Illinois Retailer Insurance

Illinois has 93,556 small businesses in the retail industry, and in recent years, this state’s economy has made great strides. For example, in 2010, 19,293 small firms opened here, and 67.6 percent stayed open through 2012. In 2013, 17,376 small firms opened, and 79.0 percent were able to stay open through 2014. (Source: BLS, BED). If your retail business was one of those that made it to 2014 and beyond, or even if it recently opened, you need Illinois retailer insurance to protect it.

Illinois Retailers Need The Following Insurance

Business Liability Insurance (GL): One of the most basic types of coverage for Illinois retailers is general liability. The point of adding this to your Illinois retailer insurance policy is to make sure that any customers who are hurt at your store get their medical treatment paid for. This means that if a shelf of products falls on a customer, or any other unfortunate event occurs and causes injuries, your insurance policy will pay for the hospital stay, surgery bills, physical therapy, and any other medical expenses. An additional benefit of this part of your Illinois retailer insurance is that it can pay for any damage that occurs to a customer’s belongings at your store.

Business Personal Property Insurance: Even if your store is located in a very safe part of Illinois, there’s a chance it will be damaged at some point. Some situations that store owners often face include vandalism and fire. When such an event happens, you won’t want to worry about how you can afford to pay for the repairs that your building needs or replace your inventory. Luckily, when you get Illinois retailer insurance, you have access to business personal property insurance, which will pay to make your store whole again after it has been damaged.

Workers Comp Protection: About 24,130 retail stores in Illinois employ at least one person. If this describes your store, it’s important that you add workers compensation coverage to your Illinois retailer insurance. You never know when an employee will become injured at work, especially if he or she ever has to take risks, such as lifting heavy items or climbing steps to reach products. With workers compensation, your employees’ medical care will be paid for after they become ill or injured while working at your retail store. This coverage can pay them missed wages, too, which should give them some peace of mind.

Umbrella/Excess Liability: In some cases, the standard coverage you get with general liability is not enough. That’s why you’re encouraged to include excess liability when you get Illinois retailer insurance for your store. This will increase the amount that your liability coverage can pay out after someone is injured on your property.

Cyber Crime Liability: It’s not unusual for companies to lose thousands or even millions of dollars when cyber crime strikes. If you could not absorb this kind of financial loss, you need cyber crime liability. Adding this coverage to your Illinois retailer insurance policy makes sense considering the rise of this type of technology-based crime.