Connecticut Retailer Insurance
Connecticut has 27,190 small retail firms. If you own and operate one of those firms, it’s time to learn about other businesses in this area. For instance, you should know that 5,197 small businesses opened in 2010 in Connecticut, and 74.4 percent of them remained open in 2012. In even better news, 6,762 new businesses opened in 2012, and a whopping 82.1 percent stayed open through 2014. (Source: BLS, BED). That’s an impressive amount compared to many other states, indicating that Connecticut’s economy was already doing well and has just improved. And getting Connecticut retailer insurance can further improve your store’s circumstances.
Connecticut Retailers Need The Following Insurance
Business Liability Insurance (GL): Regardless of the products you sell, you need to protect your store with general liability when you get Connecticut retailer insurance. In fact, every type of business needs this protection, because it’s a necessity when someone gets hurt on your property. For instance, if someone browsing your products slips on a wet floor or is hurt when a product falls off the shelf, you will be glad to have liability coverage. This part of your policy will pay for the medical treatment of any injured customers, meaning their ambulance ride, hospital bill, and any rehabilitation services will be paid for by your insurer. This portion of your Connecticut retailer insurance policy will also pay to make repairs when a customer’s personal property is somehow damaged at your store.
Business Personal Property Insurance: The reason you need insurance is to protect yourself and your business from anything that could go wrong. And when you own a retail store, a lot could go wrong at any time. Examples of common mishaps include vandalism, robbery, and fires. When you add business personal property coverage to your Connecticut retailer insurance policy, you can rest assured that your store will be repaired and your inventory will be replaced when necessary after any kind of covered disaster.
Workers Comp Protection: If you want to show how much you value your employees, make sure your Connecticut retailer insurance policy features workers compensation. This makes it clear to your employees that if they get hurt while working at your store, their medical care will be paid for. Workers compensation can also pay employees for income they might be missing out on as they recover, since they might have to miss work for days or even weeks. In addition, this part of your Connecticut retailer insurance policy will cover any legal expenses you have after an employee is injured at your store.
Umbrella/Excess Liability: As helpful as general liability is, some claims exceed the standard coverage of this type of insurance. That’s why adding excess liability to your Connecticut retailer insurance is a good idea if you want to avoid paying for expensive claims out of pocket.
Cyber Crime Liability: You can’t always prevent cyber crime, but you can protect your business from it by making sure your Connecticut retailer insurance policy has cyber crime liability. This can keep your retail store from being negatively affected by criminals who want to use the internet to profit off you and ruin your reputation.