A Business Owner’s Policy (BOP) combines common business coverages (General Liability and Property Insurance) into one convenient policy. It’s a great fit for Retailers and provides the flexibility to add additional coverages based on your business’s needs. Alternatively, if separate General Liability and Business Property polices are needed a commercial package with both can be customized for your business.
Providing a safe storefront, protecting your inventory and safeguarding payment data – these are just a few of the responsibilities retailers face everyday. We now running a retail business can be stressful but a solid risk plan and insurance strategy can help make it easier. Whether you’re a purely online ecommerce platform or a brick and mortar storefront we have the options to craft a solution to fit your businesses retail store insurance needs.
Key Coverages for Retailers
Business Income Insurance is often included in a BOP or can be added. It helps pay your bills, expenses and employees in the event your business is forced to temporarily close due to a covered loss. For example, if a fire damages your store and you are forced to close during repairs.
Many retailers continue to have an increasing digital footprint including online storefronts and a greater reliance on ecommerce. Technology brings incredible capabilities to our fingertips. Unfortunately, it also brings additional risk. Cyber coverage has become increasingly popular to mitigate the impact of data breaches, downed computers and networks and the losses that result especially when dealing with sensitive customer data like payment information.
Also referred to as commercial auto, business auto can be very straightforward (insuring vehicles your company owns) but also confusing (i.e. using personal vehicles for business). While many of the coverages are similar to that on a personal auto policy, the limits and conditions can be very different and may vary based on the use of the vehicle.