Retail businesses are unique in that they carry inventory and welcome store traffic, which means they require multiple levels of protection to keep the doors open. Depending on the size and scope of your retail business, you could need protection for your physical property, inventory, employees, customers, business vehicles, and more.
Because of the complex nature of the retail industry, it’s important to ensure your business is protected with the right retail business insurance coverage, which is uniquely crafted to help you stay focused on your products and customers, and not on the possibility of risk.
Read on to discover 5 unique ways you’ll need to protect your retail business.
Protecting Your Retail Business with Commercial Insurance
Commercial Property Coverage
Any property that is owned, leased, or rented for your retail business needs protection. This includes the store location, outdoor signage, equipment, fixtures, and inventory. By insuring your physical property, you’re covered in the event of fire, storm damage, vandalism, theft, and more.
Business Owner’s Policy
A business owner’s policy, or BOP, is a cost-effective way to protect your retail business, because it combines property and liability insurance into a single, customizable plan.
If your retail business sells food or other items that must be kept in a temperature-controlled environment, BOPs can be customized to include protection for spoilage for food contamination. This provides protection both from physical losses and the liability that could occur from selling spoiled or contaminated products in the event of a temperature control system breakdown.
Commercial Insurance Coverage for Unexpected Events at Retail Businesses
Whenever a customer enters your retail store, the risk of liability comes with them. Consider the following scenarios where you could be held legally liable:
- A customer falls or gets injured in your store
- An employee is hurt while working
- An employee steals customer information or store property
- A product you sold is faulty, causing harm to the person who bought it
A business owner’s policy protects you from liability loss exposures up to the policy limit, protecting you from unforeseen and unexpected issues.
Cyber Liability and Data Coverage
Retail businesses depend on computers to monitor inventory, process sales, and store customer data. Cyber liability insurance protects you in the event of security breaches, data theft, and other online incidents that could jeopardize customer or company information.
Commercial Auto Coverage
Some retail businesses make deliveries to customers or pick up inventory from off-site vendors. If this applies to your business, the vehicles and people who drive them need protection from on-the-road incidents. Consider commercial auto coverage to cover your stores from risks these types of risks.
Like your business, retail business insurance is never one-size-fits all, and should be customized to your unique needs. To get the best and most affordable coverage options for your retail store, contact the experts at Atlanta Life General Agency today.