4 must-have insurance coverages for local retailers

Small Business Saturday has grown in popularity, and customers everywhere are supporting their local retailers with a commitment to #shopsmall on the Saturday following Black Friday.

As a small business owner, honor those customers by making sure you have the right insurance in place to protect them (and yourself) from accidents and theft.

Ask your agent about these special insurance considerations for retail stores:
  1. Peak Season Endorsements:  Retail operations should have flexible insurance that changes with the season. Peak season endorsements provide additional coverage during your busiest months, ensuring you have the appropriate coverage year round, particularly when inventory levels are at their highest.
  2. Equipment Breakdown: From point-of-sale systems to phones, HVAC, and electrical, your retail business relies on a variety of equipment to stay up and running. With Equipment Breakdown coverage, you can get the rapid repairs you need to keep your doors open. Plus, coverage helps pay for inventory damage and lost income due to breakdowns — even if you lease your retail space.
  3. Data Compromise: Even small retail shops are attractive to cyber criminals who want your customers’ names and credit card numbers. That means cyber liability policies are now essential to protect your retail business from the high cost of data theft. Data Compromise insurance helps pay the expenses related to data breaches, including legal costs, notifying affected customers, and credit monitoring.
  4. Crime: A business crime policy provides coverage if one of your employees steals money, inventory, or other property. What’s more, these policies provide protection against unauthorized withdrawals from your bank account.

Independent retail stores are essential to the fabric of a community. You help create unique neighborhood identities, provide jobs, support community organizations, and keep more money locally.

But keeping a small retail shop open for business can be hard work. Protecting yourself shouldn’t be an even bigger challenge. Talk to an agent about creating a policy that’s right for your shop.

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