If your business owns vehicles, a commercial auto insurance policy can provide valuable financial protection to you and your employees while driving a company-owned vehicle. It helps cover costs if your retail shop's delivery truck or other vehicle gets into an accident. Convenience stores, pharmacies, vape shops, and other retail stores open their doors to customers every day. Every business is exposed to different types of risk, so costs vary from business to business. While general liability insurance covers many common risks, it does not provide complete protection. The Allen Thomas Group Retail Insurance .
Working alongside you, they'll craft an insurance policy tailored specifically for your business - providing hands-on support with each policy we create so you're protected in any contingencies that arise. As you shop for insurance policies, consider these three areas. Bonus: Third-party liability coverage is optional in case a patron or supplier files a discrimination claim. If you operate a small retail shop, combining general liability and commercial property coverage into one Business Owner's Policy may save money compared to purchasing both policies separately.
The Allen Thomas Group specializes in tailoring insurance solutions to meet the specific needs of retail businesses, whether you run a brick-and-mortar store, a boutique shop, or an online retail empire. Business Property Insurance: This component covers your equipment for business use, such as cash registers, computers and display units. Several factors can influence your insurance premium, including the location of your store, the type and amount of coverage you need, your claims history, and the size of your business. General liability coverage offers protection when customer property is damaged, such as when someone in your jewelry store asks you to change out a battery in a watch they bought from them.
Storeowners who’ve experienced problems like these could tell you how important it is to have the right coverage with adequate limits. Retailer insurance policies specifically tailored to protect them can offer vital protection from accidents or any unexpected mishaps that might arise in operation. If you run a small retail shop, you may be able to bundle general liability insurance with commercial property insurance in a business owner’s policy. Liability Insurance: Retail store insurance provides another form of protection from lawsuits.
EPL+ defends your business in the event of a claim alleging a wrongful employment practice, such as discrimination or wrongful termination. Small Business Retail Cyber Insurance is critical to defend against failure and to prevent unauthorized access to, or use of, customer identity information. Retail store insurance covers various aspects, including:Property Coverage: This guards against damage to your store due to unforeseen events like fire, theft, or vandalism. You can customize liability coverage to fit unique aspects of your business by purchasing additional umbrella policies. NAIC It protects against lawsuits and other financial liabilities that result from a variety of incidents like customer injury.
With so many electronic transactions happening both online and at point of sale, hackers or compromised systems pose serious threats. Retail Store Insurance: Protecting Your Physical SpaceA retail store is at the core of your business, so protecting it with insurance should be top of mind. If your wheels power your business, you'll need to add commercial auto coverage. Business income insurance provides your "ride-through-the-storm insurance."
You'll want to make sure your BOP covers goods that are off premises as well, including goods in transit and merchandise being shipped to customers. We're here to guide you through the maze of retail insurance, answering your questions and helping you understand why choosing The Allen Thomas Group as your insurance partner is a smart decision.
What should I consider when choosing an insurance provider?
Employee dishonesty coverage is part of The Allen Thomas Group's BOP offering and should be tailored specifically to your business risks. An agent might suggest employment-related practices insurance to cover your company in the event of a wrongful termination lawsuit, or liquor liability insurance that can protect your company against claims resulting from alcohol being served at your business. Extends some property and liability coverage features for periodic overseas business travel. Cyber Insurance: In the digital age, your business is vulnerable to online threats.
Not all businesses can avail themselves of certain coverages/services offered herein and their availability may also depend upon certain state jurisdictions. As a retail business owner, you are constantly juggling multiple responsibilities. Plan for a data breach.
Competitive RatesCost can be an important consideration when purchasing insurance, which is why our retail solutions offer comprehensive protection at highly competitive prices. If your watch becomes accidentally scratched during production, general liability insurance can help cover the cost of repair or replacement as well as legal expenses associated with any potential customer lawsuits, such as hiring an attorney. It covers accidents, damage, or theft involving your business vehicles.
We also include identity fraud expense reimbursement coverage for employees.
We believe in giving you peace of mind without breaking the bank. Paired with property coverage, this coverage reimburses any income lost during a covered event like fire, windstorm, hailstorm or vandalism that temporarily shuts down operations - for instance due to hailstorm damage repair costs.
Worker's compensation insurance ensures that employees receive necessary medical care and wage replacement if they get injured on the job. Retailers usually acquire general liability and product liability policies to protect themselves against customer injuries caused by products sold. This type of insurance includes:Inventory Protection: In the unfortunate event of theft, fire, or other covered perils, retail shop insurance helps you recover the value of lost or damaged inventory, allowing you to restock your shelves. Umbrella insurance provides an additional layer of financial protection over and above the coverage limits of your other liability policies. If you employ full-time or temporary employees during the holiday season, or are required by law to provide them with workers comp coverage, providing it is worth considering as an added layer of protection both for yourself and for them.
One example of this coverage, Employment Practices Liability+ (EPL+), defends you from claims alleging wrongful employment practices, such as discrimination or wrongful termination. Protect those who work for you. If possible, maintain a backed-up digitized file of scanned receipts for items after you purchase or upgrade them. Workers’ compensation insurance: Workers' comp is required in almost every state for stores that have employees.
Even if it's not required, it's worth considering as a way to help protect you and your employees. With a nationwide reach, competitive rates, and a commitment to your success, The Allen Thomas Group is your ideal partner in securing the future of your retail business. If the customer decides to sue, this policy can also cover your legal expenses, including the cost of hiring a lawyer.
An umbrella liability insurance policy will offer an extra layer of protection when other liability coverages stop.
Our team of specialists can tailor coverage specifically to the risks faced by your business; therefore, costs will differ accordingly. Protect your business from liability risks if an employee should claim wrongful employment practices. Auto Insurance: If your retail business relies on vehicles for deliveries or transportation, commercial auto insurance is a must. Business Property Insurance: This component covers your business equipment, such as cash registers, computers, and display units.
We provide insurance by phone, online and independent agents alike. We know the challenges that retailers face, and we have the expertise to craft policies that anticipate and address these challenges effectively. Extensive ExperienceWith years of experience in the insurance industry, we've seen it all. Retail business insurance from The Allen Thomas Group offers you peace of mind, allowing you to focus on what you do best - serving your customers and growing your business.
If your business owns vehicles, a commercial auto policy can provide essential financial protection to both you and your employees while using company vehicles for company business. Would you like to discuss the specific needs of your retail business?
Most establishments need both property and liability coverage. Workers' comp is also typically mandated in most states if you employ staff. Business umbrella insurance provides additional liability protection in case of legal actions brought against the store.
Shoplifting typically isn't covered under commercial insurance policies, while theft may be. As shoplifting usually happens during business hours without anyone realizing what is happening, filing claims for this type of loss can be difficult and time-consuming.
Commercial crime insurance protects businesses against financial losses caused by criminal activities like theft, forgery, embezzlement, and fraud.
Product liability insurance provides protection from legal fees, medical costs, and damages awarded against your product in third-party lawsuits brought forward against it by individuals and/or entities alleging injuries to it as a result of its use, as well as property damages caused by it.