Whether you are a one person shop or a multi location hundred person enterprise, we have multiple insurance design options for your retail business. Your retail insurance program should be customized for your business, not the one down the street.
Coverage
General Liability: The liability coverage for your retail business protects you from many liability situations. For most stores, a frequent risk is that a customer could be injured in a slip and fall accident. If you are also a seller of products, there is also the risk that someone could sustain bodily injury or other harm from something you sold.
Property: Your retail property insurance insures your business real estate, your business personal property, your inventory and may also include any build out alterations for a leased space. Many retail owners experience seasonal variations in stock or inventory values and your policy property limits should be tailored to any seasonal fluctuations. There are also certain types of business property that may need specialized insurance coverage such as money, securities, specialty equipment. A detailed list of your business assets should be reviewed when designing your coverage.
Workers Compensation: Employers in Massachusetts are required to carry workers compensation insurance covering their employees. This requirement applies to full time and part time employees. Workers compensations insurance provides benefits for medical and lost wage expenses to an employee when they are injured in a work related accident.
Here is the link to read more about this Massachusetts requirements for workers compensation insurance CLICK HERE
Commercial Auto: Whether your business owns an auto or you use your personal auto for your business, retail businesses need to review how they use any cars or trucks for their business. If your business does not own any business vehicles, your business should look into Non Owned and Hired Auto Coverage. If your business does own vehicles, be sure to review who is driving your business vehicles, where they are garaged at night and how these vehicles are being used. When your business name is on these vehicles, an auto accident can impact your business.
Umbrella Liability Insurance: Sometimes called Excess Liability Insurance, Umbrella Liability Insurance works by increasing the protection limits on some of your existing liability policies. Why would you need to do that? Accidents do happen and people can get seriously injured. Adding umbrella liability to your insurance program is a cost effective way to protect your business assets from liability awards.
Spoilage: If you sell items—such as cut flowers or food—that must be kept under controlled temperature conditions to avoid spoiling or perishing, you can add spoilage coverage for the value of property spoiled as a result of a breakdown of the temperature control system due to conditions beyond your control.
Food Contamination: If you sell food, there is a risk that it could cause food poisoning or transmit a communicable disease from an employee of your business. You can cover this risk with a Food Contamination Endorsement.
Mechanical Breakdown: This option provides coverage for mechanical or electrical breakdown to your boilers, pressure vessels, refrigeration systems, piping and mechanical and electrical machines, and apparatus that generate, transmit or use mechanical or electrical power.
Outdoor Signs: The basic property policy doesn’t cover an outdoor sign not attached to the building, but you can add this coverage as a separate endorsement.
Peak Season Coverage: Your Inventory may increase during a specific time of the year. Avoid over or under insuring your inventory with Peak Season Coverage.
Business Income: Provides for loss of income after a covered loss.
Glass Coverage: Most leases require tenants to cover storefront glass. This coverage needs to be added to your property policy.
Cyber Liability and Data Breach: Are you selling things on the internet, using social media platforms or having customers sign up for events or programs? No matter the size of your business when you have people’s personal information, you need this insurance protection. It provide coverage for violations of laws concerning personal information of customers or employees.
Employment Practices Liability: Covers Liability from wrongful acts arising from the employment process, such as wrongful termination, discrimination, and sexual harassment.
Non-owned & Hired: It provides Liability for your company when employees use their own vehicles for business. It also includes liability coverage when you rent vehicles.
What is a certificate of insurance and why would I need this?
Small businesses often need a certificate of insurance when they:
- Begin working with a big client
- Sign a contract
- Move into a new office and sign a lease
- Work as a contractor
- Buy a building or equipment
Your certificate of insurance is your proof that you have acquired insurance for your business. The certificate itself will include the types of insurance (liability, workers compensation) that you have selected. There is no cost to produce a certificate of insurance. Once you have placed your insurance with an agent, the agent would provide you with this certificate. At Herlihy Insurance we offer clients the ability to produce their own certificates of insurance when ever they need to.
How do I know if I need Workers Compensation?
Here is the link to read more about this Massachusetts requirements for workers compensation insurance CLICK HERE.
How is my inventory covered?
Inventory is covered under your Business Personal Property. You want to make sure the valuation of your inventory is based on your selling price.
Do I need Commercial Auto Insurance?
You need commercial auto insurance if your business:
- Owns, rents or leases vehicles
- Has employees who drive their own vehicles while conducting business
- Has employees who operate company vehicles
What would a Data Breach mean to my retail store?
A data breach event means lost time and lost money for your business. There are three basic things that happen when you have a data breach at your business:
- Recognize: discovering the data breach
- Repair: fixing the data breach
- Respond & Recover: handling inquiries, notifying authorities, and helping customers avoid identity theft.
All of these steps take time and money. A Cyber Insurance policy designed for a retail business will provide benefits to assist with this process and the costs.
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