Retail Store owner | ALGA

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If you’re the owner of a retail store, you’re already carrying quite a bit on your shoulders.

You’re responsible for maintaining inventory, ensuring customer satisfaction and managing employees, among dozens of other responsibilities. Because of your numerous daily tasks, there may be a few things that slip under your radar every now and then – for instance, the type of retail insurance that is best suited to your specific needs.

Now, you might think that a basic insurance package is enough for you, or even that you don’t need insurance to begin with. After all, why pay more for something you may not even need? Couldn’t you save yourself a few dollars by cutting what seems to be an unnecessary cost?

Here’s a secret: good insurance coverage will actually save you money in the long run, if you know what type of insurance your retail store needs.

How a Business Owners Policy Can Help Your Retail Operation

There are a few things to consider when tailoring your insurance to your specific retail store. The type of insurance you need will depend on what kind of retail store you own.

If you own a clothing store, then a business owner’s policy, or BOP, is a comprehensive choice that combines several different kinds of insurance coverage.

BOP insurance covers your property, employees, inventory and any potential income loss in the case that your retail operation is interrupted for any reason. A BOP also includes liability coverage that protects you against claims that result from accidents that happen at your retail location.

Does Your Retail Store Need Workers Compensation Insurance?

What if you own an automobile parts store? A BOP is also a great choice, but there are several other types of insurance that can be tailored to you specifically.

For example, what if one of your employees is unloading heavy materials from a delivery truck and falls, requiring hospitalization? If you have Workers Compensation insurance, both you and your employee are covered for any lost wages or medical needs.

Not only will this will give you the peace of mind you need to operate your store, you’ll also be in compliance with state laws.

Retail Insurance Tailored to Your Business’ Needs

No single retail operation is the same and therefore each type of retail store needs different insurance coverage. A clothing store is unlikely to need the same kind of coverage as an auto parts store, and vice versa. That’s why it’s critical as a business owner to understand the kind of risks your retail business is vulnerable to and then tailor your coverage accordingly.

An experienced insurance agency can guide you through this process and ensure you have adequate coverage at a reasonable rate.

The Atlanta Life General Agency has a team of advisors ready to assist you with identifying the best type of insurance for your retail operation. We offer expansive business insurance coverage at affordable rates. Contact us at 866-389-4466 to talk with an advisor today.

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