As a retail store owner, you’re responsible for everything that happens in and around your store.
If a customer trips and sprains an ankle in your store, you could be held liable. If a customer gets sick or is injured by the products you sell and/or services you could also be held legally liable. Worst of all, the better your business is performing, the more risk you face.
Retailers’ casualty insurance makes it possible for store owners to manage risks in a financially responsible way. Here’s what you need to know about retailers’ casualty insurance and about what you should look for in a retailers casualty insurance company policy.
What is Retailers’ Casualty Insurance?
Casualty insurance is insurance that’s primarily focused on giving businesses and individuals coverage against bodily injury or property damage you could cause while operating your business.
As a retailer, you need casualty insurance that’s been created with an understanding of the unique challenges you have to contend with in your line of business. This is where a top-notch retailers’ casualty insurance provider that provides excellent coverage can prove very useful to you.
Interested in learning more about retailers casualty insurance? Get in touch with an ALIGNED broker to find out more.
What Does Retailers Casualty Insurance Cover?
1. Tenant’s Legal Liability Insurance
Many, if not most, retailers operate out of a storefront that they rent from others. These physical locations are convenient for customers who may want to see your products before purchasing them and they give you more opportunities to generate sales between the various supplies and in-store deals. However, it’s surprising how much liability is at stake when you don’t own the building.
Customers traveling in and out will create a natural amount of wear and tear on the building. But employees can scrape floors while cleaning, products have to be brought in and out on a regular basis, even adding display shelves can potentially expose you to liability.
Tenant’s legal liability insurance offers coverage in situations where you don’t own your building but the damage is done is caused a result of your tenancy. Real Canadian claims examples include toilet backs up and damages flooring, walls and equipment in your unit or batteries charging catch fire and damage the property. You never know how or when the building you lease might sustain damage, but a solid retailers’ casualty insurance policy can help you handle these issues as they arise.
2. Product Liability Insurance
As a retailer, it goes without saying that you’re in the business of selling products. While you can do your best as a business owner to ensure that your merchandise meets certain quality standards, it’s not always possible to do so. Sometimes products are faulty from the start and no one realizes it until it’s been sold.
If the unthinkable happens and a customer is hurt, you may be held liable and the judgments awarded in those court cases can be huge. Even if the courts decide that you’re not responsible for the injuries caused by a product sold, the legal costs associated with fending off a lawsuit can be incredibly expensive.
Product liability insurance coverage may help you mitigate the financial and legal fallout of an injury that has been caused by a product that you have sold.
3. General Liability
Having a physical store front has its positives for retailers. Customers can come in and see your products for themselves at their leisure, employees are available to answer questions, and you can decorate spaces for an excellent shopping experience. The problem is that along with the benefits of being more accessible, there are also more opportunities for someone to get hurt while on your property.
Whether it’s a customer slipping on ice outside your building or an employee knocking over and injuring a customer while carrying packages, the costs of mounting a legal defense can be hefty. Nevermind the extra cash needed to cover a judgment if the court rules against you.
That’s why general liability is an absolute must when you’re evaluating a retailers’ casualty insurance policy.
The One Thing That Every Retailers Casualty Insurance Plan Should Offer
At the end of the day, you want to find an insurance company that will give you insurance policy features that make sense for your needs. You don’t want to be stuck with coverage you don’t want or need. Similarly, there’s nothing worse than learning at the last minute that you’ve been operating while under-insured. Because there are no one-size-fits-all solutions in retail, the ideal retailers’ casualty insurance plan is one that lets you customize your coverage so that you and your store are ready for anything.
Ready to get a quote for your retailers casualty insurance? Contact us to speak with an ALIGNED Insurance company broker who will help you find the best plan available at the best rates!
ALIGNED Has The Retailers Casualty Insurance You Need
Running a retail business is hard work. You have to nail your marketing, you have to prepare your space, and, assuming everything goes right, you have to find a way to satisfy your customers and close the sale.
It’s a lot to keep track of. Between the customers and the employees, it’s not a question of if you need insurance but rather, it’s about how much insurance you need.
As an incredibly busy business owner, making sense of such a broad definition of insurance as “retailers casualty insurance” is hard to do when you have so many other tasks demanding your attention. That’s where we come in.
If you’re ready to take the next step and see what retailers casualty insurance can do for your business, get in touch with an ALIGNED Insurance company broker today.
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