Retail stores have many loss exposures. With so much inventory on hand, employees on staff, and the public in and out of the facility in the course of a normal business day, it’s important for outlets to have the proper protection for losses. Common insurance for retail stores comes in three important types of policies to protect against exposures that can arise for retail stores.
Commercial General Liability
A commercial general liability policy is vital to protecting the business from lawsuits and other financial obligations that can arise when customers are injured on the premises. The coverage provides for legal defense as well as indemnification for the injured parties in covered losses.
Employees injured on the job can be protected by a workers’ compensation policy that pays for medical bills and lost wages due to injuries sustained on the job. This adds a measure of security for employees but also meets a common legal requirement for employers to provide such coverage for their workers.
Business Owners’ Policy
A business owners’ policy is a package policy that covers both physical property and liability exposure. The liability portion is similar to the commercial general liability policy, but the building and contents are also covered. The advantage of a business owners’ policy is that it provides coverage under one package policy that is often cheaper, although it is not customizable.
Retail businesses are open to many exposures. The proper insurance can indemnify the business, its owners, employees, and customers against damages.