Anyone who owns a retail store has a lot to protect. Physical property, inventory, employees and customers are just a few elements a retail business owner must think about safeguarding every day. With so much at stake, choosing the best type of insurance coverage can be challenging for even the savviest entrepreneur.
Additionally, obtaining the right amount of coverage at an affordable rate can also be difficult.
A single retail insurance plan that covers multiple needs within a reasonable budget would be an ideal option.
If you’re a retail store owner in this situation, a business owner’s policy (BOP) is your solution.
How BOP Insurance Meets the Needs of Retail Store Owners
BOP insurance is ideal for retail stores because it provides the protections that are most essential in an affordable combination. For example, a retail store owner with BOP insurance would have both property and liability insurance in a single plan.
A business owner’s policy provides real estate coverage for any property that is owned, rented or leased by the business. A BOP also provides coverage for any damage to store fixtures, operating equipment, outside structures and exterior signage. This makes a BOP a cost-effective way to protect the cash registers, computers and electronic displays that are vital to operating your store.
Store inventory is also covered under a business owner’s policy. This coverage is especially valuable if your retail store sells highly exclusive or attractive goods that are targets for theft by criminals or employees. If your retail store sells food products, BOP insurance can shield you from loss of inventory due to malfunctioning refrigeration equipment or food spoilage. BOP insurance also covers your retail operation from unexpected business interruptions.
BOP Insurance Covers Accidents and Other Liabilities
When customers enter your retail store, there is always the risk that someone will experience a slip and fall or some other accident. In these cases, there is also the possibility that you will be held liable for damages. A business owner’s policy covers this liability giving you the peace of mind needed to operate a welcoming environment for your customers.
In addition to affordability, a business owner’s policy provides retail store operators with a great deal of flexibility. BOP insurance can be customized in a number of ways to meet your specific needs.
Typically, if you have three or more employees working for you, you’re required to carry workers compensation insurance. This covers wage replacement and medical expenses when employees are injured due to a work-related accident. You can also include commercial auto insurance in your plan if you use trucks to transport inventory or make deliveries to customers.
Sorting through all of these insurance options yourself can be time consuming and bring about questions about your specific needs. Contact a qualified insurance agency to help you get the coverage that is right for your retail business.
The experts at the Atlanta Life General Agency are ready to answer your questions about BOP insurance and assist you with obtaining the most affordable coverage for your retail store. Contact us at 866-389-4466 to talk with an advisor today.