Missouri Retailer Insurance
Missouri has about 505,523 small businesses, and 50,622 are in the retail field. It’s also worth noting that this state’s economy has improved quite a bit over the years. Just one example is that in 2010, 8,179 small firms opened, and 65.6 percent of those were still open in 2012. What’s even better is that in 2013, 14,160 small businesses opened, and a whole 80.3 percent made it to 2014. (Source: BLS, BED). If you are thinking about joining the many successful businesses here by opening a retail store, make sure you learn what kind of coverage you will need in your Missouri retailer insurance policy.
Missouri Retailers Need The Following Insurance
Business Liability Insurance (GL): Running a business in the retail trade requires you to welcome dozens or even hundreds of people to your business property on a daily basis. This means that there is a possibility of someone getting injured at your store. If you could not afford to pay out of pocket for the hospital bills that would result, you need general liability in your Missouri retailer insurance policy. This coverage not only pays for the medical treatment of anyone injured on your business property, but it also pays for any repairs that might be needed when someone’s belongings are damaged at your store.
Business Personal Property Insurance: Another important type of coverage to include in your Missouri retailer insurance policy is business personal property insurance. This protects your building in case there is a fire, vandalism, or any other issue that destroys part or all of your store. Whether someone breaks a window or knocks over several shelves, this coverage can pay for the repairs you need to make your store whole again. It can also pay to replace any furniture, décor, or products that get damaged or stolen.
Workers Comp Protection: It’s important to make sure your employees feel safe at work, and one way to do this is to add workers comp protection to your Missouri retailer insurance policy. The reason to have this coverage is that it will cover any medical treatment your employees need if they are hurt during a shift at your store. Without workers compensation, you might end up having to pay for your employees’ medical bills after a work-related incident, so this coverage protects both you and your staff. If your employees need recovery time during which they cannot work, this coverage can pay a portion of their lost wages.
Umbrella/Excess Liability: Once you add general liability to your Missouri retailer insurance policy, make sure you also add excess liability. This is the coverage that will kick in if you face a claim that is more expensive than average. For instance, if multiple people are injured on your business property, your general liability coverage may not be enough to pay for the medical bills, at which point excess liability will cover them.
Cyber Crime Liability: Any business that uses technology has a chance of being targeted by a cyber criminal, which is why cyber crime liability has become increasingly necessary. When you add it to your Missouri retailer insurance policy, you can greatly reduce the negative impact that cyber crime may have on your business.