Retail Stores Insurance / Retail Business Insurance in Minnesota
Retail Insurance helps to manage the risks that go hand in hand with owning a retail business. The insurance can be tailored specifically to suit the business’ specific needs as far as your circumstances, location, budget, and other requirements are concerned. No matter what fate throws at you, with customized retail business insurance you don’t have to worry about the financial consequences of some unexpected event.
What types of Insurance do Minnesota Retail Business Owners need?
Many types of business insurance are optional, but in some instances, a small business is obligated to have specific business insurance cover. These can be because of legal requirements or stem from a lease or services contract that requires insurance. The following are typical of these types of insurance:
- Unemployment insurance. When your business pays state taxes in Minnesota, you automatically purchase mandatory state unemployment insurance. When an employee loses his or her job, the person can then claim unemployment insurance benefits.
- Disability insurance. If you have employees working in California, Hawaii, New Jersey, New York, Rhode Island or Puerto Rico, you are required by law to purchase disability insurance. This insures the beneficiary’s income against the risk of a disability that prevents the person from performing the core functions.
- Medical insurance. The Affordable Healthcare Act requires a business with more than 50 full-time employees to provide them with medical benefits. Since costs are important when buying health insurance, there are different options available for managing these costs.
- Commercial auto insurance. It is important to cover the risks associated with commercial use of a vehicle; covering drivers, vehicles and third parties. There is commercial vehicle insurance available that meets your state’s mandated minimum liability coverage amounts.
- Flood insurance. Water can cause catastrophic damage to a business that is located in a flood-prone area. However, most business insurance plans exclude flood damage from their coverage. If you have any concerns about possible flood damage, rather protect your business by purchasing a federally-backed business flood insurance policy.
- Business insurance. Every retail business has unique risks and the specific combination of insurance cover you need depends on many factors. As a result, you’ll need a qualified person to advise you on the best business insurance policy. This policy should protect your business against a possible disaster that can harm your ability to do business.
Retail Business Insurance protects Property and Assets
The Retail Stores Insurance your business needs will largely depend on the size and complexity of your business.
- General property insurance may be sufficient to cover your business assets if you own a small business, but larger specialized establishments require specific coverage.
General property insurance will cover merchandise and property inside the establishment. This insurance covers damage to fixtures and merchandise caused by severe weather, fire, vandalism or major theft. However, you may need separate insurance to cover loss due to shoplifting.
- Computer property insurance. You can’t run a business without computers. And when computer equipment stops working, they usually need specialized service to fix the problem. Some businesses use computers mainly for recording transactions and inventory, while others have a more complicated system. Whatever your situation, you can’t afford to be without computer insurance.
- Backup of sewer and drain insurance. A sewer or drain-backup can cause water damage to merchandise or flooring that is expensive to repair. This insurance coverage can compensate you for repairing or replacing damaged items.
- Signage insurance. You depend on the signs outside your store to tell clients and customers where you are. When these are damaged by a fire, severe weather or vandalism; this insurance will provide you with compensation to replace these often costly items.
Retail Stores Insurance Provides Liability Coverage
Retail liability insurance will cover you in case you’re on the receiving end of litigation, which can be a nasty and expensive experience. When your retail business deals with customers, you can end up with liability charges against you. This means it is important to get the appropriate retail liability insurance to protect you. Retail liability insurance also covers the court costs and legal fees you may incur while defending your business against a liability suit.
- General Liability. This is insurance that covers you when a customer is injured while on your property. General liability insurance will provide you with coverage in case you are sued for medical costs and damages that happened in your establishment.
- Product liability protects a retail business against claims from customers that result from a product or service they bought from you. These are usually faulty products, injuries, illness or property damage caused by your product.
- Workers compensation insurance. When an employee is injured while working in your retail business, you are responsible for paying the resulting medical costs. Workers compensation insurance takes care of the medical costs and a portion of the salary while the employee recovers.
Your retail business can be devastated by a lawsuit against it, so don’t underestimate the importance of liability insurance.
Other Coverage Options for Retail Stores Insurance in Minnesota
Additional retail stores insurance you may want to look at:
- Money and securities insurance. You need this insurance if you deal with a lot of cash in your business. This insurance covers cash being destroyed, lost or stolen from your premises or while being transported to the bank.
- Data compromise and identity restoration. This insurance protects the business from lawsuits that involve the data your business handles. For example, if customer data is compromised or if you, the business owner, or other employees become victims of identity theft.
- Fidelity insurance will protect you when illegal actions committed by an employee, like theft or embezzlement, result in losses.
- Loss of income insurance. You may have to temporarily close your store because of an incident covered elsewhere in your insurance. In this instance, loss of income insurance can provide continued income to enable you to pay salaries and bills. However, there is usually a time limit to this coverage.
- Utility interruption insurance. Your business need phones, the internet, water, and electricity to function. This policy provides loss of income coverage if a utility company fails to provide service for more than eight consecutive hours.
Find the Right Insurance Policy for Your Local Minnesota Retail Business
Disasters, accidents, and catastrophes that impact on a retail business can happen unexpectedly. Retail Stores Insurance provides important protection against these uncertainties of life.
Finding the retail insurance suitable for your business and circumstances can seem complex. You need to understand how much, and what, coverage your business needs to be fully protected no matter what comes your way. That is why it is important to have a qualified person help you find the retail business insurance that is customized to suit your specific needs.