Colorado Retailers Need The Following Insurance
Business Liability Insurance (GL): Whether your business attracts hundreds of customers every day or just a handful, you need to protect it with liability insurance. This is because anyone visiting your store could trip or slip and fall, or get injured in any other way. Even if they safely make it out of your store, they could be injured or made ill by a product you carry, which may mean you’ll be responsible for paying for the medical treatment. You can avoid this by making sure your Colorado retailer insurance policy has general liability to pay for medical treatment and property damage. Without this coverage, you could be facing bankruptcy when a customer is somehow hurt by your business and needs extensive medical care.
Business Personal Property Insurance: Fire, vandalism, and robbery are all real threats to businesses of all kinds. If you could not afford to immediately repair your retail store after such an event, you need business personal property coverage. This aspect of your Colorado retailer insurance policy will pay to fix any physical damage to your store. It can also replace furniture, décor, and products if they are ever lost or damaged due to something beyond your control.
Workers Comp Protection: In most cases, it takes more than one person to operate a retail store, especially when business is good. The result is that you need to ensure that workers compensation is added to your Colorado retailer insurance policy. When you have this coverage, you are letting employees know that their medical bills will be paid for if they are ever injured on the job. This can provide peace of mind for them, and it can also protect you because it means you will not have to pay for their medical care out of pocket. In addition, workers compensation can cover any lawsuits you might be subject to when an employee is hurt at work.
Umbrella/Excess Liability: Excess liability adds coverage to your current general liability policy. This is good to have in case the existing coverage is not enough to pay for the medical treatment of anyone who is hurt on your property.
Cyber Crime Liability: If you want to protect your business from being a victim of cyber crime, you need the right coverage within your Colorado retailer insurance. When you get cyber crime liability, you get coverage in case of a data breach or other type of crime involving computers. Considering the rise of this type of crime, this coverage is recommended for retailers in any state.