Any business that incorporates retail trade would benefit from retail trade insurance. You’ll need retail trade insurance if your business falls under any of the following activities:
General Liability Insurance is needed if you sell a product or service and a customer is injured as a result. Cover for injury protection and legal costs associated with lawsuits are provided under GL.
Example… You sell a skincare product and a customer claims that it caused burns on their body, and sues you for a settlement. General Liability insurance will cover the lawsuit.
Business Owners Policy (BOP) is for retailers who want to package together general liability and property insurance into one policy at a reduced rate.
Example… Your restaurant’s stock arrives late due to delayed delivery. It spoils on arrival and is served to a customer who in turn, sues you for their food poisoning suffered. BOP covers your legal fees and the costs for a new delivery.
Workers Compensation covers your employees’ lost wages and medical treatment as a result of a work-related injury. It can also protect you, their employer, from any injury-related lawsuits.
Example... Your employee suffers a back injury while unloading stock and has to take time off work to recover. Workers Comp covers their rehab and treatment costs, as well as their lost wages.
Commercial Auto Insurance is for your business vehicles use to transport stock or to travel to work. It covers you if you’ve involved in a road accident.
Example… On the way to your shop, your business truck collides with a motorist, injuring the motorist and damaging both your vehicles. Commercial Auto covers their medical bills and vehicle repairs.
Most retail businesses should obtain general liability and commercial property insurance at the very least, especially since these policies may be necessary in order to lease a retail storefront. Other insurance covers most popular with retail business owners are: Business Owners Policy (BOP), Workers Compensation and Commercial Auto.
While operating an e-commerce business may reduce some of the dangers that conventional brick-and-mortar businesses face, such as slip-and-fall incidents or physical damage to a storefront, online merchants are not without risk.
To protect against some of the most prevalent hazards that e-commerce businesses encounter, such as customer injury and property damage, most online companies should obtain general liability insurance and product liability insurance.
The cost of your insurance policies will depend on a variety of factors including the types that you get, the location of your business, previous claims, the size of your business, and more. You can get an accurate quote by speaking with an insurance representative and making sure all of your needs are met.
Leave your email so that your quotes will be sent directly to your inbox.
We won't spam you, we hate it too.