Posted by & filed under Atlanta Business Owner, Business Insurance.

shutterstock_172217969As a retail business owner, you’ve got a lot on your shoulders. You maintain inventory, ensure customer satisfaction, and manage employees, along with numerous other responsibilities. The last thing you want to worry about is the day-to-day risks of life on the job, which is why it’s so important to have the right retail business insurance.

Since every business has its own unique needs, you want to ensure you have the proper protection in the right areas while not paying for coverage you don’t need. The following tips will help you know the best way to buy retail business insurance.

Know Your Unique Risks and Needs Before Buying Retail Business Insurance

Some insurance plans, such as workers’ compensation, are legally required but the requirements vary from state to state. Check your state’s requirements to make sure your retail business is operating within the scope of the law.

No two businesses are alike, which is why the best insurance policies are tailor-fit to your specific needs. Evaluate your retail business to understand the risk it faces every day — what are your biggest liabilities, and what are you doing to protect them?

Here are some questions to ask yourself when analyzing your business’s risks and needs:

  • If you deliver to customers, who is responsible for any accidents that occur in the delivery process? Are you protected from auto liability in the event of an accident on the road?
  • What happens if a customer falls or injures themselves in your store(s)?
  • An employee stole from your retail business — who pays damages?
  • An employee stole customer information or property — who is responsible?
  • What happens if an employee is hurt while working in your store(s)?

Do Your Homework Before Selecting Retail Business Insurance

It’s difficult know which insurance coverage is best for you if you’re not aware of all the coverage types available. Spend time researching different coverage options and compare them to your business’s risks so you can make sure they’re provided for in your insurance plan. The best way to approach retail business protection is to understand the risks your business is vulnerable to and then tailor your coverage accordingly.

Assess the Changing Insurance Needs of Your Retail Business

Once you have proper insurance coverage for your retail business, it’s important to continue revisiting your insurance needs. As your business grows, so will your liabilities and your need for insurance coverage. Don’t be afraid to compare pricing and coverage, and ask questions until you’re satisfied.

Here at Atlanta Life General Agency, we have a team of advisors ready to assist you with identifying the best type of insurance for your retail business, with comprehensive coverage at affordable rates. Contact us at 866-389-4466 to talk with an advisor today.