4 Types Of Insurance You Need If You Are Opening A Retail Store

Insurance Blog

If you are in the process of opening your very first retail store, it is important that you have the right type of insurance coverage before you open your doors for business. Here are four types of insurance coverage you are going to want to secure for your new retail business.

#1 Business Crime Insurance

Business crime insurance is set up to protect you from any crimes that an employee may commit against your business. Although you want to assume that your employees will treat your business with respect, the truth is that even with great screening and hiring processes, you may still hire someone who ends up stealing from you.

Business crime insurance will take care of you if an employee steals property, securities, or money from your business. 

#2 Business Liability

This is one of the most important types of insurance you can carry as a retail business owner. Business liability insurance will provide you with coverage if anyone is injured or hurt inside your store. 

For example, if a customer were to slip and fall on your sidewalk, your insurance would cover their medical costs and would defend you if they pursued a personal injury claim against you. Or, as another example, if a product that you sell were to make a customer ill, your insurance would take care of their medical costs and any lawsuits stemming from the use of your product. 

#3 Business Property Insurance

Business property insurance protects the investment that you have made into your retail store. It is designed to provide coverage for all of the equipment and fixtures inside of your store as well as your store inventory. 

For example, if someone were to break into your business and steal some of your equipment and inventory, your business property insurance, after you pay your deductible, would cover the cost of replacing these items.

#4 Business Income Coverage

If your business would ever have to be rebuilt or replaced due to loss because of a covered event, such as a fire or flood, your insurance would provide you with the money to both rebuild your store and replace everything that was inside.

It will also help you replace the revenue that you lost when your business went down. This insurance will help ensure that you are able to recover and rebuild if your business is ever totally destroyed. 

As a new retail business owner, you need to protect the investment you made into your store and your vision by getting adequate insurance that will cover and protect you from lawsuits and liability and will help your business recover if employees ever steal from you or if your business is ever destroyed. Talk to a company like Patton-Chesnut-Binder Ins Agency about obtaining the four types of insurance listed above and about any other unique insurance needs your new retail business may have. 

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28 September 2016