Retail may not sound like a risky business, but an accident can happen at even the safest-looking shop. As the owner of a retail business, you need to be prepared for the potential costs and liability you could be exposed to as the result of an accident or dispute. From property damage to employee claims, AmVenture Insurance Agency, Inc. has insurance solutions for your business.
About Retail Insurance
You have put a lot of effort into making your retail business a success. What you don't want to have happen is a costly accident or claim to undo those years of hard work. But with the cost of litigation, medical care, and property repair so high, you need to take the risk of an accident or claim seriously. With Retail Insurance on offer from AmVenture, you can protect your small business.
What Coverage is Included?
Retail Insurance often includes five basic types of insurance that are common to most small business owners. These insurance types include:
- Workers' Compensation
- Cyber Liability
- Businessowners Policy
- Employment Practices Liability
Also, depending on the specific circumstances of your business, such as if it handles perishable items, hazardous materials, and so on, you may need additional coverage. Let us know and, our representatives will be more than happy to help you find a flexible insurance solution to suit your business.
Coverage for On-the-Job Injuries
Retail is not typically considered a high-risk work environment, which means that getting your employees covered is usually straightforward. However, that does not mean that you can ignore the risks your workers face entirely. Slip-and-fall accidents can happen, especially during rainy or snowy weather, and they can injure your workers. Additionally, a worker may be hurt lifting heavy objects. With workers' compensation coverage, you can rest assured that your employees will be covered for most work-related injuries. Also, workers' compensation protects your business from being held liable for most injuries covered by workers' comp.
Coverage for Retail Property
Property damage is something you need to take seriously as a retail store owner. Theft, from both shoplifting and break-ins, is a common problem. Additionally, if your retail business sells food and perishable items, then an equipment malfunction or power outage could result in you losing your stock. Finally, your business faces other risks, such as from fire, falling tree branches, and storms, that could cause significant property damage.
Our Businessowners Policy is designed to cover your business for property damage, including lost stock. Additionally, it can also offer compensation if your business has to shut down temporarily or move to a new location.
Also, if your business has its own vehicles, then you will need Commercial Auto Insurance. This will cover your vehicles and drivers in case they are involved in an accident. It may also cover accidents sustained when loading and unloading stock.
Protection Against Claims
Third-party claims are a serious threat to retail shops, especially slip-and-fall claims. You are responsible for ensuring that spills are cleaned up, pathways on your property are free of snow and ice, and that floor surfaces don't present tripping hazards, such as uneven tiles. While you may work hard to mitigate these risks, an accident is still possible. Without General Liability insurance (which is a part of our Retail Insurance package) you could be facing the prospect of paying for a costly lawsuit against your business completely out of pocket.
Former employees could also bring a claim against you, especially for allegations of discrimination, unpaid wages, or wrongful termination. Even if you win the case, the cost of litigation is high. Our Employment Practices Liability coverage helps protect your business from the expenses associated with employment-related claims.
How Do I Get Retail Insurance?
Don't be fooled into thinking that your retail business is immune to accidents and risks. Every small business owner needs insurance to help protect them from the cost of claims and damage. Talk to us today about how AmVenture's Retail Insurance can help your business save on premiums and reduce its risk exposure.