According to Wikipedia, retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. A retail sale occurs when a business sells a product or service to an individual consumer for his or her own use.
So if I’m a retailer, what kind of insurance do I need? Well, that can depend on a lot of things. What type of retailer are you? Do you have a brick and mortar store? Do you own the space or lease it? Do you sell out of your store or strictly online?
These questions, and many more, will shape your policy as well as the coverages and limits you will need.
Here’s a list of basic coverages that a typical retailer may need:
- Property Coverage can cover building(s) and contents as well as business interruption (replaces your income if you have to close due to a claim).
- General Liability provides coverage for claims made by another person/organization against your business (bodily injury and/or property damage as well as defense costs).
- Inland Marine can provide coverage for property when it’s away from your location as well as when in transit.
- Umbrella (Excess) provides additional liability coverage over your other policies.
Figuring out exactly what coverages/policies you need can be a daunting task. That’s where your local independent agent can be a big help. Your agent will go through the process with you, step by step, and help you determine exactly what your needs are and how best to cover them.
The information above is of a general nature and your policy and coverages provided may differ from the examples provided. Please read your policy in its entirety to determine your actual coverage available.