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Retail Store

Retail Store

The story of Austin

and the accident that nearly cost him

After finishing college, Austin decided to put his business management degree to work and opened his a retain clothing store. He had been running his store for about two years when it was broken into. Not only did the intruders take valuable merchandise, but they also damaged his store.

However, Austin did not have to worry. When choosing insurance for his store, he worked with Insurance Maestro to get the best insurance policy for his retail business. When the unforeseen happened, Austin was covered and able to keep business running as usual. Needless to say, Austin won’t be shopping around for insurance any time soon.

A Quick Guide to Retail Store Insurance

At Insurance Maestro, we understand you want to find the best Retail Store Insurance possible. It needs to strike the right  balance between affordable and comprehensive. Our friendly team of insurance experts are here to support you, and we’re always happy to answer any questions you might have.

Frequently Asked Questions
about Retail Store Insurance

What insurance can I buy to cover my perishable stock?

If you are a florist, grocery, or pharmacy business, you’ll have perishable stock onsite at all times. Typically, a standard commercial insurance policy won’t cover you for these goods, but it can be purchased as an add-on. It is usually called spoilage and temperature change coverage. Should a covered event occur, it can help you recover the cost of replacing any items that are stored on your premises in the following events:

  • Refrigerant contamination
  • Change in temperature or humidity due to a power outage
  • Failure or breakdown of equipment that changes the temperature or humidity

If I make deliveries from my store, do I need extra commercial auto coverage?

This depends on the insurer, and on the type and frequency of your delivery service. Some personal auto insurers will now provide an endorsement for work-related deliveries, whereas others will require you to take out a separate business auto insurance policy. If you have a company-owned vehicle, then you will need to buy commercial auto coverage, and in some cases, where you staff use their commercial vehicles for work-related reasons, you may need to buy non-hired and owned coverage.

We can help you find the right insurance for your individual store’s needs; whatever they may be.

Do I need to buy product liability insurance for my retail store?

Yes. If you are the creator, distributor, or seller of any goods, having product liability coverage can give you essential protection in the event your product causes an injury to an individual or damages any property. Lots of people assume this is something that manufacturers need to buy, and while they might have this coverage, you could also end up facing legal action in certain situations, so it’s essential you have the right coverage in place for your store.

We're Here For You

At Insurance Maestro, we want to help you find the best Retail Store Insurance for your company’s needs. If you contact us directly, our team of experts will be happy to offer guidance about the different types of coverage you might need to buy. 

Thinking About Buying Retail Store Insurance?

Read this first.

Retail Store Business Insurance Insurance Maestro

At Insurance Maestro, we know that buying commercial insurance for your store is something you want to get sorted as quickly as possible, and at the right price. Whatever type of products you sell, and whatever liabilities you face, our expert team are here to make sure the process of buying store insurance easy and hassle-free.

Quick Guide to Buying Insurance for a Retail Store

Buying insurance for a retail store is unique, in that each type of store, and each individual business will have their own set of needs. Knowing the typical risks you face, and those you need coverage for will help you quickly decide what insurance you do and do not need to buy. 

While cost efficiency is imperative, you need to balance this aspect with the need to adequate and effective coverage; our team of experts can help you here, and to get you started, we’ve summarized some of the popular insurance types that retail stores need to buy.

Types of Retail Insurance

General Liability Coverage
This can be bundled into a business owners policy or bought as a standalone product. It covers third-party claims that could be brought against your business. Think, trips, slips, falls, or damage caused to someone’s property while they’re in your store. Essentially, injury to property or person. It may also cover copyright violations and advertising injuries. 

Product liability coverage may also be covered under commercial general liability. However, depending on the insurer, you will need to verify the coverage limits, along with the specific type of goods that make, sell or distribute. 

Business Property Coverage
Your landlord might insist you buy this, as will most lenders if you take out a mortgage on a commercial property. It doesn’t just cover the physical property in the event of theft, vandalism, fire, windstorms, and more; it also covers your equipment, inventory, furnishings, signage, and landscaping. 

Business Umbrella Coverage
If you’re ask by your landlord to get a specific dollar amount of liability coverage, then buying umbrella insurance is a great way to do this. It extends the limits set out in a standard policy, such as general liability, and auto insurance. If you have a large storefront, your landlord might ask you to have $X million in coverage; which you won’t usually get from a standard CGL policy. Buying Umbrella insurance is an affordable way to extend these limits. 

Workers Comp Coverage
You will need to buy this coverage under state law. In some areas, it applies for businesses with just a single member of staff, and for others, the requirement starts when you have 2, 3, or 5 staff. Always check with an agent and make sure you’re compliant. It will cover the medical expenses for any employees who injure themselves at work, or who develop a work-related illness. Some policies will also cover a portion of lost wages, along with legal bills if there is any alleged negligence. 

Cyber Liability Coverage

  • Do you store your customer’s information online? 
  • Do you keep any payment or personal data on file?

If yes, then you’ll need to consider buying data breach coverage for your retail store. In the event of a compromise, you can get help with the PR costs, legal defense, fines, and more.

Inland Marine Coverage
If you regularly ship goods to people, this insurance option is designed to cover property that is under your care. It can often cover larger value items that are excluded from a standard commercial insurance policy, such as medical or music equipment, computers, antiques, etc. It provides coverage for these goods while they are in transit, it can pay to repair or replace a product that is damaged or lost.

Got a question? We’ve got answers.

Our team of Commercial Insurance experts will be happy to discuss your unique needs. Contact us today, and we’ll work through the options for you, leaving you free to focus your attention back on your business. 

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