California Retailer Insurance

California is home to 293,050 small firms in the retail trade. If you’re a business owner in this industry, you might want to keep track of the statistics on California businesses, like the fact that 59,134 small businesses opened here in 2010. About 67.7 percent remained open until at least 2012. In 2013, 103,395 businesses opened, and 79.4 percent survived to at least 2014. (Source: BLS, BED). This shows that California’s economy has been improving over the years, which should be welcome news for you as a business owner. You can make sure you’re ready for the increased business by obtaining California retailer insurance.

California Retailers Need The Following Insurance

Business Liability Insurance (GL): Every business needs general liability, since this is the coverage that will kick in when a customer is injured while visiting the business. This means that if someone trips while walking through the aisles of your store, general liability will pay for any ensuing medical treatment. Additionally, if one of the products you sell somehow injures a customer, this coverage will pay for the medical bills. This part of your California retailer insurance will even pay for repairs when a customer’s personal property gets damaged as a result of your store, such as if someone runs over glass in the parking lot and needs a new tire.

Business Personal Property Insurance: No matter which California city your retail store is located in, you need to protect it by adding business personal property coverage to your retailer insurance policy. Unfortunately, there is always a chance that your store will be vandalized, robbed, or otherwise destroyed, at which point you will be happy to have personal property insurance for it. This coverage will pay to repair the building and replace any inventory or furniture when necessary.

Workers Comp Protection: At least 67,544 of the retail stores in this state have one or more employees, which means they need workers compensation. The reason for this coverage is to make sure employees have a way to pay for their medical bills when they are hurt at work. For instance, if an employee of your store climbs a ladder and falls while reaching for a product, the workers compensation portion of your California retailer insurance will pay the costs of the ambulance, hospital stay, and any physical therapy that may be needed. It can also pay injured employees the wages they miss out on when they miss work while they recover.

Umbrella/Excess Liability: Some accidents are particularly expensive, costing even more than the average general liability policy can cover. For example, if multiple people are hurt at your store, your policy might be exhausted, which means you will have to pay the remaining expenses yourself. You can avoid this by adding excess liability to your California retailer insurance.

Cyber Crime Liability: As we rely on the internet more than ever, cyber crime has increased quite a bit. Now it’s a big enough threat that you need to have liability specific to this issue. Luckily, you can add it to your California retailer insurance policy so you have some protection in case cyber criminals ever target your business.