Retail Insurance
Forever Evolving to Keep Your Business Standing Tall
Did you know retail traces back to ancient Greece? This mainstream industry began
as a marketplace, providing a simple way for merchants to sell. Fast forward to today and
we have giant superstores in every city. With the establishment of retail insurance, the industry
has evolved and grown wiser. A blend of property, merchandise, and liability coverages
to keep your business standing tall when faced with unpredicted challenges.
Did you know retail traces back to ancient Greece? This mainstream industry began as a marketplace, providing a simple way for merchants to sell. Fast forward to today and we have giant superstores in every city. With the establishment of retail insurance, the industry has evolved and grown wiser. A blend of property, merchandise, and liability coverages to keep your business standing tall when faced with unpredicted challenges.
“Brick and Mortar”
Your traditional shopping approach that involves a storefront, electricity… you know the drill.
Who Needs Retail Insurance?
Do you sell product(s) in exchange for money and/or offer
services in support of the goods you sell? If you answered
“yes," then you need retail insurance.
There are countless types of retail businesses.
Today, we generally find 2 merchant channels that
require retail insurance:
Online Merchants
A booming form of virtual commerce that broadens your global customer reach.
“Brick and Mortar”
Your traditional shopping approach that involves a storefront, electricity… you know the drill.
Who Needs Retail Insurance?
Do you sell product(s) in exchange for money and/or offer services in support of the goods you sell? If you answered “yes," then you need retail insurance.
There are countless types of retail businesses. Today, we generally find 2 merchant channels that require retail insurance:
Online Merchants
A booming form of virtual commerce that broadens your global customer reach.
A Retailer's Risks
What makes your industry great is also what indicates your unique risk profile.
Merchandise Property
You believe in your product! That’s why you have inventory, supplies, and designated grounds to store and exhibit your products. Like all property, it's subject to potential breakage, theft, or replacement.
Customers
A good day is accompanied by lots of sales, meaning lots of customers. As a result, you’re open to risks through customer injuries, theft, and lawsuits.
Digital Operations
Whether you sell online only or in conjunction with a storefront, your digital equipment presents risks. From POS systems, security systems, proprietary credit cards etc., you hold substantial customer data.
A Retailer's Risks
What makes your industry great is also what indicates your unique risk profile.
Merchandise & Property
You believe in your product! That’s why you have inventory, supplies, and designated grounds to store and exhibit your products. Like all property, it's subject to potential breakage, theft, or replacement.
Customers
A good day is accompanied by lots of sales, meaning lots of customers. As a result, you’re open to risks through customer injuries, theft, and lawsuits.
Digital Operations
Whether you sell online only or in conjunction with a storefront, your digital equipment presents risks. From POS systems, security systems, proprietary credit cards etc., you hold substantial customer data.
Commercial Coverages for Retailers
Commercial Insurance is complex and needs to be tailored to your retail business.
Please connect with one of our experts and refer to your policy for specific coverage details.
Commercial Coverages for Retailers
Commercial Insurance is complex and needs to be tailored to your retail business. Please connect with one of our experts and refer to your policy for specific coverage details.
Business Owners Policy
A BOP combines general liability (in case someone gets injured at your place of business) and property coverage (in case your store building, product, or inventory gets damaged due to a covered event) into a single policy.
A heavy windstorm rushes in and throws a bicycle through the window, shattering your shelving and merchandise. The next day, after the storm, a pedestrian walks by your storefront, steps on broken window glass, and claims that you failed to clean up in a timely manner. A BOP could help provide financial backing to repair your property damage, lost inventory, and potential 3rd party legal fees.
Business Owners Policy
A BOP combines general liability (in case someone gets injured at your place of business) and property coverage (in case your store building, product, or inventory gets damaged due to a covered event) into a single policy.
A heavy windstorm rushes in and throws a bicycle through the window, shattering your shelving and merchandise. The next day, after the storm, a pedestrian walks by your storefront, steps on broken window glass, and claims that you failed to clean up in a timely manner. A BOP could help provide financial backing to repair your property damage, lost inventory, and potential 3rd party legal fees.
Cyber Liability
Covers expenses associated with a security breach or compromised confidential information.
You’re able to offer customers private label credit cards, building loyalty and capturing valuable purchase data. The bank you partnered with suffered a security breach, and your customers' transaction information was stolen. This means your angry cardholders could pursue a lawsuit against you for negligence.
Cyber Liability
Covers expenses associated with a security breach or compromised confidential information.
You’re able to offer customers private label credit cards, building loyalty and capturing valuable purchase data. The bank you partnered with suffered a security breach, and your customers' transaction information was stolen. This means your angry cardholders could pursue a lawsuit against you for negligence.
Employment Practices Liability
Insurance (EPLI)
This type of management liability insurance is necessary for anyone who has employees. EPLI helps cover lawsuits involving wrongful termination or discipline, discrimination, sexual harassment or retaliation, and failure to employ or promote, just to name a few.
You respectfully fired an employee after several incidents of customer complaints for a bad attitude and answering personal calls on the sales floor. You receive a notice that you are being sued by this ex-employee for poor treatment. EPLI could support your legal expenses to fight this charge.
Employment Practices Liability
Insurance (EPLI)
This type of management liability insurance is necessary for anyone who has employees. EPLI helps cover lawsuits involving wrongful termination or discipline, discrimination, sexual harassment or retaliation, and failure to employ or promote, just to name a few.
You respectfully fired an employee after several incidents of customer complaints for a bad attitude and answering personal calls on the sales floor. You receive a notice that you are being sued by this ex-employee for poor treatment. EPLI could support your legal expenses to fight this charge.
Medical Expense Coverage
Pays for medical expenses without regard to fault. Your approach to this coverage needs to be customized based on your risk tolerance and goals.
You own a furniture store and have received multiple claims connected to customers tripping as they walk through crowded aisles. With so many customers coming in and out of your store, the claims can start to pile up. Medical expense coverage can support you, even if you bear some responsibility for these claims. A great way to control your loss ratio (and in the long run, cost of insurance) is to require claimants to prove negligence before the insurance company pays.
Medical Expense Coverage
Pays for medical expenses without regard to fault. Your approach to this coverage needs to be customized based on your risk tolerance and goals.
You own a furniture store and have received multiple claims connected to customers tripping as they walk through crowded aisles. With so many customers coming in and out of your store, the claims can start to pile up. Medical expense coverage can support you, even if you bear some responsibility for these claims. A great way to control your loss ratio (and in the long run, cost of insurance) is to require claimants to prove negligence before the insurance company pays.
Have You Met Eddy?
Check out our story about “Eddy’s Bakery,” for more
retail coverages and examples.
Meet Eddy!
