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. Retail Shop Insurance: Safeguarding Inventory and Assets Your inventory is essential to running a retail business, and retail shop insurance helps safeguard it by covering both its contents as well as any assets your retail establishment might possess. The Allen Thomas Group Retail Insurance .
Every program for retailers starts with our core BOP (Business Owner's Policy). Covered expenses include customer notification (often mandatory), penalties and chargebacks imposed by credit card companies, court-awarded judgments and more.
Also keep a digital file of receipts after each item purchase or upgrade is completed. Other policies for retailers to consider include: Business owner’s policy (BOP): This policy bundles general liability insurance with commercial property insurance, usually at a lower rate than if the policies were purchased separately.
With this coverage, lost wages may be replaced, medical treatment paid for and business assets can be safeguarded in case an employee sustains serious injuries at your retail store. Commercial umbrella insurance: Similar to excess liability policies, commercial umbrella policies extend coverage on a retailer's general liability, commercial auto, and employer's liability policies once their limits have been reached.
An agent could suggest purchasing employment-related practices insurance to protect against potential lawsuits regarding wrongful termination lawsuits, as well as liquor liability coverage that protects against claims associated with alcohol being served at your business.
Absolutely, bundling multiple types of retail insurance may often prove cost-efficient; for example combining property and liability policies could provide significant cost-savings opportunities - we can help you select a package tailored to meet your unique requirements.
General liability insurance shields you when customer property is damaged.
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.
At The Allen Thomas Group Group Insurance Services, we provide protection for a range of vehicles and trailers commonly found within retail businesses.
A BOP will protect the things essential to running and expanding your retail operation and making sales. Make sure that your Business Owner Policy (BOP) includes temporary shutdown coverage should something arise like fire or another covered loss causing temporary closure of operations. While retail business insurance may not be legally obligatory like auto insurance is, it's nonetheless strongly encouraged.
Retail business insurance acts like glue to hold all these parts together so if one falls off suddenly your enterprise won't collapse into pieces. Here are some tips to help you choose the right coverage for your retail business:
Consider a Business Owner's Policy (BOP).
Anticipate data breaches by planning ahead. Making photos and videos of your entire business location as well as storage spaces is another effective way to document items it owns.
Our in-house specialists will connect you with a trusted business insurance provider for a personalized retail insurance quote. Retail insurance policies offer you protection for incidents that cause damage to your building, outdoor sign, furniture, equipment and inventory - as well as potentially any property of others stored on your premises.
For example, combining property insurance and liability insurance can be cost-effective.
Cyber criminals are always looking for a weak spot (like maybe an outdated e-commerce feature on your website). Slips trips and falls have the potential to be a major cause of injury for your employees and visitors. It helps cover the cost of a data breach or cyberattack. Are you prepared to safeguard your retail store with general liability insurance coverage? Is retail business insurance mandatory?
Our retail insurance solutions are not only comprehensive but also competitively priced. To make sure your insurance meets all of your needs, the best way is to consult an agent. Furthermore, litigation costs could quickly add up in court proceedings brought by them against your store. We believe in a hands-on, personalized approach to ensure you're covered for all contingencies.
Our knowledgeable Claim professionals will respond to your needs with speed, compassion, integrity and professionalism. Protect your employees with Workers Comp. While retail business insurance isn't mandatory in the same way auto insurance is, it's highly recommended.
Yes, most retail store insurance policies have a deductible that must be paid before the insurer will cover any losses or damages incurred by the business.
Business personal property (BPP) coverage covers equipment, furniture, fixtures, and inventory used or stored within your workspace - such as equipment that belongs to you personally as well as any you rent out or use for rental purposes.