Texas Retailer Insurance
As a business owner in the Lone Star State, you’ve likely heard that everything is bigger in Texas. Fortunately, that even applies to the improvement of its economy. To start, fewer businesses declared bankruptcy in 2014 than in 2010. (Source: U.S. Courts). In addition, 38,760 businesses opened in Texas in 2010, and 68.3 percent of them were still open in 2012. That number improved in 2013, when 45,736 businesses opened, and 80.6 percent of them made it to 2014. (Source: BLS, BED). If you are the owner of one of the 214,516 small retail businesses here, it’s time to get the Texas retailer insurance you need.
Texas Retailers Need The Following Insurance
Business Liability Insurance (GL): It feels great to welcome hundreds of customers to your store, but you need to make sure you have the insurance in place to protect both them and your business. All it takes is obtaining a Texas retailer insurance policy with general liability. Coverage of this type will pay the medical bills of anyone who is injured while at your retail store in Texas. General liability coverage will also pay to fix your customers’ personal property if it is somehow ruined at your store.
Business Personal Property Insurance: You take pride in your retail store, and this means you want it to stay clean and in good condition for years to come. This can be an impossible task when a storm breaks the windows or criminals break down the door. If you do not have the money to immediately make repairs, let business personal property coverage do the job for you. This portion of your Texas retailer insurance policy will even replace any inventory you might lose after a burglary or other incident.
Workers Comp Protection: No matter how large or small your staff is, it’s important that you add workers compensation to your Texas retailer insurance policy. This coverage will be responsible for paying for any healthcare costs your employees might have after they injure themselves at work or become ill as a result of working at your store. Another benefit of workers compensation is that it can pay injured or sick employees the wages they miss out on when they have to take time off work. If you do not have this coverage, you might be required to personally pay for these expenses instead, so including this on your Texas retailer insurance policy can save you a lot of money.
Umbrella/Excess Liability: You can count on your general liability coverage to pay for the medical care of people who are injured at your store. It will also pay for repairs to personal property. But every liability policy has coverage limits, and when they are reached after a claim, any remaining expenses have to be paid by the policy holder. You can avoid this issue by opting for excess liability when you get Texas retailer insurance.
Cyber Crime Liability: Cyber crime, such as data leaks, can easily ruin a company’s reputation and greatly affect profits. If you want to protect your business from this, you need cyber crime liability as part of your Texas retailer insurance.