Opening A Retail Store? Two Must-Have Insurance Coverages To Include In Your Policy

Insurance Blog

Owning a retail store could be the fulfillment of a lifelong dream. Not everyone will have the ability to say that they reached a point where they're able to go into business for themselves, branching out into the world of entrepreneurship and carving a path toward financial success. It's very exciting and the planning process can be quite invigorating. Once you've found a location, built up your inventory, and run a marketing campaign, you're ready to get going. Before you hang your "Open" sign and welcome the first customer, take a look at the types of protections you'll definitely want to include in your insurance policy.

Equipment Breakdown Coverage

No matter which business sector you join your equipment is going to play a crucial part in keeping everything running properly. You may have cash registers, tablets, computers, printers, and many other devices. If something happens to your equipment, you need to be able to have it repaired or replaced very quickly. When you're first getting started and don't have much capital because of your opening costs you may not be profitable enough to cover the cost of new equipment. Taking out breakdown protection ensures that you can get the assistance you need to keep your doors swinging.

Keep in mind that some forms of equipment breakdown protection include a deductible that must be paid before the coverage kicks in. Try to shoot for the lowest deductible you can possibly afford. Aim for an amount that you're able to produce in a hurry should you need to file a claim.

Employee Theft Or Crime Insurance

While you would like to think that an employee would never steal from you, it's important to remember that anything is possible. The statistics surrounding employee theft are quite alarming, showcasing that nearly 40 percent of employees have stolen from their employer at one time or another. Employee theft cases can drag on for ages and in the meantime, you're left to deal with the financial damage.

Taking out employee theft, crime, or dishonesty coverage protects what you're trying to build. If it is discovered that you're the victim of employee theft you can then receive restitution for what was taken.

Getting a store insurance policy is so important that you can't afford to neglect it. Talk with your commercial insurance agent about the coverages listed above to make sure they are included in your new plan.

To learn more, contact a company like Scovotti Insurance.


28 October 2020

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