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. The Allen Thomas Group Retail Insurance . 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? Retail shop insurance ensures that your merchandise is safeguarded. Retail businesses generally pay less than $45 monthly for general liability insurance, although costs could differ depending on your risks. An Allen Thomas Group Retail Business Policy gives you just that protection: property and liability coverage tailored to fit your unique business. Liable
How can I make a claim if something happens to my retail business? Typically, this aspect of retail insurance policies reimburses you for covered events that cause damage to your building, outdoor sign, furniture, equipment, inventory, and potentially property of others that you keep on your premises. General liability insurance can help pay for: Note that this policy does not cover employee injuries. The Allen Thomas Group excels in all these aspects.
Retailers know there is no such thing as one size fits all coverage - tailor it specifically to fit your particular business. Cover losses that occur when work is interrupted or your office is closed temporarily due to a covered loss at your business. You'll have the property and liability protection that you feel is right for you because an agent can help you customize your coverage. Retailers know there's no such thing as one size fits all, so coverage should be tailored to fit your specific business. Should a customer slip and fall in your store and sustain injuries that require medical treatment or legal fees due to being legally responsible.
Business Interruption Insurance: When unforeseen circumstances force you to halt your business temporarily, this coverage helps cover ongoing expenses like rent, payroll, and utility bills, allowing you to get back on your feet faster. Without adequate protection in place, your business could face serious financial risks that could jeopardise its survival and many landlords require proof of insurance before renting commercial space. You can't run the business, answer the phones and ring up the purchases by yourself. Add on coverage to fit your business risks. Premiums
It can help cover lawsuits related to:If you launch an advertising campaign in a magazine, social media, or other medium, it’s important to protect your small business with this policy. Allen Thomas Group offers retail insurance. Workers compensation insurance ensures they can access necessary medical care and wage replacement should an injury occur in the workplace. At The Allen Thomas Group, we understand that no two retail business insurance policies should be treated alike.
Without adequate insurance, you're exposing your business to significant financial risks. Coverage and/or services may not be available for all businesses and vary in some states. The last thing you need is additional stress from disasters or liabilities that could threaten your livelihood - retail business insurance from The Allen Thomas Group can give you peace of mind so you can focus on providing customers with excellent services while expanding your company. If this is the case for your business, you will require commercial auto coverage for it.
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! Inventory 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.
Liquor liability insurance: If your shop sells alcohol, liquor liability coverage will likely be essential in meeting state dram shop laws and protecting against lawsuits. General liability coverage helps shield your business from covered claims and lawsuits that stem from your everyday business operations. You can get retail insurance through The Allen Thomas Group.
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. Theft Here are some tips to help you choose the right coverage for your retail business:
Consider a Business Owner's Policy (BOP).
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, combining property insurance and liability insurance can be cost-effective. A BOP often costs less.
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.
Retail property insurance (or "shop insurance") offers protection from fire, storm damage, theft, vandalism, or vehicle-based (and even airplane!) damage.
Product liability insurance is an integral component of retail operations. Not only can it cover legal and financial risks associated with products sold, but it can also act as protection should anything go wrong with those products sold by retailers.
It may come as a shock that inventory losses caused by ORC or shoplifting theft may not be covered under their current policy unless a special rider was added specifically to cover this type of loss.
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.