Commercial Property Insurance for Retail Stores
Limits Of Commercial Property Insurance for Retail Stores
| Value |
|---|
| Building coverage limit | $25,000-$500,000 |
| Contents coverage limit | $25,000-$500,000 |
| Antenna, signs, fences ,and other installations coverage limit | $1,000-$2,500 |
| Accounts receivable | $10,000 |
| Off-premises property coverage limit | $10,000 |
| Credit card loss or damage coverage limit | $10,000 |
Your retail shop insurance offers a commercial property policy. Use this to protect all the investments for a rented, leased, or owned building your retail business is using to display and store products.
Commercial property insurance will reimburse losses and help you recover if the building of your retail business gets damaged or destroyed by:
Fire
Theft
Vandalism
Riot
Civil commotion
Malicious mischief
Sinkhole collapse
Volcanic action
Lightning
Impact
Vehicle
Aircraft
Winds
Snow
Hail
Rain
Sprinkler leakage
Your retail business’s commercial property insurance comes with shop stocks and contents coverage.
Shop stock insurance will reimburse the total value of all products you’re about to sell or currently selling, which got lost or damaged.
On the other hand, shop contents insurance will recover your losses if something happens to business equipment such as computers, display racks, HVAC, and generators.
Your commercial property policy might come with shop front insurance coverage and provide exclusive protection for signage, glass panes, fences, and trees.
Remember that this business insurance for retail store doesn’t grant protection against floods, mudslides, landslides, war, and molds. Try covering these perils by adding endorsements or floaters to commercial property insurance.
Food Spoilage And Contamination Insurance
Retail businesses in the food industry, such as delis and grocery stores, can add a food spoilage and contamination endorsement to commercial property insurance.
Food spoilage and contamination endorsement helps out when cheese, milk, meat, vegetables, fruits, and other perishable goods gets spoiled or contaminated due to:
Incorrect packaging
Employee error
Prolonged power outage
Equipment breakdown
Mishandling
By having this endorsement, you receive a reimbursement equal to the total value of all perishable goods that got spoiled or contaminated. You also receive money for extra expenses such as:
Inland Marine Insurance for Retail Stores
Do you deliver products to clients on your own or with the help of a courier? Retail property insurance isn’t enough because it doesn’t cover business property that gets lost or damaged during transit.
Your retail insurance policy will offer inland marine insurance. Inland marine insurance will reimburse the value of products or business equipment that get lost or damaged during transit. This is useful when:
The courier gets involved in an accident and loses a product you sold to a client
Thieves steal the equipment you asked a courier to deliver
The equipment or product gets lost mysteriously during transportation
The courier is negligent and loses the product or equipment during transit
Workers Compensation Insurance for Retailers
Retail is one hectic business. Workers are constantly moving around to sort things out, restock, and tend to customers. And so, workplace accidents are very common. Avoid shouldering the costs by adding a workers compensation policy to your general store insurance for retailers.
Workers compensation insurance is mandated by law. It kicks in when an employee of your retail business sustains a work-related injury or disease. You use this to pay for these expenses:
Private EMT service fees, first aid treatment, surgeries, therapies, and other medical expenses
Room, food, nursing, laboratory, X-ray, and other hospital bills
Prescription medicines
Rehabilitation and retraining
Lost wages
Funeral expenses and allowance to dependents
You must know that independent contractors, interns, or volunteers aren’t automatically covered by workers compensation insurance. The policy only applies if you name such workers as additional insureds.
Employer’s Liability Insurance for Retail Stores
Limits Of Employer’s Liability Insurance for Retail Stores
| Value |
|---|
| Each employee injury by accident coverage limit | $100,000 |
| Each employee injury by disease coverage limit | $500,000 |
| Each employee injury per policy coverage limit | $500,000 |
You can add employer’s liability insurance to workers compensation insurance. It’s also possible for a workers comp policy to automatically offer this coverage.
Employer’s liability insurance will cover defense costs and settlements if an employee, who sustained an occupational disease or injury, sues your retail business for negligence.
Commercial Auto Insurance for Retail Stores
Limits Of Commercial Auto Insurance for Retail Stores
| Value |
|---|
| Auto liability coverage limit | $300,000 combined single limit |
| Underinsured motorist coverage limit | $25,000 per bodily injury
$50,000 per accident |
| Underinsured motorist coverage limit | $25,000 per bodily injury
$50,000 per accident |
| Rental reimbursement coverage limit | $20 per day
$1,500 max |
Does your retail store own and use a cargo van for delivering goods to clients and haul products from manufacturers or wholesalers? If this is the case, consider getting commercial auto insurance.
Commercial auto insurance provides protection while your commercial vehicle is running on the road. This inclusion in commercial retail insurance does the following:
Cover the cost of medical treatment and reimburse the financial losses of the victims if your cargo van caused an accident
Help you pay for parts repair or replacement expenses if your cargo van sustained damage because of weather, fire, theft, vandalism, collision, and other covered perils
Reimburse expenses if you need to hire a vehicle while your retail store’s cargo van is being repaired
If the cargo van got involved in an accident caused by an underinsured/underinsured car; cover the medical treatment of the driver and passengers
Online Retailer Insurance
Online retailer insurance is a specialized protection package for businesses selling goods in Etsy, Amazon, and other online marketplaces.
Also called online shop insurance, policies included in this tailored insurance plan are general liability, commercial property, cyber liability, and workers' compensation insurance.
The cyber liability policy of online store insurance takes care of costs if client credit card numbers and other sensitive information gets leaked due to a cyber attack, employee error, and cyber security issue.
As for the general liability policy, it will automatically provide product liability and public liability insurance for online retailers.
Public liability insurance allows a general liability policy to cover the bodily injuries or property damage of third parties.
On the other hand, product liability insurance for online retailers allows you to enjoy coverage against bodily injuries or property damage caused by products sold.
