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Insurance for retail business: 6 coverages to consider.

Home / Commercial Insurance / Insurance for retail business: 6 coverages to consider.

Your retail business is important to your community, customers, and employees. They count on you for something, whether it’s a product or a paycheck. That’s why it’s important to ensure your business is properly protected.

At Frankenmuth Insurance, our commercial insurance for retail businesses provides coverage for:

  • Your building and its contents – To help protect the building you own or lease, we insure the physical structure against fire, storm damage, theft, and vandalism. Your coverage also extends to the contents inside the building, like inventory and equipment.
  • Loss of revenue – If your business is temporarily shut down after an unforeseen covered loss, your insurance will pay for lost revenue.
  • Medical costs and legal fees – Consider our liability insurance protection for your business if someone is injured at your establishment. For example, if a customer slips and falls at your retail store, your policy will pay for medical costs resulting from bodily injury up to the limits of your policy. If a suit is filed against your business by this same customer, your insurance will also help cover legal defense costs on your behalf.

We also encourage business owners to customize their policies with other coverages, based on their unique business needs, including:

  1. Commercial auto insurance – If you use either a business vehicle or your personal vehicle for errands, deliveries, or visits to vendors or suppliers, ask your agent about commercial auto insurance. Our policies can cover all vehicles being used – by you or by your employees – for all business purposes.
  2. Commercial umbrella insurance – Most commercial policies contain some liability coverage up to a certain dollar limit. Commercial umbrella insurance provides an additional layer of protection to help pay for any costs that exceed your underlying policy limits. For example, say one of your employees makes a run to the post office to drop off mail or ship a package for business purposes and is involved in a car accident where severe injuries were sustained. Your commercial umbrella coverage would pay for any medical fees that exceed your commercial auto policy limits.
  3. Cyber and data insurance – Retail stores collect quite a bit of personally identifiable information from both customers and employees, including credit card numbers, checking account numbers, and sometimes even Social Security numbers. If those details are lost or stolen, cyber and data insurance will cover the costs of notifying people and managing your reputation. And then, when the dust settles, we’ll offer you a data breach coach, expert advice, and important cybersecurity tips.
  4. Employment practices liability insurance – If a past or present employee believes they’ve experienced harassment, discrimination, or wrongful termination, EPLI can help cover the costly claim and/or lawsuit.
  5. Equipment breakdown insurance – For your retail space, you rely on electronic equipment such as point-of-sale systems, telephones, heating and cooling systems, and possibly refrigeration equipment to keep your business running smoothly. If a sudden and accidental breakdown of your equipment occurs, coverage can help with repairs/replacement costs, spoiled inventory costs, and the loss of business income.
  6. Workers compensation insurance – Required by most states, workers compensation insurance will cover the cost of work-related injuries or illnesses. This includes employee wage loss and medical benefits, and it may also provide coverage for legal fees in the event of a lawsuit.

Not sure where to start? Contact one of our local, independent agents to review your current policy and guide you to the right coverages for your retail business.

Bonus read: How to make your retail store safer.

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