Retail stores can include so many variations that we will use a “Main Street” storefront as our example. Retailers that also rent property (bicycles, cribs, TV’s, etc) or receive more then 25% of their income from off site servicing are generally not eligible for this type of policy. Smaller Shopping Centers are often eligible for these policies as well.
The insurance industry has developed a policy called the Business Owners Policy to protect the building, contents and loss of business income, premises and product liability. This is the BROADEST policy available in the insurance industry. The policies will offer many automatic coverage enhancements not found in other insurance programs. The Businessowners policy looks somewhat like a homeowner’s policy in that the automatic extensions of coverage are built into the policy, cannot be removed for a credit, and provide an elementary limit for the enhancements. If a Business Owner needs higher limits than the ones automatically included, they are available for an additional premium. Some common coverage enhancements include:
|• Money & Securities||• Signs|
|• Loss of Refrigeration||• Law & Ordinance Expense|
|• Non-Owned Autos||• Mechanical Breakdown|
|• Employee Dishonesty||• Liability|
|• Limited Off Premsises Contents||• Sewer Back-Up|
|• Personal Property of Employees||• Electronic Equipment Forgery or Alternation|
|• Spoilage||• Personal Property in Transit|
|• Lock Replacement||• Valuable Papers & Records|
|• Off Premises Power Failure||• Leasehold Interest|
Anderson Insurance Agency has been insuring retailers for almost 40 years. We represent some of the most respected insurance companies offering broad and affordable insurance programs for retailers. Click here to request a quote or click here to contact us.
Special endorsements are also available to include the special insurance needs of Beauty Parlors, Barber Shops and Liquor Stores. Professional offices can also buy this type of policy at greatly reduced rates, but professional liability coverage (errors and omissions insurance) is not included. A separate policy is available to cover professional exposures.
Retailers who deal with fine arts or items of a highly breakable nature (glass, porcelain, etc) can purchase coverage for breakage of these items. Costume jewelry is usually covered by the basic policy but retailers who deal with more valuable jewelry (individual items valued at more than $1,500) should purchase a policy designed specifically for jewelers.
If a retailer has an expensive computer system or point of sale system, they should consider purchasing an Electronic Data Processing (EDP) policy to cover this system. The EDP policy can do a much better job of protecting your investment in this property, including business interruption caused by the loss or outage of the system.
Commercial automobile insurance is almost always needed. Even if the store does not own autos, someone is may use their auto on behalf of the store and that in itself, generates the need for automobile insurance.
If you have employees, you will need workers compensation insurance to comply with the legal requirement of the workers compensation law.
If you are located in any area that has a risk of flooding, you will need a separate flood insurance policy for the building and contents.
Employers should consider purchasing employment practices liability insurance to cover them for suits from employees alleging wrongful termination, sexual harassment, failure to hire, failure to promote, non-compliance with the Americans with Disabilities Act, and other similar employment actions. This policy will pay the cost of defending an alleged wrongful act. That benefit in itself, makes this a very valuable insurance policy.
If you offer any benefit plans to your employees you should consider purchasing employee benefits liability insurance.
You may have an exposure to pollution. This exposure can only be assessed after a careful review of your operations. In many cases, coverage will not be available for this risk. The only option may be to implement a program to minimize the risk as you cannot completely avoid the risk and run a business. Liability coverage is readily available for underground and above ground storage tanks. Site pollution insurance may be available depending on your operations and exposures.
Anderson Insurance Agency has been insuring retailers since 1967. We represent some of the most respected insurance companies offering broad and affordable insurance programs for retailers. Click here to request a quote or click here to contact us.