If you own a retail business in West Virginia, you want to make sure you’re covered for a wide range of unexpected events. Retail insurance can help protect you, but there are many components you likely need. Here are some ways you can get that full coverage with different types of insurance designed for your industry.
Retail Businesses Require Multiple Layers of Insurance Protection
Why do retail businesses need so many different kinds of insurance? The many aspects of your operation leave you vulnerable to losses and liability claims. These risks, in turn, leave you open to financial disasters that could force you out of business entirely. Insurance can cover you if the worst happens, so you’re not paying damages out of your own coffers or having to shutter your doors.
Business Liability Coverage
First, make sure you’re covered for liability claims with general liability insurance and possibly specialized insurance for particular types of liability. Some types of liability coverage include:
- General liability insurance for things like slip-and-fall injuries on your premises (covers settlements and legal trials)
- Errors and omissions insurance if a mistake in your operation causes serious consequences (e.g., you sell someone the wrong electrical component that damages their wiring)
- Employment practices insurance for allegations of harassment, discrimination, or wrongful termination
- Commercial umbrella insurance to increase the limit on your liability protection if you hit the cap on your general liability policy
You might not think of it as such, but workers compensation is really another type of liability insurance. It pays for medical care, prescriptions, and rehabilitation if one of your workers is injured on the job, meaning they won’t sue you for these expenses.
Property Insurance for Your Premises and More
You should have property insurance for your retail location, whether you own or rent your business premises. This protects you in case of fire, severe weather, vandalism, and theft. You can also obtain property insurance for your inventory, which is a must in retail. Do you have certain equipment that you need to run your business? Make certain that’s insured as well.
Cyber Insurance: A Retail Essential
Retail businesses are at high risk for cyber crimes because of the volume of personal and financial information they collect on their customers. Cyber insurance protects you in case of ID theft, data breaches, or hacking.
Other Types of Insurance for Retail Establishments
Depending on the details of your business operation, you may also need other insurance to be fully protected:
- Commercial auto coverage for vehicles driven for deliveries, sales, and other business tasks
- Loss of income insurance in case events beyond your control make it impossible to operate
- Inland marine insurance to protect expensive items that belong to others during transport from your establishment (such as furniture, fine art, jewelry, computer systems, etc.)
Contact Us for Retail Insurance Customized to Your Business
Our independent agents at Wickline Insurance can tailor insurance coverage to your unique retail business model. We have a huge menu of insurance products for you to choose from, plus you get our renowned personalized service. Call us at 304-252-1483 to learn more about how you can protect your retail business, or start your policy online now.