No matter the type of retail business you run, it should be covered by an insurance policy. This is because your business is constantly exposed to many risks such as fire, theft, flooding, falls, vandalism, and more. At Skeele Agency, Inc., we have designed insurance options to suit your business interests.
It does not matter whether you run an office supply business, a clothing store, or a pet food shop. Any time a customer enters your space, there is the potential for spills, liabilities, and slips that you did not anticipate. This could include a trip on the doormat, an injury sustained from handling a product or appliances at your store.
While you may try your best to place warnings and signs of probable dangers, the liability still falls on you. With retail insurance, you can breathe easy if a customer sues your business. Without it, you will waste valuable time and money arguing the case before a judge, even if the claim is negligible.
What Does Retail Insurance Cover?
When a customer walks into your store after the floor has just been mopped, he or she runs the risk of tripping and breaking a bone. If they hire an experienced lawyer, there is little you can say in your defense even if you had a ‘slippery floor’ warning sign. However, you will enjoy unprecedented peace of mind if you are insured.
In the event of court proceedings, insurance covers your attorney’s fees. Without it, these fees alone could cut into your profit margin extensively. Worse still, the judge may order your business assets to be seized to compensate for the victim’s accident if you do not have a comprehensive insurance policy.
Should an employee suffer injuries caused by an action of commission or omission, a retail insurance policy can protect you, especially if it is a general liability insurance plan. At the same time, the plan safeguards you against claims caused by your employees’ negligence.
If an injury to a customer causes their death, your policy will cover the medical expenses, funeral costs, and other expenses that may arise from court. Undoubtedly, these costs are enough to cripple your retail establishment.
Comprehensive retail insurance also covers damage to property belonging to customers. For example, if a customer entrusts your jewelry store with a gold bracelet for cleaning and the piece is damaged, your insurance will compensate them for the damage.
This coverage extends to likely non-physical damage that your business may cause other people. An example is copyright infringement generated by your advertising material. Similarly, cases of defamation either through slander or libel are covered by a comprehensive retail insurance plan.
Why Do I Need Retail Insurance?
A retail business usually has little to spend on unplanned events. If an accident happens at a time when your business is not insured, you are left badly exposed.
At Skeele Agency, Inc., we find you a plan that will help to offset the expenses immediately. This eliminates the likelihood of the person returning later with a court summons. If you are not covered already, contact us to avert an ugly situation.