It’s easy to see how a construction company whose employees use heavy machinery daily could benefit from workers’ compensation insurance. Furthermore, it seems straightforward that a financial institution housing loads of sensitive data would have a cyber insurance policy in place.
In comparison, the retail industry doesn’t seem inherently risky. Retailers do, however, still need commercial insurance for various reasons.
Commercial Insurance for Retailers
Commercial insurance is a key component of owning a business. Let’s look at some of the most common types of policies for retailers.
Commercial Property Insurance
As a business focused on selling goods, commercial property insurance may be the most important. Events such as fires, floods, theft, and vandalism could equate to thousands of dollars in damages and extended holds on business operations.
General Liability Insurance
General liability insurance is crucial to protect a business from bodily injuries and property damage claims. For instance, if a customer were to slip on a wet floor inside a store and break their wrist, a general liability policy can help cover medical care, property damage, and legal expenses.
Workers’ Compensation Insurance
Suppose an employee strains a muscle in their back while carrying a heavy box full of products. A workers’ compensation policy will help cover related medical expenses and lost wages.
Cyber Insurance
With orders and payments processed online, cyber insurance is a must for retailers. Hackers getting a hold of customer’s personal and financial information can lead to substantial losses for any organization.
Protect Your Business
Mountain Insurance: Longmont is here to protect your business with tailored commercial insurance policies. If you’re looking for an experienced insurance advisor, please contact Steve Longenecker (303-808-9351 x2) to discuss your business policy options in Longmont, CO, and our neighboring communities.
We give out $25 gift cards for referrals that become our insurance clients.
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