Opening your own business means navigating a lot of responsibilities on a daily basis. Adding retail business insurance can help alleviate a lot of stress while you look out for your community, employees, and customers.
Retail business insurance policies provide extensive coverage. The policy covers the business that you own or lease against potential damages. All the contents inside the building are covered in the event that they are stolen or vandalized. Liability coverage is an important part of your policy. This coverage protects your business if one of your customers is injured on your property. It helps cover the injured party’s medical bills. If the injured party opts to sue, liability coverage will assist with your legal fees as you go through the process. Your retail business insurance policy should also contain loss of revenue coverage. Consider a scenario when a severe storm moves through the area and causes significant damage. Your property is forced to close until the repairs are made. Loss of revenue coverage helps your business stay afloat financially until the necessary repairs are made.
Recommended Coverages That You Must Add to Your Policy
Workers’ Compensation Insurance
Adding workers’ compensation is a legal requirement for business owners in most states. Workers’ compensation allows you to protect your business while providing medical and lost wages benefits to your employees if they are injured on the job. It also covers your legal fees if one of your employees opts to sue over a workplace issue.
Commercial Umbrella Insurance
While retail business insurance policies contain liability coverage, there’s a limit to the coverage amount. Adding commercial umbrella insurance helps protect your finances as it steps in to handle the remaining costs once you have reached your liability limits. If you are operating a small business, commercial umbrella insurance can prevent you from possibly going out of business due to a liability claim.
Retail stores have access to sensitive information of customers and employees, including credit card and bank account numbers, as well as social security numbers. Hackers are constantly developing new ways to steal sensitive information. Adding cyber insurance covers your business in the event of a data breach.
Equipment Breakdown Insurance
You rely on different electronic items for the efficient operation of your business. Any damage to equipment can inconvenience you, so it’s recommended that you add equipment breakdown coverage. It protects your business if a piece of equipment needs to be replaced or repaired. The policy also covers any loss of income and spoiled inventory expenses due to the breakdown of the equipment.
Employment Practices Liability Insurance
Employment practices liability insurance covers your business if an employee alleges discrimination or harassment in the workplace. The policy helps cover your legal fees during litigation and any other settlements.
Consult with Pittman Insurance Group, LLC
Your retail business serves an important purpose in the community. So, you must purchase the essential insurance coverages needed to protect your investment. If you have any questions regarding your retail business insurance policy, contact our team here at Pittman Insurance Group, LLC.