Retail Insurance
What You Need to Know
At James Campbell Insurance, our retail insurance brokers can help you get the best out of your retail insurance coverage. We can find a policy that can protect your business against theft, product malfunctions and any other unexpected events.
Your retail business has unique needs and your retail insurance should be flexible enough to give you the right coverage for what you have to offer. Your stock, inventory, online data and your business liability is different from the next retailer. This is why our brokers at James Campbell Insurance are experienced in finding the right protection for retail businesses of all shapes and sizes.
What is retail insurance?
Retail insurance is designed to protect your retail business from any unexpected events that cause property damage or where you, an employee or your business is held liable due to negligence.
What does retail insurance cover?
Retail insurance coverage is an umbrella term for several insurance policies that are combined to provide your business with comprehensive coverage. In general, retail insurance will include the following coverage policies:
Commercial General Liability Insurance (CGL)
CGL insurance can also be known as “slip-and-fall insurance” because it helps protect you against the daily risks that can happen during your in-person retail operations. This policy can help protect your business against any claims of third-party bodily injury or property damage that occur at your place of business. Typically, CGL will cover your legal expenses and medical fees regardless of who is found at fault or the outcome of a lawsuit
Product Liability Insurance
Product liability coverage is important for retailers because it will give you protection against any claims that allege third-party property damage or bodily injury caused by products you manufacture, distribute or sell. The damages covered by product liability are typically the result of a defect in design, manufacturing or marketing, such as an incorrect label or lack of any safety warnings.
Cyber Liability Insurance
With the rise of e-commerce, cyber liability insurance has emerged as another important type of coverage for retailers everywhere. Especially for those who operate in the online space. But, even if you don’t sell your products online, you will most likely use a POS system or have an electronic loyalty program where your customers’ data is stored online (for example, their email address or financial information). Cyber insurance will help cover the costs related to electronic incidents like a cyber hack which involves your electronic software, hardware and data.
Commercial Property Insurance
Commercial property insurance helps protect your physical retail location as well as the contents (stock and inventory) from insured risks that occur beyond your control, like a fire, theft or flood. Commercial property insurance usually includes business interruption coverage. This coverage helps give you reimbursement for any net income that is lost after an insured event.
What isn’t covered by retail store insurance?
Small retail business insurance is designed to reduce any financial burdens due to specific, unexpected disasters. But, it doesn’t cover you from everything. For example, your coverage might not cover earthquakes, floods or sewer backups. Your commercial general liability protection might not cover injury to your employees or any intentional acts of damage or injury to a third party. To make sure you understand what your policy covers, you can look over your policy documents which will explicitly state the exclusions on your policy.
What happens if my retail store does not have insurance?
If your retail store doesn’t have insurance, you would need to pay out of pocket should any lawsuits or property damage arise. This can be extremely expensive. Plus, if you are required by contract to have a certain type and amount of insurance and you do not, then you would be violating your contract. This could have further legal repercussions for your business.
How much will retail insurance cost?
The cost of retail insurance will depend on many different factors, including your retail insurance broker. We can offer retail business insurance quotes from different insurance companies to make sure you are getting the most comprehensive insurance at the most competitive rates.
Your rates can be higher depending on your individual risk factors as well. For example, if you sell dangerous products, your insurance rates could be a lot higher compared to a grocery store’s rates, even if you have the same revenue and amount of insurance coverage.
Trust James Campbell Insurance for Your Retail Insurance Needs
At James Campbell, we put you first. Our clients are our top priority and the backbone behind everything we do.
We can help provide you with protection from insuring your first car, your first home or business or even giving you protection during your retirement travels. Whatever you need coverage for, we’ve got your back. We will make sure that you are ready to live a life free of stress or worry so you can focus on life’s important moments each and every day.
James Campbell Insurance Brokers have been taking care of our members for over 40 years. This is why we are able to make insurance easy by offering you the right solutions at the right times. Our solutions are tailored to fit your individual needs, no matter what they may be.
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