Washington Retailers Need The Following Insurance
Business Liability Insurance (GL): For retail store owners, general liability coverage is among the most crucial parts of any Washington retailer insurance policy. That’s because general liability is what pays for the medical care that anyone who is injured at your store might need. Whether someone trips over your merchandise or cuts themselves on a product in your store, you will be glad to have general liability to pay for the hospital or doctor bills. This part of your Washington retailer insurance policy can even pay for the ambulance bill, physical therapy, or medication for anyone who is hurt at your store. Also, if anyone’s personal property is damaged while on your business property, general liability will pay to fix it.
Business Personal Property Insurance: Everything from storm damage to burglary is a concern for most business owners, since these incidents can be expensive. Unless you have money set aside to quickly make repairs to your store or replace inventory and décor when necessary, you need business personal property coverage when you get Washington retailer insurance. This also covers drain and sewer backup, equipment breakdown, and other common occurrences that can cause damage to your store.
Workers Comp Protection: About 13,948 of the small retail firms in Washington employ between 1 and 499 people. If your store fits into this category, you need workers compensation as part of your Washington retailer insurance policy. Your employees can get hurt at work in any number of ways, and it’s up to you to make sure they can get the medical help they need without having to pay out of pocket. Workers compensation not only covers their medical bills, but also their missed wages, which is why it is a critical aspect of your Washington retailer insurance policy.
Umbrella/Excess Liability: Once you obtain a Washington retailer insurance policy with general liability, you need to consider adding excess liability coverage to it. This will increase the amount your business will be covered for if there is ever an expensive claim against it.
Cyber Crime Liability: Considering the extensive use of technology by businesses, it should come as no surprise that there are various types of cyber crimes that are committed against businesses every day. One of the ways you can protect your store is to make sure that your Washington retailer insurance policy includes cyber crime liability.