Businesses in the retail sector face many risks and exposures. Even daily tasks, such as stocking shelves and maintaining a clean environment, include various hazards that could lead to substantial losses and damages for your business. Given how plentiful the threats are and the fast-paced environment of retail companies, a robust insurance portfolio is necessary.  

What Is Retail Insurance? 
This type of insurance may not be available as a single policy. Rather, retail insurance may refer to a collection of coverages that, when put together, can cast a suitable safety net over many common issues. The agents at VIC Fisher Insurance are well-equipped to assess your business’s specific circumstances and compile an optimal package of policies. Once you have agreed to the terms and as long as you maintain your coverage by keeping up with your premiums, you may be able to access crucial financial assistance in the aftermath of an incident. 

What Types of Insurance Do Retailers Need? 
Although all businesses have at least slightly different situations, several core insurance types may be invaluable investments for most. In most cases, retailers should strongly consider the following coverages: 

• General liability—This coverage can provide financial assistance in response to incidents that affect a third party, such as the following:
  • Bodily injury that occurs on your premises
  • Property damage
  • Personal and advertising injury (e.g., slander, libel, false arrest, false advertising)
• Business property—This coverage can help pay for losses accrued by property used to operate your business, including the following:
  • Buildings
  • Equipment
  • Inventory
  • Signage
  • Furniture
• Business interruption—This coverage can protect your business during a temporary pause of operations by helping to pay for the following resulting expenses:
  • Rent or mortgage payments
  • Payroll
  • Lost income
• Workers’ compensation—This coverage can help pay for damages and expenses if an employee is injured or becomes ill due to their job, including the following:
  • Health care costs
  • Missing wages
  • Disability and death benefits
  • Legal costs
• Product liability—This coverage can protect your business if a customer alleges that they suffered property damage or bodily harm as a result of a product they purchased from you. 

Your business should also consider other types of insurance that may be necessary to fill any gaps in your coverage. By analyzing your operations and considering your unique circumstances, you can help ensure that your protection is adequate. Additional coverage options that may be advisable could include the following: 

• Cyber liability—This coverage can help protect you from losses and damages arising from data breaches or other cyber incidents.
• Commercial auto—This coverage may provide financial assistance for incidents involving your business’s vehicles.
• Employment practices liability—This coverage can help pay for legal costs if a prospective, current or former employee alleges that your business engaged in inappropriate workplace practices, such as wrongful termination, harassment or discrimination.
• Inland marine—This coverage can help pay for losses arising from business property that is lost, damaged or stolen while in transit or stored at an offsite location. 

Get the Right Coverage 
Your retail businesses must balance many tasks amid a bustling environment. Welcoming customers, monitoring the premises, maintaining order and providing reliable services and products all must be accomplished while keeping everyone safe. In such conditions, even the most diligent and responsible retailers may eventually experience an accident. Fortunately, by having an adequate insurance portfolio, your business can be equipped to manage the situation while minimizing financial losses. 

We’re here to help. For over 50 years, Vic Fisher Insurance Agency has pursued the mission of providing optimal insurance solutions for individuals, families and businesses in Raleigh, Cary and the surrounding area. Contact us today to learn more.