Whether you own a small storefront or oversee the operations of multiple locations, owning a retail business is demanding work. You’ve worked hard to get your business to where it is today, whether you are getting ready to open your doors for the first time, preparing to expand, or enjoying the benefits of being an established part of the community. At Great Lakes Insurance, we want to empower your future success with comprehensive insurance coverage designed specifically for your needs.
Don’t Lose It All
Imagine getting a call from the fire department saying your entire store has gone up in flames, and nothing is salvageable. This is a scenario where ‘losing it all’ doesn’t have to mean you actually lose it all. With the right retailer insurance package, you can rebuild and recover after a total loss, turning a major disaster into a minor setback. At Great Lakes Insurance, we know the hazards that threaten your business, from employee theft to third-party lawsuits. We work hard to close gaps in your coverage, giving you the confidence to run your business in spite of the risks of the industry. Why risk everything when you can take steps to protect it all?
Commercial Retail Insurance Types
Most businesses need many different types of commercial coverage, each of which is often separated into different policies. Small retailers often have general business risks, many of which can be combined into a single policy known as a Business Owners Policy (BOP). Your agent can help you determine whether BOP insurance is right for you, or if stand-alone coverage is a better choice for your business operations. Either way, your commercial coverage may include protection for:
Commercial Property
A lot of retailers’ financial assets are tied up in physical inventory and structures. Theft, vandalism, fire, smoke, wind, and other perilous events can wreak havoc on a small business without the right coverage. Commercial property insurance helps protect your signs, inventory, fixtures, furnishings, and the owned structure of your store when they are damaged or destroyed due to a covered event.
General Liability
General liability insurance is coverage for third-party injuries and property damages. This coverage helps protect your business against litigation expenses when someone is injured on your premises or sues you for property damage liability. It can help cover the cost of hiring a lawyer in your defense, and it can also cover settlements and judgments against you up to the limits of your coverage. We also recommend talking with your agent about other available liability protections, including coverage against advertising injury.
Workers Compensation
Most retail businesses have a payroll with multiple employees. In Minnesota, that means you must also have workers compensation insurance, which helps compensate employees for their lost wages and pay for medical expenses due to an injury on the job. Workers compensation insurance is no-fault coverage, meaning employees can file a claim regardless of who is at fault for the accident.
Business Interruption
If you close your doors due to a covered reason, this coverage helps compensate for the loss of revenue until you can resume operations again. Business interruption insurance is designed to ‘float’ your business during temporary closure by covering the cost of ongoing expenses, such as your bills and payroll.
Crime Insurance
A rogue employee can siphon thousands of dollars from a small business through fraudulent activity. If you are victim to employee theft or fraud, crime insurance can help compensate you for financial losses associated with criminal activity.
Brands and Labels Removal
This is a specialty coverage that is pertinent to the retail industry. Many commercial brands require the removal of branding and labels when items are salvaged. This coverage helps pay for those expenses under covered circumstances.
Data Breach
Technology is being used more and more to understand consumer shopping behaviors better and encourage brand loyalty. If you collect sensitive data about your customers, you are responsible for keeping it safe. Data breach coverage helps cover your business against a wide range of losses and expenses when you are targeted by cybercriminals.
Commercial Umbrella Insurance
The liability coverage in your primary insurance policies is often enough to protect you against a major loss. Commercial umbrella insurance is supplemental protection designed to safeguard your commercial assets when the cost of a lawsuit exceeds the value of your primary coverage. It can extend your coverage limits by millions of dollars, potentially preventing a total closure of your business in the event of a major lawsuit.
Other Specialty Coverages
Depending on the types of goods you sell, you may need additional coverages to mitigate your risks. For example, liquor stores typically need liquor liability insurance, grocers often need druggist insurance when they sell pharmaceuticals, and any store selling food items may need coverage against contamination and spoilage. Talk to your agent about the add-on coverages that may be right for your store.
Request Your Minnesota Retail Insurance Quotes
For Minnesota area retailers, having the right insurance is essential. We invite you to contact Great Lakes Insurance to discuss your risks and learn more about the types of coverages common to your industry. We can answer your questions, make recommendations, and search for competitive rates on the coverage you need.
For more information or to request your Minnesota retail insurance quotes, contact our office today. We look forward to serving you soon.
