Maryland Retailer Insurance

If you own a small retail firm in Maryland, you’re not alone, since there are 43,538 businesses of this type here. It’s also good to know that more Maryland businesses have managed to stay open than in the past. In particular, 9,566 small firms opened in this state in 2010. About 67.4 percent were still open in 2012. In 2013, 10,545 small firms opened, and 77.5 percent of them were still open in 2014. (Source: BLS, BED). Whether your store is new or has been around for years, you need Maryland retailer insurance. Here’s what your policy needs to include.

Maryland Retailers Need The Following Insurance

Business Liability Insurance (GL): If you want customers to feel comfortable walking into your store, you need more than just nice décor and pleasant music. You also need general liability. This will pay for their hospital bills, ambulance ride, or any other expenses associated with getting injured in your store. When you make this part of your Maryland retailer insurance policy, you can rest assured that it also covers property damage that might occur at your business. For example, if a customer’s purse gets caught on a shelf at your store and is damaged, general liability can pay to repair or replace the purse.

Business Personal Property Insurance: Another type of coverage that should be included in your Maryland retailer insurance policy is business personal property insurance. This is the coverage you’ll need if your store is ever robbed, involved in a fire, or damaged in any other way. This part of your policy will pay to fix up the building and replace any products or décor that may have been lost during the disaster.

Workers Comp Protection: Of the 43,538 small retail firms in Maryland, 10,954 of them have one or more employees. Some even have up to 500. But no matter how many employees there are, workers compensation is essential. This coverage will be responsible for paying for your employees to get medical care if they are injured while working at your retail store. It can also pay for lost wages during their recovery period, when necessary. Without this coverage within your Maryland retailer insurance policy, you will have to pay these expenses out of your own pocket, so it’s important that you have it.

Umbrella/Excess Liability: General liability is important to have as part of your Maryland retailer insurance policy, but it won’t necessarily be enough to cover every accident that occurs on your business property. If several people are hurt at your store, your general liability coverage will likely be exhausted pretty fast, which is why you need to increase it with excess liability.

Cyber Crime Liability: If you rely on technology to run your business, you could be a target for cyber crime. The result is that you could end up losing a lot of money or even having your reputation tarnished due to cyber criminals. The good news is that you can protect your business by adding cyber crime liability to your Maryland retailer insurance.