Owning your own retail shop is a big achievement. You likely spent a lot of time and money building and planning for your business – an investment you’ll want to protect with customized commercial insurance designed specifically for the needs of retailers. Whether you own a small storefront boutique, opened a shoe store in the mall, or plan to construct a stand-alone building to house your bridal store, we here at Giuffre Insurance can help you find insurance solutions to minimize your financial risk vulnerabilities.
Know Your Risks
It’s difficult to know which types of coverage you may need if you do not first understand your risks as a retail business owner. For example, you probably know that theft is the number one cause of loss for most retailers, but did you know that data breaches and theft of private information is also a common risk? At Giuffre Insurance, we understand the hazards of your industry and work hard to minimize potential gaps in your protection. From your inventory and fixtures to loss of income and liability, we’ll help you better understand what is at stake when you open your doors for business.
Types of Retail Business Coverage
Like most businesses, your commercial insurance will likely include several different types of coverage. Many must be purchased as stand-alone protection, which means you may have multiple policies to maintain. Shopping at Giuffre Insurance, however, allows you to compare coverage and rates from multiple retailers in one place, all while getting the support and service you expect from a dedicated independent agent.
Your retail insurance may include coverage for
Property and Signage
If you own the building your shop is located in, property insurance helps cover the cost of repairing damages or rebuilding due to a covered event. Even if you lease, however, you still need property insurance to help cover your signage, inventory, fixtures, furniture, and other contents of your store.
General liability insurance is coverage for third-party injuries and damages. This typically covers the cost of medical bills when a customer slips on a wet floor by your front door or the cost of defending yourself in court if your business is sued. You may also wish to discuss additional liability protections for your store, such as for personal injury or advertising injury. This could prove useful if you are accused of slandering your competition or perhaps using its logo or slogan in your advertising.
If you employ workers at your retail shop – even part-timers – you need workers compensation insurance to help cover workplace injuries. When an employee is injured on the job (regardless of fault), workers compensation helps cover necessary medical expenses, rehabilitative expenses, and lost wages while recovering. It can also help protect your business against a lawsuit from the injured employee.
Loss of Income
If your business is forced to close due to a fire or other covered event, loss of income insurance can help cover your bills, payroll, and other necessary expenses until you can resume operation.
Your computers and software systems are an integral part of managing your retail business. Talk to your agent about including broad protection for your computers and their components, including the cables, peripherals, and software.
If an employee steals money from the register or forges business checks with your signature, it could result in a loss for your business. Crime insurance helps cover your business against physical and financial losses related to employee dishonesty and fraud.
If your business is forced to close due to a power outage, natural gas leak, or some other utility-related problem, this coverage can help compensate for the loss of income during the suspension.
Brands and Labels Removal
If your merchandise is damaged due to a covered event, this coverage provides for the removal of brands names and labels so that the merchandise can be marked as salvage.
If your business collects personal data about your customers, you are responsible for keeping that information safe. If hackers steal sensitive information from your databases, you may need insurance to help cover the cost of notifying customers, paying for credit monitoring, and better securing your systems against future cyber-attacks.
There may be other coverages in addition to these that are appropriate for your retail business. For example, you may need flood insurance to protect your store against groundwater damages, or you may need commercial umbrella insurance to extend the limits of your liability protection in the event of a major lawsuit.
If you own a small to mid-size retail store, be sure to ask about a business owners package or ‘BOP’ insurance. This is a policy that combines a few common coverages for certain general risks into one convenient policy. If your business qualifies for BOP coverage, you may be able to simplify some of your coverage and also access reduced rates versus purchasing the included coverages separately from each other.
Wisconsin Retail Insurance Quotes
If you own a retail business in the greater Montello area, let Giuffre Insurance help you build an insurance portfolio that matches your risks and protects your bottom line. We take many factors into account when exploring your coverage needs, including the size of your business, industry risks, and your plans for future growth. As an independent agency, we can shop and compare rates on your behalf to find insurance that fits your budget without sacrificing the quality of your coverage.
For more information about Wisconsin business insurance or to request your free quotes, contact our office today.