There is a lot of time and money invested in a retail business. To help protect them from a range of accidents and mishaps, there are several different types of insurance, with policies specifically tailored to the needs of retail businesses. InsureWise helps retail businesses get these necessary coverages.
What Insurance Do You Need for a Retail Business?
Commercial Property Insurance. Depending on the policy, this protects your physical shop and contents against unforeseen losses tied to fire, storm damage, vandalism, theft, or damage from vehicles, and even airplanes. Generally, events that cause damage to your building, outdoor sign, inventory, furniture, equipment, and potentially property of others that you keep on your premises are reimbursed to you with retail insurance policies. To help an insurance agent tailor coverage to protect the property that’s important for your business, make sure you know the monetary value of these items beforehand.
Liability Insurance. Accidents that affect customers or other visitors to the store includes coverage with liability insurance. For example, liability insurance could cover legal fees, medical costs, and damages for which you are legally responsible if a customer slips and falls on a wet floor in your store and is injured. By adding umbrella policies, you can customize liability insurance to cover unique aspects of your business. 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, employment-related practices insurance might be worth the investment as well.
Business Income Coverage. Working in tandem with property insurance policies, business income coverage reimburses income lost during a covered event fire, wind, fire, hail, or vandalism. If necessary, this coverage can replace lost net income or pay for ongoing expenses, or the mortgage, including payroll, and for relocation expenses.
Retail Business Insurance
There are many policies that can protect your retail business, and we at InsureWise can help you get the best coverage you can afford.
