Boutique RetailerWhether you own a small shop where you sell your handmade goods or a large store, you need retail insurance. This type of insurance helps to minimize financial risks associated with operating and maintaining your business. Retail insurance is simply a term to describe the overall package of business insurance products ideally suited to this industry. It may include comprehensive general liability coverage, business property coverage, accounts receivable, loss of income and much more.

What Claims Do People Make?


Retail insurance provides complete protection from many claims made against your business, or those suffered as a result of operating your location. Take a look at some of the most common retail insurance claims and how you may be able to prevent them.

Property Loss

Property loss can stem from a variety of factors. It can occur if theft happens, which is one of the most common claim risk areas. However, stolen property is not the only type of property loss. You may also suffer claims for fires and vandalism. Whether you lost inventory because of a covered equipment failure or a storm destroyed the building, this type of loss is often hard to prevent — unless you have a well-maintained building.

General Liability Claims

These claims involve losses suffered by others besides your workers, as a result of coming onto your property or doing business with you. For example, slip and fall claims are one of the most common types of losses here. Product liability insurance is also a high claim area for retail businesses. If you sell a product that fails and leads to a loss by your customer, this type of liability insurance can help to minimize the costs.

Workers Compensation Claims

Though most retail insurance packages do not include actual workers compensation coverage, it is still one of the most important policies to maintain. This type of business insurance minimizes risks associated with your loss if an employee is hurt on the job or becomes ill as a result of working for your company.

Cyber risks, employee dishonesty and utility interruption are also common claims against retail businesses. Having a retail insurance package that focuses on providing protection from all of your lists with included add-ons, called riders, can keep your company safe.

Protect your business from these risks. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL retail insurance.
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