Owning a slice of the retail pie is a dream of many. And if you’re reading this, you’re probably realizing
that dream yourself. But to make that dream a reality, it probably took a lot of planning,
hard work, and long hours to make your store a success. That said, it
could take a single incident — like a fire, large-scale theft, or disgruntled-customer
lawsuit — to cause you to hang that “CLOSED” sign on your door.
You can help avoid the risk of losing everything you’ve worked so hard for by acquiring small retail business insurance.
BOLT Insurance provides speedy, efficient access to a comprehensive array of insurance products and
services specifically developed to meet the risk management needs of small retail businesses.
Regardless of your retail business — gourmet foods, coffee-shop, or vintage clothing store
for example — you can obtain multiple small retail business insurance quotes in a few minutes; all
from several top small retail business insurance carriers. Whether you want a standard package or one custom-tailored
to your specific retail business, you’ll need to consider the following types of coverages:
Business Owners Policy (BOP) – An assortment of multiple insurance coverages in one comprehensive package, a Business
Owner’s Policy combines general liability and property insurance in one policy. When designed for your small
retail business, the property insurance component of a BOP provides coverage for your brick and mortar
retail establishment, but also your computer, office equipment, furniture, and retail inventory too. Should
a judgment be brought against you resulting from allegations of negligence, damages and legal defense costs would be
covered under the general liability component of your business owners policy. Examples of covered risks
include a customer being physically injured on your property.
Business Income Insurance – Also referred to as business interruption insurance, this small retail
business insurance provides coverage for lost income from your retail operations should you have to
temporarily close your store due to an unexpected peril, such as a fire, wind storm,
hail damage, or even vandalism. Business income insurance pays your costs and expenses incurred to move
your business or rent equipment to resume operations.
Commercial Auto Insurance – Another important small retail business insurance to consider is commercial auto
insurance, which is important, if you make deliveries from your retail store or otherwise use
a vehicle for business purposes. In a nutshell, commercial auto insurance is for a vehicle that
is owned by your retail business, and used in your business.
Additionally your business may lease an auto on a short term basis or borrow an auto from an
employee or friend for use in the business. It is critical to be sure that your plicy includes coverage for
these situations by adding Hired and Non-Owned Auto coverage to your commercial auto policy.
Workers’ Compensation – Many retail businesses can’t operate without the help of employees.
So, chances are, if you are operating a retail business, you need workers’ compensation insurance.
Workers compensation insurance provides coverage for your retail employees in the event of
injuries or illness suffered as part of their work duties. To illustrate, if you operate
a fruit smoothie store and one of your employees slips and falls on some spilled juice
and breaks her leg, workers’ compensation insurance will kick in and cover medical expenses, rehabilitation
costs, and lost wages while your employee recovers. Generally speaking, workers’ compensation is
required by law, but varies according to state requirements.
Umbrella Coverage – Umbrella insurance is designed to give the small retail business owner extra
protection over and above the limits of your general liability policy. In the event
of an unforeseen or catastrophic event that results in loss of thousands or millions of dollars, you’ll
be covered if you have commercial umbrella coverage. Designed to give higher protection limits
over your general liability policy, commercial umbrella insurance also fills in the holes in missing coverages.
For example, suppose your commercial auto insurance policy has a $250,000 medical expense per accident limit,
and your commercial umbrella policy has a one million dollar limit. If you are sued for $500,000, your
commercial auto insurance policy wouldn’t cover the entire damages; however your umbrella policy would.
Every small business is subject to risks, including retail businesses. Unforeseen events, weather incidents,
automobile accidents, and an ever-increasing litigious society make it uber-important for the retail
business owner to protect himself with the appropriate small retail business insurance policies.
