In Alabama, your business is at risk for several different kinds of losses. The exposures are endless and should be protected adequately. If you own a retail store, insurance is necessary to avoid financial loss.
An independent insurance agent can help with coverage and premium options. They work with multiple markets so that you get the best policy for an affordable price. Connect with a local expert to get started in minutes.
What Is Retail Store Insurance?
Coverage for your retail store comes in many forms. Numerous policy options could apply depending on your risks and assets. Proper insurance will have limits that protect your day-to-day operations and staff. Check out some common coverage choices for retail stores below.
- General liability
- Business property
- Business inventory
- Business equipment breakdown
- Commercial umbrella liability
- Workers' compensation
- Business auto
- Employment practices liability
What Does Retail Store Insurance Cover?
Alabama has 396,432 small businesses that own and operate companies. Each industry will have separate coverages that apply, and retail store insurance will have its own type of protection that is necessary. Let's look at common retail store coverages.
- Coverage for bodily injury or property damage claim
- Coverage for your business property that is damaged due to a covered loss
- Coverage for your business inventory such as products
- Coverage for business equipment that breaks down due to a covered loss
- Coverage for employees who are injured or ill on the job
- Coverage for commercial vehicles used to operate the business
- Coverage for disgruntled employees who sue due to discrimination or harassment
Common perils covered under your retail store insurance policies
- Natural disasters
- Water damage (not from a direct flood loss)
How Much Is Retail Store Insurance in Alabama?
Commercial insurance premiums vary depending on several items. Carriers review many factors to determine your transfer of risk. In 2019, Alabama had $5,021,062,000 in commercial insurance claims paid. Take a look at the criteria companies use when quoting.
- Loss history
- Replacement cost values
- Insurance score
- Experience level
- Type of retail store
- Local crime rate
- Local weather patterns
Another way to cut costs is by bundling your insurance. When you bundle your commercial policies, you'll receive a deep discount. Carriers tend to give a 30% savings or more across all coverages.
Will My Location Impact My Rates?
Where your retail store is located can impact your coverage and premiums. Carriers exam each territory for its level of risk. If your business is in an area with high crime rates, then they will charge accordingly.
All properties will be at risk for a flood. Your primary insurance policies will exclude flood damage, and therefore, additional coverage is necessary. To have adequate protection, you'll need a separate flood insurance policy, which will give you higher rates.
How an Independent Insurance Agent Can Help
When you're searching for commercial coverage, there are many options to choose from. If you're not a trained professional, you could miss essential policies by mistake. Retail store insurance can be obtained and reviewed by a trusted adviser.
An independent insurance agent can help provide coverage at an affordable price. They do the shopping on your behalf at zero cost to you, saving time and premium dollars. Connect with a local expert on TrustedChoice.com for maximum savings today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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