Insurance for Small Retail Stores
Owning your own small retail store allows you to interact with many different people in different ways. It’s an ideal business for an outgoing personality. There’s a lot to keep track of though, a lot of responsibility, and a lot of potential risk in your day-to-day operations. Make sure you’re protected with the right types and amounts of commercial small business insurance so that you can continue enjoying your business for years to come.
General liability insurance, or CGL, is a comprehensive coverage option that helps protect your business from losses caused by unexpected events. Whether a customer hurts themselves while shopping in your store or their property is damaged while they’re there, GL can protect you from the potential liability expenses. General liability also helps provide coverage for business losses that come about due to natural disasters. It can protect you from liability and litigation expenses that arise from product or advertising damage claims as well.
Business Owners (Bop)
Business owners insurance is a suite of different types of coverage that includes general liability. You can custom tailor a business owners policy, or BOP, to meet the specific insurance needs of your small retail store.
- Equipment Breakdown – If important business equipment such as your cash registers or credit card processing machines break down it can be an expensive event for your company. A BOP can cover the expenses involved with repairing or replacing the equipment so that you can continue business as normal.
- Buildings and Contents – Natural disasters are indiscriminate. If your retail store, warehouse or the contents inside of either structure are damaged in a storm the expense may be too much for your small retail store to cover. A BOP can protect you from those expenses.
- Business Income and Extra Expense – When tangible business assets such as your buildings or the contents inside are damaged or destroyed you may have to close the store temporarily. A BOP can protect you from the income losses that arise and help cover temporary expenses.
- Products and Completed Operations (Included in General Liability) – Sometimes there are problems with products that you sell to your customers in your store. Whether the products are recalled or they injure a customer in some way, your company could be held liable.
- Electronic Data – Modern businesses like yours keep customer, supplier and inventory records electronically. Replacing damaged files can be very costly.
- Newly Acquired or Constructed Buildings – As your business grows a BOP can expand to grow your protection with it.
- Employee Dishonesty Coverage – Dishonest acts by employees account for as much as six percent of annual revenue losses in small businesses. Protect yourself from potential theft and fraud by employees through your business owners policy.
If you use automobiles such as delivery trucks in your business, or you occasionally travel for business purposes, business auto insurance protects you from the expenses of auto accidents.
Retail stores must have employees to operate effectively and by law you must provide your employees with workers comp insurance. This coverage provides for their medical needs and expenses if they’re ever injured on the job.