INSURANCE AGENCY NETWORK Blog
Right now, the retail industry is facing its biggest challenge in the last century. COVID-19 altered the buying patterns of consumers, which significantly affected the retail stores across the country. Small retailers are among the hardest hit sector due to lockdown measures and social distancing protocols.
Most of them are struggling to keep their business running. Some retailers admitted that their earnings are insufficient to pay their obligations, such as wages and operation expenses. Now more than ever, retail owners realize the value of having an insurance policy to protect their business.
Business Insurance Is Essential
Like any other industry, the retail business is vulnerable to risks and liabilities that could hurt its finances. If a customer got injured while shopping in your store, you might get sued for the person's injuries. Business insurance can cover the expenses associated with the lawsuit. Most of the time, legal claims like the example are costly.
Business insurance offers financial protection for your retail business from potential risks you might encounter during normal business operations. It is a flexible insurance policy that allows entrepreneurs to customize their coverages based on the business type.
Without business insurance, you are exposing your retail business to risks that are quite expensive. It could ruin the financial viability of your company. Hence, it is wise to get business insurance that fits you, especially in these challenging times.
Types Of Business Insurance
Business insurance offers a wide variety of coverages that can be tailored to meet any business's needs. Here are several types that retailers should consider:
General liability insurance. Since retailers operate a store or a chain of stores, getting general liability insurance coverage is essential. Someone getting injured in your store is always a possibility. The insurance policy can cover the customer's medical fees and legal settlement. It can also pay the legal costs you incurred in defending yourself from the lawsuit.
Commercial property insurance. Retailers own or rent a physical store; thus, you need to protect your business property. Commercial property insurance provides coverage for business property and other assets. If tools or equipment used in your store were damaged by fire or stolen by someone, the policy could cover the expenses in repairing or replacing them.
Nowadays, retailers need to protect their stores and inventory from unforeseen events that might hurt their business. It is good that business insurance is always right here to safeguard the retail business. When selecting the type of coverages, it is essential to identify your business's critical aspects that need protection.
At Insurance Agency Network, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (425) 681-0996 or Click Here to request a free quote.