In the state of WI alone, 26% of jobs are supported by the retail industry. According to the National Retail Federation (NRF),“ Retail is the nation's largest private sector employer driving the U.S. economy and creating jobs in the communities around the country.” Retail business can range anywhere from grocery stores to hardware stores, florists, gas stations, furniture stores, clothing stores, computer stores, and more.
What Insurance coverages should retail business have to keep them protected?
Liability Insurance -
General Liability Coverage: General liability protects your business against another’s claim of bodily injury, personal injury, or property damage arising out of your operations, your premises, or your products. For example: If you become legally liable for injuries suffered by a customer after something like a slip-and-fall accident at your store.
Cyber Liability and Data Breach Coverage: You need cyber liability coverage if you could be responsible for or sustain a business loss due to, the unintended spreading of malware or a deliberate act that prevents others from gaining access to your computer system through the Internet. If you accidentally lose or release your customers’ personal information, we will pay for data breach response expenses.
Protecting your Business Property and Income -
Coverage for Property and Income Loss: For property that is damaged by theft, water damage, fire, lightning, wind, vandalism, or other covered perils, as well as funds to rent an alternate space while your business is being repaired.
Contingent Business Income: In case a key supplier sustains damage from a covered peril and is unable to supply the inventory you need for your store
Your Employees –
Workers’ Compensation Coverage: Protects you in the event an employee suffers an injury or disease arising in the course and the scope of their employment, regardless of negligence on your part. (Available for purchase as a separate policy, not available in Ohio.)
Business Auto Coverage: To protect you, your drivers, and your business in many important ways. (Available for purchase as a separate policy.)
Employment Practices Liability: Protection for you and your business in the event an employee claims to have experienced employment discrimination, wrongful termination, or sexual harassment. (Available for purchase as an additional coverage.)
Contact Paroubek Insurance to discuss the business exposures and risks your retail business has and explore the coverage options you need to protect your business.
Source: Erie Acuity