General Merchandise Store Insurance
As the owner of a general merchandise store, you should know that some of the best ways to stay profitable include being strategic in your locations and maximizing your revenue per square foot. You also need to find ways to differentiate yourself from other stores in this competitive field. As you work hard to improve on these aspects of your business, you should protect what you have built with a general merchandise store insurance policy that has the coverage you need.
General Liability for Merchandise Stores
When you own a business that customers frequently visit, you need to make sure you have great general liability coverage. At some point, a customer will likely slip on some liquid on the floor, trip over merchandise in an aisle, or twist an ankle in a parking lot pothole. When this happens, you will be glad to have liability coverage on your general merchandise store insurance policy.
Other problems that general liability covers include defective products, damage to customers’ property, and allegations that you have copied or slandered a competitor. Lawsuits brought on by these issues can be costly, which is why you don’t want to have to pay out of pocket. If you want to avoid the chance of losing your personal assets in case of a lawsuit, you need at least $1 million in general liability coverage.
Business Personal Property Coverage
The right general merchandise store insurance can protect your business in many ways. While general liability coverage protects you against lawsuits brought on by customers and competitors, business personal property insurance covers the products in your store. This means you need to add up the total of your merchandise and make sure you get at least that much coverage. This part of your policy also covers any furniture or equipment – including computers and cash registers – within your store. This way, your merchandise and equipment will be replaced in case of theft, fire, or other types of disasters.
Workers Comp Insurance For Merchandise Stores
Few stores can run with only the owner operating them. Therefore, most have multiple employees, in which case workers comp is necessary. When you have employees stocking merchandise, operating cash registers, returning carts, and performing other duties commonly required of a store, there is a risk of injury. Workers comp can give you some peace of mind if an employee injures his back while lifting heavy merchandise, trips over a box while stocking the store, or slips after mopping. Depending on the severity of the injury, the employee might accrue bills for medical treatment and even rehabilitation. Workers comp can pay for these expenses, along with any lost wages.
No matter how high the limit of your general liability coverage is, there’s a chance it’s not enough. If you are facing one or more costly lawsuits, you will be happy to have excess liability coverage in your general merchandise store insurance policy. This will pay for any amount that goes above your liability limit, up to the limit of the excess liability coverage.