family in front of businessYou've finally done it. You've opened your first shop. You are all about managing your company and getting customers into the door. Yet, as you swing your door open for the first time, realize that there are plenty of potential risks your business faces on a daily basis. Do you have the right type of business insurance to protect against those risks? If you are like many other retail businesses, you may not be sure about the right type or amount of coverage.

What Insurance Options are There for Retail Business Owners?

It's always a good idea to sit down and create a list of the risks your business faces. Unfortunately, there are many. Your equipment could break down, you could experience theft, an employee may get hurt or a fire could rip through your store. Having the right coverage minimizes the financial impact of these risks. Take into consideration the following common types of business insurance for retail stores.

Business Property: This policy covers business assets from covered losses, including fixtures, equipment, inventory and electronics. Most commonly, it protects against risks such as theft, fire and vandalism, but many weather events may also be covered.

Business Income: This type of policy, often called business interruption insurance, helps to keep your business afloat when a covered incident occurs that disrupts operations. For example, it can help cover your employees’ paychecks, vendor bills and other expenses while your company is unable to operate. Long-term coverage is available, too.

Business Liability: Liability risks are often the hardest to protect against. However, accidents, injuries and mistakes can happen that leave your business facing a lawsuit. With this insurance, you can be financially protected against lawsuits brought against your company for instances such as slips and falls.

In addition to these types of coverage, most retail locations also need workers compensation coverage and business crime insurance. You may also need commercial auto coverage if you operate a delivery service. To learn what risks your business faces, talk to an agent today. The good news is that you can protect against many risks and keep your business operational as a result.

We’ll help you build the right policy. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Oak Lawn business insurance.

What other types of coverage has your retail store benefitted from? Let us know in the comments section below.
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