Retail Business Insurance
Retail business insurance provides protection to small scale and large chain retail stores. Therefore, applying for general liability coverage is good but be aware of the fact that the policy may not cover specific risks facing the retail industry. For this reason, this may require you to dig deep into your business savings and capital in case of claims that may make your business go under. The policies in this type of insurance are pulled together to safeguard the income of retail businesses for sole traders, large corporation outlets, partnerships and franchises.
What challenges do retailers face?
As a retailer, your business is a valuable asset to your community – but you also have complex challenges. You may be vulnerable to changes in the economy, extreme weather events, injuries to staff, product contamination and competition from powerful overseas brands.
What’s more, as more retailers move some or all of their business online and increasingly use in-store technology, you are more likely to be targeted by cyber-criminals.
Who should consider it?
Whether you run a small café or a large restaurant; a corner store or a nationwide chain, you’ll be exposed to risk. Even if you don’t have a physical store, your business is still exposed to risks like cybercrime, fraud or injury to customers from a faulty product.
A range of covers can be arranged to suit retailers in all sectors, including beauty, hairdressing, clothing and footwear, department stores, food and liquor, furniture and electronics, plus many more.