General Liability Insurance
Retail Store Liability Insurance
Owning one or more retail stores puts you in an enviable position. You are able to control your personal income while providing goods and services that people want or need. You’re also able to employ other people in your store and give back to your community. As the owner of a retail store, you have a lot of responsibilities and details to keep track of. General liability insurance for retail stores helps with some of those.
Bodily Injury Coverage
General liability insurance for retail stores protects your store and its customers. Bodily injury is a section of that coverage that helps when accidents cause harm or injuries. If a customer trips over a vacuum cleaner cord in your store for example, is suffers physical injuries in the fall, this section of your insurance will pay for the medical care or treatment that they need.
Property Damage Coverage
Property damages is the area of your general liability insurance for retail stores that helps protect your customers from suffering losses and damages to their personal property. If a customer’s vehicle is dented by a shopping cart while at your store for example, this section of your insurance policy will pay to have that dent fixed.
Products And Completed Operations Coverage
General liability insurance for retail stores also protects you legally and financially when things go wrong with the products you sell, or the services you offer. Anyone who manufacturers or sells products to customers is at risk of a lawsuit or other legal action when the product causes illness, injuries or other harm. Products and completed operations coverage is the section of your commercial general liability policy that protects you from the legal costs associated with these problems, while paying reparations to your customers as needed.
Personal And Advertising Injury
Not all types of harm are physical or property related. A competing store may claim that you used their company slogan in your printed ads for example, or they may claim that you made false statements about them. Personal and advertising injury coverage applies protection for your company when these types of allegations are made.
Damage To Premises Rented To You
If your company rents or leases the retail space that your store operates from, the owner of that building may require you to carry rental premises damages protection. This is provided for in your general liability insurance for retail stores, and it’s primary purpose is to protect the structures and property that your company uses but does not own. If your company is at fault for starting a structure fire in the break room for example, then this part of your insurance policy pays for the necessary structural repairs.
Medical Expense Limit
General liability insurance for retail stores can include medical expense limit insurance coverage. This insurance allows you to pay for a customer’s injuries or medical needs when they have minor accidents. Paying for minor medical expenses can help you avoid larger lawsuits or claims in the future.
Limits Of Liability Insurance
- Each Occurrence – Your policy will limit the total amount of benefits that are paid for each claim per person.
- General Aggregate – A general aggregate is the total amount of benefits your insurance policy will pay regardless of how many times claims are made. Once the total aggregate maximum limit is met, a general liability policy will be declare as exhausted and unable to pay additional claims.