Small business insurance for new retail businesses.

As a small business owner, you know how important costs are. Keeping costs down helps you to keep your business’s doors open. This is particularly true for retail businesses that rely on low overhead expenses and a steady stream of customers. But your business depends on more than current finances. As a business owner, you need to consider your business’s future finances if something were to go wrong. Luckily, small business insurance can help retail companies when the worst happens.

Retail businesses have a unique set of risks that need to be adequately addressed to stay safe. Retail businesses are inventory-heavy, which means you have a lot of material to protect. What’s more, you have customers every day which means your liability risk increases. You also have employees and operate in a building. Just a few of the insurance coverages you need include:

  • Business Owners Policy

This simple policy, BOP, offers coverage for most needs. It provides general liability insurance and property coverage. This bundles coverages together so that your business gets to work with one nifty policy. If you need specialized coverage, however, this will need to be purchased in addition to a BOP.

  • Workers’ Compensation

Even if you only have one employee, you need workers’ compensation insurance. If an employee falls ill or gets injured on the job, this coverage will take care of their medical expenses, rehabilitation costs, and even provide a death benefit if the worst happens.

  • Extended Property Insurance

Retail businesses, by nature, require a lot of space to fit inventory. All this stock requires protection, and quality protection, too. If you were to lose all of your merchandise in a fire, how would your business recover? Make sure to protect the essential ingredient of your business.

Retail businesses can benefit from small business insurance – get started on yours today! For the right commercial insurance policy contact Tompkins Insurance Agencies. We can help you find reliable coverage that works for your company.