Florida Retailer Insurance

Florida residents are lucky enough to have 175,089 retail stores located nearby. Another detail about this state is that the economy has been doing well in recent years. One example is that in 2010, 44,160 small businesses opened, and 65.7 percent stayed open through 2012. Then, in 2012, 53,186 small firms opened, and 78.5 percent were still open as of 2014. (Source: BLS, BED). This is good news for residents and business owners alike. If you happen to own a retail store in this state, find out how Florida retailer insurance can help you, as long as you have the right coverage.

Florida Retailers Need The Following Insurance

Business Liability Insurance (GL): Among the most important coverage types to have in your Florida retailer insurance policy is general liability. You need this if you want to avoid having to pay for your customers’ medical costs out of pocket when they get injured on your business property. After all, whether a customer trips or slips in your store, you may be responsible for paying for any surgeries, prescriptions, or hospital stays that may be necessary. You can avoid this major expense by simply adding general liability coverage to your Florida retailer insurance. Another reason to get this coverage is that it will pay to fix or replace a customer’s personal property after it gets damaged at your store.

Business Personal Property Insurance: Now that you know your customers are protected by the general liability within your Florida retailer insurance, you should focus on protecting your store. That’s where business personal property insurance comes in. If your store is damaged by a fire or other disaster, or if it is robbed or vandalized, this coverage will pay for repairs to your building. It will also pay to replace any products or furnishings you lose as a result.

Workers Comp Protection: If your store is one of the 44,317 retail stores in Florida with employees, you need workers compensation. This coverage is dedicated to paying for the medical care of your employees when they injure themselves at work. If your employees ever have to climb a ladder, lift heavy items, or open boxes with a knife, they have a chance of being hurt at work. This means you need to protect them with workers compensation. When you add it to your Florida retailer insurance, you can give your employees some peace of mind, especially since this coverage will even make up for their missed wages after an injury.

Umbrella/Excess Liability: If you want to reduce the chance that you will have to pay out of pocket when people are hurt on your property, you need excess liability. By including this with your Florida retailer insurance, you increase your coverage amount, which will be helpful in case of a particularly large claim.

Cyber Crime Liability: Any business that uses computers has a chance of being targeted by cyber criminals. If you want to decrease the odds that your business will be affected by cyber crime, simply add cyber crime liability to your Florida retailer insurance.