Protect your Property, People & Profits with Retail Insurance
Updated: Jul 20
The retail industry as we know it has gone through significant transformations, bringing modern problems that require modern insurance solutions.
With several stores closing, downsizing, and adopting online methods, the retail industry has changed in significant ways. According to the National Retail Federation, online sales have gradually improved from July to August 2020. Your small retail business’s risk evaluation and liability exposure should be on your to-do list, whether you are an online store or a physical one.
Protecting your business from financial damage resulting from vandalism, fires, weather, natural disasters, etc., can be a hassle. That is where the following steps and commercial property insurance come in to help assure you are covered if the unexpected happens.
Retail Insurance for Your Property and Assets
Commercial Property Insurance
Commercial property insurance is the answer to many of your potential problems. However, unless stated in the policy, this type of insurance might not cover damages from earthquakes, flooding, or specific events.
This policy may help you repair or replace items such as:
Office, manufacturing, and processing equipment
Inventory
Landscaping and fencing
Company signs and documents
Satellite dishes
Physical damage after a disaster
If your business suffers from physical property damage from a disaster and the facility needs to be closed or rebuilt, what happens to your business income? How do you pay yourself and your employees?
Luckily, business interruption insurance (aka business income insurance) may help you replace lost revenue or pay for ongoing expenses such as payroll, mortgage, and even relocation.
Retail Insurance for Liability and Cyber Risks
General liability
General liability can help your business be protected against the high cost of consumer claims. With this coverage, you no longer have to worry about whether you can afford a claim against your business if one of your customers gets hurt.
Cyber liability
Cyber liability should be included in your insurance package more than ever before. If your system gets hacked and data is compromised, cyber liability can help with claims costs. It can also help with forensic assistance in recovering the data and notifying the clients affected.
Supply chain liability
Your supply chain can also cause many business perils; however, this liability can broadly cover and protect you.
Retail Insurance Against Theft and Business Interruption
Theft and crime
Unfortunately, employee theft can happen even more frequently than you might think. If your employees ever become a liability, business crime insurance covers losses from employee robbery, fraud, theft, and even forgery.
Business interruption liability
Business interruption insurance can replace business income lost in a disaster such as a fire or a natural disaster. This policy can either be added to a property/casualty policy or included as an add-on or rider.
Investing in the right retail insurance today can be the difference between recovering quickly from a setback and shutting your doors for good.
Visit our website to learn more about the different types of coverage necessary for your retail business: https://fulcroinsurance.com/industry/retail-risks/
Our insurance specialists are here to help you understand how business coverages work and will provide you with all the information and resources necessary to design a tailored insurance program fit for your business needs.
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About Fulcro
With 45+ years of experience, Fulcro Insurance is a leading risk management and insurance brokerage firm helping businesses protect what matters most. We design customized commercial insurance, employee benefits, surety, cybersecurity, and claims management solutions tailored to each organization's unique needs. Serving clients across Puerto Rico, Florida, Georgia, and the Dominican Republic, our industry-specific insurance specialists provide strategic guidance that helps businesses manage risk with confidence.
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