Retail
The retail industry has undergone a major transformation in recent years, with several big-box stores closing, downsizing, or opting for an online-only presence. While the financial outlook is encouraging, there may be significant risks right around the corner. If you own a retail business, you should also be aware of other hazards that may not be on your radar.
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Coverage Options
Commercial Property Insurance
Protect your business against financial damage from vandalism, fires, severe weather, or natural disasters. This type of policy can help pay for the repair or replacement of covered items, such as:
- Office, manufacturing, or processing equipment
- Inventory
- Fencing and landscaping
- Company documents and signs
- Satellite dishes
Note that commercial property insurance doesn’t typically cover damage caused by earthquakes or flooding unless those events are added to your insurance policy.
General Liability
If a shelf collapses, a ladder falls, or a loose wire causes injury to one of your customers, business general liability insurance protects you against the potential high cost of customer claims. Including cyber liability as part of your insurance package is also wise. If your computer system is hacked and customer data is compromised, this coverage protects against the cost of claims and forensic assistance in recovering the stolen data.
Income After a Disaster
If your business suffers damage and you have to close your facility or rebuild, business interruption insurance (also known as business income insurance) can replace lost net income or pay for ongoing expenses, including payroll, mortgage, and relocation expenses, if necessary.
Employee Activity
Employee theft happens more frequently than you may think. Business crime insurance covers losses stemming from employee robbery, fraud, forgery, or theft.
Why Insure Your Retail Business?
Operating a retail business involves significant risks, from potential property damage and business interruption to customer injuries and employee theft. Comprehensive insurance coverage protects your business from these risks, ensuring that you can continue to serve your customers without interruption.
Who Needs Retail Insurance?
Brick-and-mortar retail stores
Online retailers
Specialty shops
Big-box stores
Department stores
Related Insurances
Retail
Realty
Manufacturing
Non-Profit Entities
Machinery & Equipment, (Repair & Maintenance)
Garage/Automobile Repairs
Information Technology
Education and Private Schools
Directors and Officers
KRGinsure: Your Coverage Expert
At KRGinsure, we understand the unique challenges faced by retail business owners. Our dedicated brokers are here to help you design a tailored insurance program that meets the specific needs of your business. We provide expert advice on risk management and ensure that you have the right coverage in place to protect your operations. Contact KRGinsure today to learn more about our comprehensive retail insurance solutions and how we can help safeguard your business.