaced.
Business owners insurance also covers simple things such as an air conditioner or furnace malfunction.
BOP protects valuable papers that are kept inside your store. If you keep hard copies of customer warranties for example, the business owners policy will reimburse you or your customers for their loss. It also reimburses you for the loss of accounts receivables that were on the premises at the time of the incident.
If you keep important records and paperwork in electronic format, a business owners policy protects your retail store from those losses as well. BOP insurance also protects your store from employee dishonesty. In the event that an employee steals merchandise or money for example, your store BOP insurance will cover the losses.