Retail Store Insurance Plans
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What is Retail Shop Insurance?
Retail insurance is a combination of the most common business insurance lines you’ll need to protect your small shop. You’ve poured your heart and soul into building a small business that you love. Whether you are serving specialty coffee, stocking fabrics and knits or lining your shelves with new and used books, you need to protect yourself against some of the unfortunate events that can happen to cause financial pain to a small business.
This business insurance coverage includes property damage, liability, business income and employee injuries and illnesses. It’s a neat package with the best insurance for you and your small business.
At InsureOne Insurance, we offer the best business insurance packages with customized policies built around your specific needs.
Why Retail Shop Insurance is Crucial for Business Success
Now that you have jumped into the world of retail, you are already discovering the ins and outs of running a small business. It is much more than hanging an open sign on the door, although getting to that point is a great feeling of satisfaction. Hopefully, your business will welcome enough customers you’ll be able to bring on an employee or two. Of course, with all of that comes the possibility of something going wrong – in order to be successful, you need to plan ahead for all eventualities with small business insurance.
Tailoring Insurance to Fit Your Unique Retail Needs
Like all insurance policies, there are some lines you need and some you may not. For a retail shop, there are at least 4 lines of insurance you should consider. You may want more, but this list includes the basics:
- Property damage: If you are a custom T-shirt shop, you may have invested in a nice DTG printer at a cost of $15,000. If you’ve opened a coffee shop, you may have bought an Espresso machine to the tune of about the same. The point is, your small business contains expensive property that needs financial protection in the event of a fire or other calamitous event.
- Liability: Anybody who walks in your door – customer or employee – runs the risk of being injured in some unfortunate way. You can do your level best to make sure your premises are safe but there is no guarantee that someone won’t get hurt in some unforeseen accident waiting to happen. Your liability coverage will help you pay for the court and settlement costs.
- Business income: In the event you are forced to close your doors for some reason, such as repairs, you will still have bills to pay. Your business income insurance will provide you with financial help to cover those costs while you are down.
- Employee injuries and illnesses: An employee who is injured at work can cost you the business you’ve worked so hard to open. This insurance will help cover their medical care, lost wages and offers disability benefits.
These 4 basic types of insurance are the backbone of a small shop package. There are others you may want to consider, such as commercial auto, but for most small retail businesses, these 4 are non-negtiable.
Understanding the Unique Risks Faced By Retailers
As your small business continues to grow, it becomes even more important for you to be able to fill the niche you specialize in as a small shop. Your customers have come to depend on you and your creditors depend on you to pay your bills. You don’t have time for unexpected outages and shortages that can threaten your ability to conduct business. Retailers often face risks other businesses done and that includes employee theft, short orders and equipment malfunctions.
In addition, you also need to protect against common risks, such as:
- Accidents: Someone’s child spilled their sippy cup on your floor and didn’t tell you. The next customer through slipped in the water and broke their leg.
- Theft: Whether it is an employee or a customer, retail theft can hit hard, especially for high-dollar items.
- Fire and Smoke: A fire can shut you down, possibly damaging expensive equipment and making the space uninhabitable until repairs are finished.
- Water Damage: Whether from a busted pipe or a sewer backup, damages can include inventory, equipment and more.
- Weather Incidents: A hurricane, or other weather event, might blow your roof off leaving everything in your shop damaged beyond repair.
- Data Loss: Whether from a cybersecurity attack or a loss of power, losing your employees’ and customer’s sensitive data can be a deal breaker for a small company.
Many small business owners also include other specific coverages, such as commercial property insurance if you own your building, which protects you against damages or loss specific to your building.
Foundational Coverage for Your Shop’s Success
We know you work hard every day to make your small business a success. That is why it is so important to have the proper foundation in place before you begin to build your shop. Because you have spent so much time and money to make sure your business succeeds, you need to protect from life’s little misfortunes.
Starting with the right small store insurance is critical. At InsureOne, we will help you build a flexible, customized policy to protect your success.
From Slip-and-Falls to Data Breach – InsureOne Has Your Shop Covered
Your small retail business insurance policy will protect you against claims filed by employees and visitors in your commercial space. This package includes financial help for damage repairs, medical expenses, court costs and more. With the help of your InsureOne agent, you can customize your small shop insurance policy to include enhanced protections such as general liability, commercial auto and commercial property, if necessary.
At InsureOne, we offer the best coverage with top-rated insurance carriers. Our coverage is affordable, but even more than that, it is comprehensive and administered with white-glove service. Come see us when you need a flexible, customized business insurance package. Get a free online quote, give us a call at (800) 836-2240 or stop by a conveniently located office.