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The specific protections you need for your store may vary depending on the goods and services you provide, but you should at least have the following protections in place:
- Public liability insurance protects your company if a customer is hurt on your premises or suffers property damage (or while you go about your business elsewhere).
- If an employee is hurt, killed, or has property damaged while on the clock for you, the employer's liability insurance will pay for it.
- If your commercial building is damaged by a covered peril, such as a fire or flood, your insurer will pay to repair it.
- Product liability insurance protects your business against lawsuits filed by victims of injuries or property damage caused by your products.
- If any of your stock is lost, stolen, or destroyed, the insurance payout will be enough to cover the cost of purchasing new shares to replace those lost. You may need to get frozen stock insurance on top of your regular commercial insurance if you sell frozen food.
- Business interruption insurance protects you and your company if you cannot open for business as usual due to a covered catastrophe or occurrence.
What factors contribute to retail insurance premiums?
There are a variety of variables that affect how much you pay for shop insurance, including:
- The size of the business is a major factor in insurance costs since more expensive policies cover larger amounts of damage in the event of a claim.
- Like homeowner's insurance, the cost of covering your store may be affected by location. Locations deemed more dangerous will incur greater insurance costs.
- Stocking unique things - Replenishing your inventory may be more expensive or time-consuming if you deal in high-priced or rare commodities. The cost of your premium will reflect these changes.
- The likelihood of a claim being filed is proportional to the workforce size. As a result, costs will rise.
- Obtaining a liquor license exposes your store to legal liability. Insurance companies will demand higher premiums to cover these threats.
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