The retail sector significantly contributes to the United States economy— it creates at least 52 million jobs with a massive share of $6.2 trillion in the nation’s GDP. Even so, players in the retail sector face numerous risks in their line of work that might even jeopardize an entire enterprise.
For instance, shoplifting is a significant threat to the retail sector. According to a National Retail Security Survey (NRS) report, retailers estimate that lost merchandise hurt their industry by an estimated $94 billion in 2021, and Los Angeles, CA was the city hit the most by Organized Retail Crime from 2019-2021.
An unexpected incident can easily be the last straw on the camel’s back— leading to eventual business closure. Fortunately, you can secure your investment from unforeseen risks by acquiring retail business insurance with help from trusted insurance professionals in Northridge, California.
Coverage Options For Retail Business Insurance
Business Interruption Insurance
It covers the losses and expenses incurred if your store is damaged, shuts down, and cannot operate for some time. Familiar sources of interruption include burst pipes, storms, vandalism, fire, or a natural disaster.
- Business interruption insurance covers the following items;
- Lost revenue
- Loan repayments
- Employee wages
- Rent
- Mortgage payments.
Commercial General Liability Insurance
It’s a common insurance plan that covers many basic insurance needs of any business, including retail stores. It provides coverage to the business in case of bodily injury, property damage, or personal injury because of business operations or products within the premises.
It doesn’t offer protection against intentional damage or accidents involving automobiles, aircraft, and watercraft.
Commercial Property Insurance
Commercial property insurance provides financial protection for any property owned by the retail business against perils such as fire, theft, and natural disaster. The coverage extends to own buildings and inventory.
Other forms of property you can consider for commercial property insurance include fences, landscaping, signs, accounting records, company documents, phone systems, furniture, and landscaping.
Workers Compensation Insurance
Employers must provide benefits to workers who become ill or injured. A business person in retail requires worker’s compensation insurance to protect the business from a lawsuit related to an injury or an illness.
Interestingly, if an employee accepts worker’s compensation benefits, they waive their right to sue the employer for damages.
Commercial Auto Insurance
It covers a retail business that uses its vehicle for delivery or logistics. Commercial auto insurance can cover collision loss, comprehensive loss from extreme weather, bodily injury, and property damage.
Stay Ahead of the Risks Using Retail Business Insurance Services
You can lose valuable items from your retail store if a break-in occurs. Unfortunately, it can translate to reduced sales, lost income, and injured workers. Only a few retail stores can shake off such a break-in, with many eventually closing down.
The danger of unforeseen events highlights the need to protect your investments with retail business insurance.
At Panorama Insurance Agency, we work with different insurers to give you a tailored insurance package that meets the needs of your retail store.
Contact us online or call us at 818.781.6630 to request a free quote.
