As a retail business owner, your clients rely on your advice and your products, which means you can be sued for fraud and negligence in performing your duties.
Protect yourself from liability with retail insurance.
What would you do if you were served with a liability suit for more than your current insurance covered?
Thankfully, here at InsuranceHub, we have experience helping:
- Retail stores
- Groceries or grocery stores
- Convenience stores
- Shoe & Clothing stores
- Hardware stores
- Furniture stores
- Gardening stores
- Pet stores
And that's just to name a few!
Here are some of the top reasons retailers are sued here in the United States:
- Gender discrimination
- Unpaid wages and overtime
- Racial discrimination
- Age discrimination
- Wrongful termination
- Excessive use of force during loss prevention
- Security actions
- Negligence by security
- Using fake, inflated prices in sales advertising
- Slip and fall claims
- Shopping cart accidents
- Assembled product defects
- Identity theft
We understand the liabilities that retailers face, including:
- Clients and employees slipping and falling.
- Security issues including shop lifting.
- Loading and unloading trucks and passenger cars.
- Lifting stock and loading it on shelves.
As a retail businesses, you need protection from exposures like the following:
There are liabilities that come from broken glass and spills. Train employees to spot and respond to breaks and spills. Many retail products are extremely flammable. High-value items are susceptible to fire, water, and smoke damage. Ensure that all HVAC, refrigeration, and electrical repairs are handled by licensed and insured professionals. Furthermore, install security measures to protect your building, cash on hand, inventory stock, important records, and equipment.
Inland marine exposure
If you offer credit to your clients, then you face this exposure. Talk to your agent about a computer policy if you use computer devices to maintain inventory and take credit cards for payment. Do you have forklifts to load and unload trucks and stock shelving? If so, talk to your agent about an equipment floater policy. Finally, keep a backup of all data and records offsite or in the cloud.
Products liability exposure
If you are the direct importer of any items, talk to your agent immediately, as you will be considered the product manufacturer.
Will you be picking up or delivering products? Check MVR records before allowing someone to drive company vehicles. Require safety training for all drivers.
Are you currently doing background checks on new employees? How do you protect yourself from cash register theft or valuable items being stolen? Keep all vaults and safes locked securely.
Premises liability exposure
Use "Caution - Wet Floor" signs when mopping restrooms and picking up broken glass and spills. Repair broken sidewalks, potholes in the parking lot, and any cracks and holes in your interior flooring. Don't allow customers to take heavy items off of the top shelves by themselves. Keep smaller items within arm's reach so there are no customer accidents. Finally, keep sidewalks and the parking lot free of snow and ice. Make sure there is sufficient parking lot lighting as well as operational emergency and exit lighting.
Offsite premises liabilities include shipping, delivery, and possible installation of products in your clients' homes or businesses.
Workers' compensation exposures
Be careful of employees lifting items and materials. Make sure they use proper lifting techniques. Take the time to have safety classes and teach your workers proper ergonomics to prevent back injuries, hernias, sprains, and strains. Make sure they know to be careful of slips and falls. Teach workers how to safely pick up broken glass to prevent cuts and eye injuries. Teach employees how to respond in case of a hold up.
Here is the minimum recommended retail insurance coverages:
- Business owners policy
- Business Personal Property
- Employee Dishonesty
- Goods in Transit,
- Leasehold Interest
- Real Property Legal Liability
- Accounts Receivable
- Valuable Papers and Records
- General Liability
- Employee Benefits Liability
- Commercial Umbrella Liability
- Hired and Non ownership Auto Liability
- Workers Compensation
- Money and Securities
Other retail insurance coverages to consider for your business: