• January 31, 2022

Insurance Plans Retail Businesses Should Consider

Insurance Plans Retail Businesses Should Consider

Insurance Plans Retail Businesses Should Consider 1024 682 Patrick J. Thomas Agency

Every business owner knows that insurance is essential to their business. From liability insurance to errors and omissions, there is a wide swath of plans to consider. For those who have physical retail locations, the list is even bigger. You not only need to protect your business, but also the property, products, etc. 

If you are a retail business with a physical location, these are the commercial insurance plans you should consider looking into purchasing for your business. 

General Liability Insurance

General liability insurance protects your business from incidents that result in bodily injury on your business’s property. Should someone slip, fall, or injure themselves while shopping in your store, this type of insurance will protect you. General liability insurance can also cover the personal property of customers while they are within the premises of your store. 

Commercial Property Insurance

Depending on the plan you build, commercial property insurance will cover a wide range of things pertaining to your business. First and foremost, it provides protection for your space—whether you own the building or rent. This type of insurance can also cover everything from: 

  • Store inventory 
  • Tools and equipment 
  • Furniture and fixtures 
  • Various types of business property 

Business Income Insurance

Business income insurance helps your business recover income that is lost because of the result of property damage. While your commercial property insurance covers the actual property damaged, business income insurance is a supplemental plan that protects you in the event you need to close your business while repairs are made, or things are replaced. This type of insurance can cover things like your rent/mortgage, employee wages, and lost income. 

Employee Dishonesty Insurance

Employee dishonesty insurance can protect against two things: 

  1. Theft of products or personal property (when it’s stolen by your employees) 
  2. Losses incurred by your clients as the result of actions by your employees (this is known as a fidelity bond) 

Check with Your Landlord 

If you rent a building or a space within a building, check with your landlord to see if there are any forms of insurance you are required to carry. There are times where the leasing contract you sign will have terms that dictate which types of insurance you must carry for your company’s space. 

Other Types of Insurance to Consider for Your Business

While these insurance plans are specific to retail businesses with a physical location, there are other types of insurance that can help protect your business. For a comprehensive plan that provides you with the protection you need, get in touch with the commercial business insurance experts at The Patrick J. Thomas Agency. 

Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.