Your business is your livelihood — shouldn’t you protect it? For retail businesses, dealing with customers face to face means keeping them safe in addition to protecting your property and all the data. So many unique risks for exposure call for equally extraordinary coverages. Learn more about some unique options for retail businesses and how each can help safeguard both parties.
Which Policies Should You Have?
No two business insurance policies are the same; those tailored to one business may not be suitable for the next. Check out the different policies that can help protect retail businesses against certain risks and see which coverages apply to you.
Business Property Insurance
This coverage protects your business’s physical property from covered losses, which may include fire, lightning, wind damage, hail, or acts of vandalism. Business property insurance can help cover the cost of damages incurred in the event of severe weather or accidents damaging your building, equipment, or company-owned vehicles.
General Liability Insurance
If someone is injured on your property because of an employee’s actions, you could be held responsible, potentially resulting in a major financial loss. General liability insurance protects businesses from claims in which you’re liable for an injury on your premises. For example, if an employee mops a floor and doesn’t set out a “wet floor” sign and a customer slips, falls, and is hurt, general liability coverage would protect the business from financial harm.
Loss of Income
This form of business interruption coverage helps replace lost income if a business can’t open after a covered loss. If a tornado or severe storm sweeps through town and knocks out power for days on end, preventing a business from operating, a loss of income policy would help cover potential lost income in addition to payroll, rent, and mortgage.
Accounts Receivable
Under this policy, businesses are protected from financial losses due to lost, stolen, or destroyed financial records. It can also protect against businesses failing to pay invoices due to bankruptcy or contractual issues. So, if a flood or fire damages a business’s physical and electronic records, accounts receivable coverage could help the business recoup its losses.
Computer Property
This policy is covered under electronic data processing (EDP) insurance, which covers electronic devices, the data they store, and the media on which that data is stored. EDP insurance protects businesses against losses due to physical damage or loss of electronic equipment, software, and data. It’s often included as an add-on to a property insurance policy.
Data Compromise & Identity Restoration
This coverage helps protect businesses after their sensitive data — or customers’ data — is stolen by malicious third parties. If cybercriminals get their hands on credit card information after a cyberattack, this policy can help cover businesses who are found liable for any claims that result.
Employee Dishonesty
Sometimes, a business’s biggest threat can come from the inside. Employee dishonesty coverage protects business owners from improper actions by employees, such as theft.
Equipment Breakdown
The dreaded Blue Screen of Death can be more than just a minor inconvenience. Equipment breakdown coverage safeguards businesses from losses due to mechanical or electrical equipment breakdowns. So, if a computer suddenly breaks down, the company is protected against any resulting losses.
Money & Securities
Included on almost all crime insurance policies, this policy covers the loss of money and securities from a business or its bank.
Signs
Outdoor signs can be a very important coverage for a business depending on the value of the sign. Those attached to the building may be covered as part of the building, but detached signs are typically scheduled with the proper replacement cost value.
Utility Interruption
This policy covers any losses resulting from a lack of utility services (power, communications, water, etc.) resulting from a covered cause like a fire or windstorm away from the business’s property — for example, if a power transformer blocks away from the business is damaged during a storm.
Do you need to review your business insurance policies? We’re here to help! Contact an Unland agent today at (309) 347-2177.