Whether they come to you for clothing, pet food or auto parts, your customers depend on your store for products and expertise. Make sure you have the protection you need if something goes wrong.
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Employment Practices liability
General liability coverage
If a customer slips and gets hurt while shopping in your boutique or your employee breaks a customer’s phone while helping them make a purchase, you can be liable for the damages.
General liability helps to protect your retail business from lawsuits claiming you’re responsible for an injury or property damage. In addition, general liability insurance can help cover medical costs or replace damaged items.
Commercial property coverage
Commercial property insurance can help protect where you run your retail business.
It helped cover your business’ inventory and owned or rented equipment, including Rolling crates, Shelves, Computers, and Cash registers.
Data breach coverage
Retail businesses often collect sensitive employee and customer information including Credit card numbers. The loss or theft of that information could leave your store open to lawsuits and damage your reputation.
Data breach coverage helps pay the costs that result when personally identifiable information is lost or stolen, including Notifying impacted individuals, Managing public relations and Good faith advertising.
Employment Practices liability coverage
Retail businesses may face claims from current or past employees over issues such as Harassment, Wrongful termination, Wrongful failure to promote and many more.
If an employee sues you for discrimination, your retail business may face significant costs for your legal defense. But EPL can help your business cover those costs.
Workers’ compensation coverage
If an injured employee’s family decides to sue you, you may end up paying for legal expenses from your pockets.
Required by most states, workers’ compensation insurance provides benefits to employees for work-related injuries or illnesses. These benefits include Medical care, Wages from lost work time, Funeral costs and Disability care.
What is Retail Business Insurance?
Simply put, it’s insurance protection for any type of retail store owner. It’s a customized form of business insurance designed to provide business owners with the coverage needed to keep their business operational after a catastrophe or a lawsuit.
Retail business insurance isn’t just a one-size-fits-all bundle of coverages filled with the protection you don’t need. It’s actually a package of insurance options that you customize to protect yourself against the risks your unique retail store faces.
These insurance plans can be fine-tuned to meet your needs and budget, no matter the size or type of operation you run.
Nearly half of all retail businesses that temporarily close their doors after a natural disaster fails within 5 years. A solid business plan coupled with a retail insurance policy can prevent large financial losses and allow your store to remain profitable regardless of what unexpected event comes your way.
Types of insurance Retail Business owners need
Retail businesses can range from small corner shops to large chains of stores. When you run a retail business, there are a few commercial insurance policies you’ll need to secure, either to meet state requirements or to protect your business venture, like:
Businessowners policy (BOP)
Other business insurance products
Business auto insurance
Employee dishonesty coverage
Utility services coverage
Product liability insurance
We will review your needs and help you evaluate which retail business insurance coverages makes the most sense. Talk to us today to know more.
Already have Retail Business Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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We extend coverage to individuals and businesses in Houston, TX and surrounding areas.