In Illinois, there are 1,200,000 small businesses, and a portion of those are brick and mortar. The proper protection for a loss will help you avoid financial ruin. If you own a retail store, insurance is necessary in many forms depending on your assets and exposures.
Fortunately, an independent insurance agent can assist with carrier and premium options. They do the shopping for you at no cost, so working with them is a no-brainer. Get connected with a local expert to start saving on insurance today.
What Is Retail Store Insurance?
If you own a retail store in Illinois, there are a few different policies you'll want to have. While your exact insurance will depend on your risk and operation, there are basic policies most retail stores will need. 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?
In 2019, Illinois had $16,998,439,000 in commercial insurance claims paid alone. The right coverage for your shop could make all the difference. Your primary policies will provide protection for all the what-ifs. 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
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How Much Is Retail Store Insurance in Illinois?
The cost of Indiana retail store insurance will vary. All of your business insurance policies will have unique pricing. This is because carriers rate your specific risk factors when setting your premiums. 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
Will My Location Impact My Rates?
No matter where you operate your business, your insurance rates will always account for location. One key factor that will affect your costs is how safe your area is. Another item is if you're in a place that is prone to flooding.
Every property, whether you own it or are leasing it, will be assigned a flood zone. The zoning will determine how likely your location will experience flooding. If you're in an A or V zone, you'll be required to carry flood insurance and therefore pay more in coverage.
How an Independent Insurance Agent Can Help
Your insurance coverage is important and should be reviewed carefully for accuracy. If you own and operate a business, there are several things you are responsible for knowing. Retail store insurance is one of them, but you can have some help.
An independent insurance agent will work on your behalf and go over your coverage for free. They have access to multiple carriers so that you are getting the most competitive options on the market. Connect with a local expert on TrustedChoice.com for fast and easy coverage.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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