Retail stores that are eligible for a BOP usually:If a customer or delivery person is injured by an accident at your retail store, such as slipping in a spill, you could be held responsible for the resulting medical bills. Commercial property insurance is your “shop insurance.” It can protect your physical shop and contents against unforeseen losses tied to fire, storm damage, theft, vandalism, or damage from vehicles – and even airplanes, depending on the policy.
A BOP will protect the things essential to running and expanding your retail operation and making sales.
Before purchasing an insurance policy, compile an inventory of everything within your business that has monetary value, such as building costs (if applicable). Imagine this: An electrical fire breaks out in your back office where all of your company's computer systems, security camera equipment, and extra inventory is kept. As with any business, retail businesses possess unique characteristics that require tailoring their insurance to match. Insurers It can even be customized according to individual needs. If the person files a lawsuit, costs can add up quickly.
Are You an Retail Business Needing Liability Insurance Coverage?
For example, combining property insurance and liability insurance can be cost-effective. A BOP often costs less.
It covers accidents, damages or theft that might happen with your vehicles and provides essential coverage in case something happens to them. Commercial umbrella insurance: Similar to excess liability insurance, this policy boosts coverage on a retailer’s general liability, commercial auto, and employer’s liability insurance once the limit is reached. Many landlords also require proof of insurance before renting commercial space. An umbrella policy might also be beneficial in cases of multiple forms of liability exposure such as retailers who face multiple forms of risk exposure.
Our team can help you find an umbrella policy with up to $25 million of liability protection coverage to cover losses caused by covered events. Coverage such as this can replace lost net income and cover ongoing expenses such as payroll or mortgage payments, plus relocation expenses should they arise. Complete The Allen Thomas Group’s easy online application today.
When comparing providers, pay attention to experience, customer reviews, services offered, range of offerings available and the willingness of each insurer to customize policies as part of its offering - these are all hallmarks of excellence at The Allen Thomas Group! Loss of Income Coverage: When disasters strike, and your store needs repairs, you may lose income during the downtime. Competitive RatesWe understand that cost is a significant factor when choosing insurance.
As a business owner or an employee, there are a number of preventive steps you can take to help keep your company's data secure. For example, if a vape pen explodes and injures a customer, your general liability insurance can cover the customer’s medical bills – or legal fees if the customer sues. For frequent overseas travelers and businesses with international operations, Global CompanionSM policies provide additional coverage. Protect your business when your employees, products or services cause harm to other people or their property.
In the event of a claim, simply reach out to our team, and we will guide you through the process. When a system is hacked or compromised, you risk costly chargebacks, or reputational damage and loss of sales. Whether you have employees driving occasionally to an off-site meeting or a fleet of drivers delivering products to customers every day, protect your business on the road.
Commercial property insurance provides essential protection. But every good captain knows the importance of a sturdy insurance anchor to weather the storm.
At The Allen Thomas Group Group Insurance Services, we provide protection for a range of vehicles and trailers commonly found within retail businesses. Get coverage to help recover losses from employee theft at your store. As a retailer, you should take measures to safeguard against theft by employees from insider trading as well. Cover losses that occur due to covered losses at your business causing temporary disruption in work operations or even temporary office closure.
Enhance the protection of your retail store with premium enhancements that provide additional coverage features and limits, such as sewer backup coverage, losses resulting from power supply or utility lines being damaged, increased limits for Electronic Data Process Data Media storage capacity and spoilage of perishable goods. Liability This coverage can replace lost wages, pay for medical treatment and protect your business and its assets if an employee suffers a serious injury at your retail store. General liability insurance for retailers usually includes product liability insurance, which protects against customer injuries or other damage caused by a product you sold.
Liability insurance can be thought of as your “customer insurance.” It can cover your business against accidents that affect customers or other visitors to the store. Your final rate depends on the unique aspects of your business, such as its building, location, personal property and employees. Should a customer sustain injuries while shopping at your store, liability coverage can cover both medical expenses and legal fees associated with an injury claim - saving both sides time and money from an adversarial legal battle.
Business Interruption Insurance: When unexpected circumstances force your company to temporarily cease operations, this coverage provides ongoing expenses such as rent, payroll, and utility costs for renters to get them back up-and-running quickly. This policy add-on can cover loss of income or an increase in expenses that results from covered damage to another organization that your company depends on for supplies or services. For example, we can help you get an umbrella policy with up to $25 million in additional liability coverage to cover the costs of a covered loss.
Negligent Maintenance of Property Is Defined: To define "negligent maintenance of property", any store operator who failed to use reasonable care and identified conditions on their premises that created undue risks of harm and was aware or should have known about them was guilty of negligent maintenance of the property.
Retail business insurance will protect your retail company against liabilities like customer accidents, property damage and theft, employee injuries and illnesses, as well as customer disputes.
Retail stores should invest in insurance to safeguard both themselves and their customers from potential loss due to theft, property damage, liability risks or other risks inherent to running a retail store. Coverage might include losses caused by theft, property damage and liabilities that arise as part of owning one.
Many insurers offer discounts for policyholders who pay their premiums on time or in full each year.
Retail stores can be held liable if they create hazards, know of danger but fail to address it, or fail to take measures necessary to eliminate or mitigate it.