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Retail business insurance protects you against liabilities like customer slips and falls, property damage, theft, and employee injuries and illnesses. We support your company’s development by delivering specialized insurance and risk management solutions that minimize loss potential, and protect your bottom line from the financial consequences of an insured loss or lawsuit.

FAQ

Do Retail businesses need insurance?

 Yes, Retail businesses have a lot to protect.  They need insurance to protect their property, equipment, vehicles, stock, employees, as well as third party liabilities.

What are some notable risks facing Retail businesses?

• General Liability: Premises liability is high due to the number of visitors to the store. All goods should be kept on easily reached shelves so customers do not pull items down on themselves.  Products liability is typically low unless there are items that were directly imported.  Foreign made items should come from domestic wholesalers.
• Property Damage: Ignition sources such as electrical wiring, heating, and cooling systems should be well maintained and meet current codes. Stock may be combustible and can be susceptible to damage by fire, smoke, and water.  As a result of property damage, business interruption can be high depending on the season.
• Employee Injury: Retail businesses need to protect themselves for the costs associated with employee injury due to heavy lifting, operation of specialized equipment, and repetitive motion.  It is important to train employees on best practices with regards to workplace safety
• Automobile: Risk is limited to delivery and employees running errands. Anyone who drives must have a valid license and acceptable driving history (MVR).

Which insurance coverages are needed for Retail Distribution businesses?

Insurance coverages needed for Retail businesses include (but not limited to) Workers Compensation, General Liability, Property, Business Income and Extra Expense, Employee Dishonesty, Inland Marine, Umbrella, Employment Practices Liability, and Auto including Hired and Nonowned Auto.

How much does insurance cost for Retail Businesses?

Insurance premiums for Retail businesses will vary based upon several factors.  Each policy is rated on different exposures which may include payroll, revenue, product type, property value, location, driving record, claims history, among others.

How do I purchase Retail Business insurance?

Biscayne Risk & Insurance Group can help guide you through the insurance buying process.  Contact us at 561.571.1001, quotes@biscaynerisk.com, or via the contact form below.