Virginia Retailer Insurance

If you own a store in Virginia, it’s good to have some idea about how other businesses in this state have been doing. For instance, in 2010, 15,689 small firms opened in this state, and 67.9 percent were still open for business at the end of 2012. In 2013, 18,038 small firms opened, and 76.9 percent were still open by the end of 2014. (Source: BLS, BED). This state is the home of 57,273 retail firms, each of which needs Virginia retailer insurance. Here is an overview of what this type of policy covers.

Virginia Retailers Need The Following Insurance

Business Liability Insurance (GL): Regardless of the industry you are in, you need general liability to cover the costs of medical treatment when someone is injured on your property. But when you own a retail store, you especially need this coverage since so many people regularly come to your business property. Another way this part of your Virginia retailer insurance policy can help is by paying to repair the damage to a customer’s personal belongings, should the damage occur on your property. Without general liability, customers could sue you for the cost of medical treatment or property repairs, so you definitely need this on your Virginia retailer insurance policy.

Business Personal Property Insurance: You need to keep your store in good shape if you want customers to come back over and over. But you’re bound to get a broken window, damaged locks, broken equipment, or missing merchandise once in a while. When that happens, you will be happy you have business personal property insurance to make repairs to your store when necessary. If you neglect to get this coverage, you will have to pay out of pocket when your store is burglarized, vandalized, or destroyed in any other way.

Workers Comp Protection: Workers compensation is the portion of your Virginia retailer insurance that protects your employees when they get injured on the job. Whether you employ cashiers, stockers, janitors, or any other type of employee, they all have a chance of hurting themselves while working for you. They could slip and fall, injure themselves on products, and more. Regardless of how they get hurt, they will have medical bills to pay and wages they miss out on, and that’s where workers compensation comes in. It will pay the bills associated with their work injury, which can save you and your employees money.

Umbrella/Excess Liability: No matter how safe your store is, you never know when there will be a fire or other tragedy that injures several customers. If that ever happens, you might find you quickly reach the limit on the standard policy once it pays for medical treatment and personal property repairs. This is why adding excess liability to your Virginia retailer insurance policy is a wise idea.

Cyber Crime Liability: No business is truly safe from the threat of cyber crimes. The best way to protect your business – and your customers – from a data breach or other type of cyber crime is to add this coverage to your Virginia retailer insurance policy.