Garland Insurance Blog

Small Business Insurance for a New Retail Business

As a small business owner, it goes without saying that costs are important. Keeping your costs lower helps you to keep your business open. Retail businesses need to ensure they do all they can to keep their operation safe, though.

Small business insurance can meet both of these goals. It can be affordable, and it can also help you when an accident happens. What type of business insurance do you need?

How to Protect Your Small Business

Retail businesses have many key concerns. This is an inventory-heavy company, which means you have a lot of material to protect. You have employees. You operate in a building. Small business insurance needs to recognize these risks. Some of the coverage you may need includes the following forms of insurance:

Business Owners Policy

A simple, basic policy, the BOP offers coverage for most needs. It provides general liability insurance and it also includes property protection. Buying a BOP is less expensive than purchasing individual policies from each other. However, use caution when buying a BOP. It may not contain the specialized coverage that you need.

Professional Liability Insurance

Does your company provide guidance and advice? Do you make recommendations to your clients? If so, professional liability insurance is important. It will protect you if the advice you offer leads to someone else’s loss.

Extended Property Insurance

Retail businesses maintain a large amount of inventory. This makes it important to maintain a high level of contents protection. Update your business insurance policy to reflect this.

Commercial Auto Insurance

Many small retail companies are competing with larger organizations with delivery service. If you do this, you may benefit from commercial auto insurance. Protect the vehicle. Reduce liability risks.

Workers’ Compensation Insurance

Companies with employees need workers’ compensation coverage. It covers medical bills and other losses related to employee injury and illness. Your state may require this type of insurance.

You may also want higher levels of product liability insurance. Also, consider more general liability coverage. Many companies benefit from cyber insurance if they collect customer data. Employee dishonesty insurance is also important in a retail setting.

Which policies and features are right for you? Speak to your business insurance agent. Ask about customizing your small business insurance to meet your business needs. Spend some time comparing each of your options in plans. Nearly every small business needs a comprehensive policy. Accidents happen every day. You cannot prevent all of them. Small business insurance can help reduce these losses. This can help keep your business operational.


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