North Carolina Retailer Insurance
North Carolina is the proud home of 76,873 small retail stores. Whether you’re thinking of opening your own store or already have one, it’s helpful to know how local businesses have been doing. The first thing to know is that business bankruptcies in this state declined from 2010 to 2014. (Source: U.S. Courts). In addition, 14,674 small businesses opened in this state in 2010, and 68.7 percent made it to 2012. In 2013, about 16,841 small businesses opened, 78.9 percent of which made it to 2014. (Source: BLS, BED). Before you move forward with your business and obtain North Carolina retailer insurance, it’s good to know what it includes.
North Carolina Retailers Need The Following Insurance
Business Liability Insurance (GL): Start with general liability, since this is among the most important coverage types your North Carolina retailer insurance policy will have. After all, its job is to pay for the medical needs of any visitors who are hurt while at your store. This includes anyone who trips over products left in the aisles, slips on a wet floor after it’s been mopped, or gets hurt in any other way. Whether the injured person breaks a bone or simply gets scraped up, your North Carolina retailer insurance policy will cover the medical bills when you have general liability. It will pay for any damages that may occur to any visitor’s belongings, as well.
Business Personal Property Insurance: If you are ever worried about what you will do if your store is vandalized, robbed, or suffers fire damage, you will be happy to know that business personal property coverage will pay for the repairs you need in such situations. Whether you need to replace a window or have the whole building repaired, your North Carolina retailer insurance policy will be there for you. The same goes if you ever need to replace products after they are damaged or stolen from your store.
Workers Comp Protection: If you couldn’t run your store without your employees, you know just how valuable they are. That’s why you need to protect them with workers compensation when you get North Carolina retailer insurance. Whether your employees get hurt or ill while working at your store, they deserve to know that their medical bills will be covered. Workers compensation can also pay at least some of their missed wages so they do not have to rush back to work as they heal.
Umbrella/Excess Liability: Your general liability policy is great for paying for the medical bills that result when one or a few people are injured at your store. But if there is ever a larger incident, such as a fire that injures several people, you will likely need excess liability as part of your North Carolina retailer insurance policy. Without it, you might end up paying for part of a large claim out of pocket once your general liability limits are reached.
Cyber Crime Liability: Cyber crimes often come with hefty price tags for businesses that do not have the right insurance coverage. Fortunately, you can always enhance your North Carolina retailer insurance policy with cyber crime liability.