As a retail business owner, one of the greatest rewards is seeing happy, satisfied customers.
But that reward doesn’t come without risks. Retail stores, boutiques, specialty shops, convenience stores, mom-and-pop establishments, warehouse retailers, and even internet retailers carry a unique set of hazards to owners, employees, and patrons that may be alleviated through proper retail insurance coverage.
If you own a retail business, your employees may face risks such as slips, falls, or repetitive stress injuries. Your customers could become injured by falling products or display hazards. Your establishment could be damaged due to fire or catastrophic weather. And you could be held liable for all of these damages.
However, when you carry the right types of retail insurance, your customers, business, and employees may be covered.
What are the common types of retail insurance?
General liability insurance helps protect your retail company against third-party claims that involve property damage, bodily injury, or advertising injury.
Business Owner’s Policy
BOP offers bundled insurance that may include business interruption insurance, property insurance, and liability coverage for your retail business.
Cyber liability insurance helps cover your company for events such as a data breach in which your customers’ or employees’ personal information or your company data is stolen or held hostage.
Additional Retail Insurance Options
Additional coverage options such as business crime insurance may be built into your business owner’s policy or purchased separately to customize your retail business insurance package.
What are some retail business risks, and which type of insurance may cover them?
Selecting small business insurance can be confusing. Here are some sample scenarios to point you in the right direction. We recommend consulting with a trusted advisor to make sure you get the right types of coverage for your business.
Who needs retail insurance?
Any business that resells products to customers should have adequate retail business insurance to cover themselves, their customers, and their employees, including salespeople, cashiers, stock clerks, merchandisers, and managers. Retail industry businesses may include:
- Retail stores and shops
- Grocery stores
- Boutiques and specialty shops
- Convenience stores
- Mom-and-pop establishments
- Warehouse retailers
- Home-based retailers
- Internet retailers