Different Types of Retail Business Insurance
You have invested a lot of time and money in your retail store, so you most likely want to protect it. Here are different types of retail business insurance to consider.
When it comes to insurance for your retail business, you want your coverage to be true to size. With a PolicySweet® Business Owners Policy, we’ll make sure your coverage is as unique as your store. From General Liability to Workers’ Compensation, each retail business insurance policy is designed to fit your needs.
How to Get Business Insurance
Getting a customized policy for your business isn’t as complicated as it might seem. Follow the 3-step approach below to start creating a policy for your online or brick-and-mortar retail store:
Answer a few questions about your retail business.
Receive a no-obligation quote tailored to your business.
Accept and get instant coverage!
What is Retail Business Insurance?
Retail business insurance can help protect small business owners from incidents they may be susceptible to like injuries, theft, fires, lawsuits, and other risks. Insurance is designed to help reduce the impact of risks. A few types of retail business insurance include:
Business Owners Policy
A Business Owners Policy or a BOP, bundles general liability insurance, business property insurance, and cyber insurance into one plan. It’s often the most cost-effective way to obtain multiple types of business insurance for retailers.
General Liability Insurance
If your retail business has a physical location, chances are you have frequent foot traffic coming through your store. General liability insurance could provide coverage for accidents such as third-party property damage or bodily injury. This includes costs associated with medical bills and lawsuits related to a claim. General liability could also help protect your retail business from expenses resulting from advertising injuries, such as slander, libel, and copyright infringement.
Property Insurance
Property insurance can help to protect furniture, fixtures, and equipment owned by your retail business. It can cover the costs to repair or replace items from an unexpected events like fire, theft, or vandalism. This coverage even includes loss of income if your business is unable to operate due to damaged business property.
Cyber Insurance
If your retail business stores sensitive information about employees and clients including social security numbers or credit card numbers, you may want to consider cyber insurance. Cyber insurance can help protect your business in the event of a data breach. It could help take care of expenses to determine the extent of an attack and the cost of notifying affected parties.
Workers’ Compensation Insurance
Workers’ Compensation can provide retail employees coverage if they sustain work-related injuries or illnesses. For employees, it can take care of any medical bills or loss of income after an incident. For employers, it can give you peace of mind to know that your employees could be covered if they become injured or sick as a direct result of their job. In some states it may even be required to obtain Workers’ Compensation if you hire more than one employee.
HomeHQ
HomeHQSM coverage is designed for home-based businesses and companies that operate from mobile spaces like a kiosk or cart. It can provide coverage for business liabilities that homeowners or renters insurance do not typically cover.
Types of Retail Businesses We Insure:
Business insurance can help protect retailers from potential risks. PolicySweet provides insurance for several retail businesses including:
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